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ItsJustMe, you said it better than I ever could have. I’m so disappointed by this news, since our main reason for purchasing through NACA was for the access to REO properties. We are in CA too, and the market here in the Bay area has gotten so competitive again over the last year. Single family homes under $450K just don’t exist in our area. 🙁 Even the multi-unit properties are going way over the NACA limits.
Good point Tim! We know all too well the PMI protecting the investor rather than the homeowner. Had to pay a LOT of money to the mortgage insurance company to get them to allow the short sale on our property. And yes- we are very thankful for the debt relief act allowing us to not pay taxes on that huge amount as income.
I still remain frustrated that the bank essentially forced us to stop making payments in order to approve the short sale, as there were 4 offers (higher than what it eventually sold for) when we were still making mortgage payments (and paying rent in our new city!) but the bank refused to accept a short sale because our payments were current. They would ONLY accept an offer after we stopped paying for a few months. And now we are locked out of the housing market because of it- even though in all other respects, we have great credit and could afford a mortgage.
But hopefully it won’t be much longer, thanks to NACA. I am sure learning patience in the process!!
I think Mr. Trumble wil weigh in on this one, but I think you should do the total amount and divide by 12. OR another alternative would be to include the bonus and reimbursements as separate income.
Just wanted to chime in because we have recent relevant experience with this…
Our MC has been with NACA for 13 years and seemed to think we would be able to qualify through NACA before the 2 year time line due to the circumstances around our short sale….but she was wrong. Sent our file to underwriting and we were told that we MUST wait till the 2 years are officially up, which isn’t too much longer for us- in about 4 months.
After we got the rejection, our MC stated the same thing as Mr. Trumble- that 5 years is industry standard after short sale. But that depends a lot on your credit score and history and not so much on the actual short sale. Our short sale didn’t impact our credit that much- both of our scores are still above 700 and we have impeccable credit history besides the short sale. Plus FHA waiting period for a loan after short sale is only 3 (not 5) years (and FHA has way higher max purchase prices which is better in our high cost of living urban area)…FHA may be the route we end up going if NACA doesn’t work out for us. But the benefits of using NACA and jumping through all the crazy hoops is that it really is the best mortgage deal out there- with FHA or any other mortgage loan you will have huge closing costs, higher interest rates, and need some downpayment money- which all adds up to a LOT of cash. And access to the foreclosure lists through NACA is a huge benefit too. My fingers are still crossed that this will work for us….and you!
Thanks for the reply- our file was submitted yesterday around 5….and now we wait!
In my experience emailing docs, I could see them within 15-30 min after emailing them- but do keep a list of what you emailed because the system doesn’t have a title on the document- just a date and number of pages. They really need to change this….
sorry can’t help with your other questions!
oops…meant that to say “all cash OFFERS”… all though “all cash OVERS” is also accurate…maybe I just coined a new real estate term. lol
I feel the same way. We are in the Bay Area, which is one of the highest COL in the country. Homes here are selling for all cash overs, 150K above the asking prices. I think our only way of purchasing through NACA will be through the BofA foreclosures, but am not even sure if those will keep being listed under the max price of 450K in this area. We currently rent in a city where there is ONE home listed on the MLS below 450K- and its a 2 bedroom, 800 sf home with the west side of the entire house being six inches from the backside of a liquor store at a very busy intersection. 🙁
I’ve wondered about NACA raising their max amounts too- especially when in this area a starter home (even in a not-so-great area) is now going for 600K. It’s so sad. I too appreciate the mission of NACA, but it just seems impossible that we will purchase through them in this area due to the low max purchase price…and we’re not really willing to move to another city because we have 2 older children and are highly invested in their school community.
My MC told us it is every 2 weeks- but we are still not submitted to UW so I don’t have personal experience with it. But she has been with NACA 13 years and seems to know her stuff, so I trust her answer.
Following this thread because I’m hoping we will be buying a BofA REO through NACA. I too thought the listings were sent to NACA members BEFORE being posted to the BofA REO site, to allow NACA members to have first dibs on any of the properties before they hit the general MLS market (for investors to snap up for all cash offers). It seems to defeat the purpose of giving NACA members first priority if the listing appears to NACA members and the general public at the same time?? It doesn’t make sense to me, nor does it jive with the description of the program that NACA is telling its members exists between them and BofA.
It sounds like you have done your research and have everything you will need. Follow the list in the yellow book and you should be good to go.
The one piece of advice I would have (learned the hard way) is that if you are qualifying with a spouse, the spouse MUST be present for the initial intake appointment. I was told I could bring copies of his DL and SS card and be fine to represent both of us, but at the initial meeting found out both of us needed to be present to sign consent for credit to be pulled….then future appointments can be just one person if needed. Dont’ know if this is relevant to you but thought I would share. We ended up having to re-schedule another month out! So are now waiting till December…
I think you should be able to use any credit card that your name is on as alternative credit, since it would be part of your credit history.
I thought in the seminar they said NACA just needs you to show no gaps in income- so if you switch jobs with no period of unemployment in between them, it should be fine. Not totally sure, but that was my understanding.
I also wanted to add that they system IS able to accept more than one PDF attachment per email (which is something I thought could have been the problem but I found out it is not.) Although I suppose based on Tim’s last email, the size of the doc could matter, especially if you are attaching multiple PDFs to one email.
I am the poster of the other thread about having trouble uploading and emailing documents. I have no answer, but suddenly, about 2 weeks before my intake appointment, my documents are emailing perfectly to my file. Showing up on the list within an hour of when I email them. SO strange. I did not change anything (so I know I was doing it correctly before- in fact I even just forwarded some of the emails I had previously sent with the pdf attachments), but I wonder if my file was “opened” somehow by someone because I’m nearing my initial appointment with the MC next week??
My other recommendation would be to make a written physical list of what you email to your file, noting the date and the number of pages. When they do post to your web file, there is no title to indicate which document it is- the only identifying information given is the number of pages and date it was emailed. So you have to keep track yourself of what you emailed because there is no way to know which document is which when it posts to your web file.
Best of luck! Hoping that it magically starts working for you too!
I am still having problems with this, and am definitely sending to the right address and using the right type of file when emailing (pdf) or attempting upload from my computer (tif). Honestly, I’m not comfortable faxing all my personal information in until I have a personal contact in the NACA office here. I wish the online submission of documents would just work for me! Could it be because I don’t have internet explorer? I’m using safari or firefox web browsers b/c i have a mac computer.