NACA Homeloan

[rideswithchrist]

WE live in Austin Texas, but have to use the San Antonio office. We are new to NACA, and will have our first consultation on Oct 6th. I have all our documentation, including the pay offs for 2 loans that were late back in Nov 2010 (We paid them off the very next month).

I did not find any threads about people who successfully completed and bought a home with NACA in Texas. The only thing I can see throwing us off is that my husband was laid off in Aug, got a 1.5 month severance pay but has been on unemployment since then.
He is looking for work still and we hope he has a job by 10/6! He was offered a Temp job in Oct- but will NACA approve a loan when he is working through a temp agency?

Any info/help/tips would be appreciated.
So far, when I call NACA I have no problem getting through to anyone, they answer the phone right away or call back within 24 hours.

[rideswithchrist]

really anyone? How about some stories about NACA success for homebuyer then.

[Cat Damiano]

rideswithchrist,


Welcome to the forum and thank you for joining......

Most of the members with NACA on this forum are utilizing them for the modification process, not a purchase, unfortunately. We had one member that already had a NACA loan asking about the owner occupant stipulation, but that was the only one that I can recall.


For a NACA loan, the income requirements are;

• Pay stubs (last four weeks)
• Bank statement for all accounts (last three months)
• W-2 (last two years)
• Federal Income Tax Return (last two years)
• Credit Card and Loan Statements (most recent)
• Picture ID

You will have to check with your NACA contact and see if the temp agency pay stubs will be able to count as income.


To become NACA Qualified, your Mortgage Consultant will work with you in the following areas:

• Affordability Analysis: What type of house do you want to purchase and what is your desired price? Can you afford the mortgage payment for this desired price?
• Payment History: Do you have a history of meeting your financial obligations? We look at your current payment history and your written explanations for late payments.
• Debts: What are your current debt obligations, and which additional ones may you become obligated to pay?
• Income: Do you have documented income for the purchase of a property? Income can include employment, self-employment and other documented income.
• Funds Qualification: Do you have adequate cash or cash equivalents to pay for the earnest money deposit, home inspections, pre-paid closing expenses, and reserves?
• Payment Shock: Have you saved the difference between your rent and future mortgage payment. Payment Shock savings is the most crucial qualification criteria and indication of on-time future payments.

Good Luck with the meeting!! Please keep us posted on how it goes, as your journey can be the first NACA purchase success on LoanSafe and help other members in the process.

[rideswithchrist]

Thanks ! I will post on our journey so others can be encouraged. with all the "quick fix" loans, NACA gets a bad rap from those who don't want to take their time and do it right. I would much rather afford my home 2 years from now then get one the lender tells me I can afford.

[Cat Damiano]

I agree! I look forward to your successful purchase outcome!

[rideswithchrist]

*UPDATE*
Well, we went to our first consultation, only to realize that my husband's License had expired on his birthday this year (which was 16 days before the appointment)
So, no credit pull and we could not talk to the loan officer. The desk lady was a stickler and sort of testy, but the loan officer did come out and explain things to us. He was the one that did the 4 hour orientation too. They did put all our information in the system and as soon as we get a valid ID and correct bank statements (I used the exported ones from the online account access) they will look over our information.
My husband is still out of a job, so no rush, and he is in school so I am hoping that will be a reasonable excuse for a lapse in employment (going on 3 months right now).
I will update when there is something to update.

[Cat Damiano]

Thank you for the update. That is a bummer about the license, but at least all of your information is in. Keep us posted and Good Luck!