Just wanted to let everyone know that I was prequalified for Naca today. When I went there for my first consult in March, my scores were a median 620. Now my Equifax is 690 and my Transunion is 735. I am so proud of myself. Naca's program has really helped me to become more responsible with money. If I can do it, anyone can. I would also like to thank everyone on Creditnet for all your help with cleaning up my reports. I have learned so much from all of you.
Moonpie, Congrads to you, did you have a lot of stuff that had to be cleared up on your credit reports......since you are prequalified, whats your next step........I just went for my first consult 10/20/03 and everything went ok, have to clear some things up and go back in January......Please keep me updated......tks
Thanks fdjtwins, I did have some chargeoffs to clear up. I either had to settle them or show that I was on a payment plan to pay them for at least six months. Then I had to demonstrate that I could save. They want you to have a certain amount of money in savings. As for my approval, it happened less than 2 weeks ago. I have already had my offer accepted on a house. I have the inspection scheduled for tomorrow. If the inspection goes well, I should close before the end of November. And Almostther, there is no income limit or previous mortgage limit. Check out www.NACA.com for all the info.
Did you find out about it from the website or were you referred by someone? Also, about how much savings are they looking for? Thanks in advance.
I was referred by someone. When she first told me about it, I thought is was too good to be true. But it is. I know several people who have bought homes through them in the last few months alone. I only needed $2600 in savings to qualify.
Congratulations, moonpie. I know you're going to enjoy your house, and it feels even better knowing that you've made some positive improvements in your life. Keep up the good work.
Moonpie, I'm so happy for you because the program really works, if you don't mind asking what was the price of your house and the rate? Trying to get to where you are? Enjoy your house for the holidays
moonpie, How did inspection go, and are you all moved in? Is it painless how it sound regarding inspection?
moonpie, I will be using NACA in Boston as well. How have they been as a program? I also thought the program was to good to be true? I have two questions, what bank granted you the mortgage and are you getting your reserves back at closing? (no money down..how does it work?) congratulations! mrosado
It's through Citibank. What do you mean by reserves? Earnest money? I will have to pay for homeowners insurance and property taxes. The money in savings is for those things.
The program requires you to have some reserves in your savings account. I'm assuming you will use some of your reserves for the earnest money deposit on the offer and then some more on the P&S agreement. If the program is no money down, do you get this back at closing? or is it rolled into equity? Thanks! mrosado
Just wanted to let everyone know I closed on my house on this past Thursday. NACA really works. It may take a while in some cases, but it is worth it. So if anyone out there is in the NACA program or just thinking about it, hang in there. It's one of the very best things I have ever done. It not only helps you get your own home, it also teaches you things that have lifelong effects on the way you handle your finances. If I can learn to save, anyone can. And thanks to all of you on this board. I have learned tons since finding you guys this past spring. With your help, I was able to clear up my credit enough to get my first prime card in years. I received a preapproval letter from Lowe's weeks ago, but I wanted to wait until I closed to accept it. I just walked right in the store and I was approved for $1500 right on the spot, even though the letter read "limit up tp $1000." It will be really convenient because it is less than 3 miles from my new house.
How does NACA work for a VA home loan? I tried the links posted here but I get a bad gateway message.
Moonpie, Congratulations is in order!!!!!!!!!!!! Did you have any outstanding collections that had to be cleared up or set up on a payment plan, and did you have to have letters from the CO stating such plan was in place..... tks fdjtwins2
