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NACA does place a $25,000 lien on the home to ensure that the owner-occupancy requirement is met. Getting the lien released is a simple process if you intend to sell at some point down the line. The NACA program does require you to volunteer in some capacity five times per year as long as you have the NACA mortgage.
Can you pay off the $25K lien, ending your relationship w/NACA, while keeping the mortgage you obtained through NACA? Also, I can't seem to find the lien paperwork in my mortgage file. It's been a few years, so it's possible I filed it elsewhere, but this file has all the other closing documentation, so I can't imagine why I would have put the ...
Seems like a good program if you want to wait. I attended webinar and was supposed to meet with my housing counselor on 6/22/2020. I have been rescheduled about 4 or 5 times and now I dont meet with them until late November. There is a guy who who works for NACA that normally responds to questions in the official NACA thread, you should read that.
Thanks for the reply. I have checked NACA's guidelines, they won't be something I can't do. My main reason for trying to go the NACA route (USDA Guaranteed is still an option I believe) is because of lack of a sizeable down payment (I probably wouldn't have more than $10,000 saved for a hopefully $200,000-$220,000 house).
I was recently qualified for a NACA with a payment of $860 per month and per my mortgage counselor that equates to about $159K with the current interest rate at 3.5%. During my last meeting the mortgage counselor requested 3 months of credit cards statememts for all credit cards. I supplied a few si...
I am currently looking to purchase a home. I will be a true first time home buyer. I have the house basically decided on. It's going to be a new construction. After speaking to the builder, and explaining that I will try to get financing through NACA. He advised me that I would be a good candidate for a Guarantee USDA loan.
NACA Program and Late Payments I am in the process of working on my NACA file and I’m curious on one last thing. Late/missed payments on credit cards for instance, that are now paid in full/paid as agreed…does one have to demonstrate 12 months of on time payments for that prior to approval or is only a letter of explanation needed?
Hello Tim @NACA_ONLINE, I recently learned about NACA last year and even more recent HOT-PHA (I am a section a voucher participant/head of household) and have seen your name across many forums so I figured I would reach out with some questions I have. I understand HOT-PHA is fairly new and I am not finding much information, even on NACA website.
I would suggest you contact your local NACA office and they should be able to give you some information on what their underwriting guidelines are pertaining to charge-offs & collections. Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
If NACA didn't have the buy down to 0% for the mortgage I would go straight conventional. But with the economy the way it is, I think waiting out the NACA process seems worthwhile in the grand scheme of things to achieve essentially an interest free loan. Hopefully the odds are in our favor!