Documents Needed for NACA Purchase Program

Here are the documents needed to begin the process of getting a mortgage through the NACA Purchase Program.  Make sure you provide the following: 

  • Pay Stubs (most recent 30 days)
  • Bank Statement for all accounts (last 90 days, all pages) even if blank
  • Self Employed persons…most recent 12 month all pages including blank. Itemized Business Deposits (BD) Itemized Business Expense (BE)
  • Self Employment worksheet (received at event or workshop)
  • your work history, residence history and bank account(s) information
  • W-2 (2012 & 2013) • Federal Income Tax Return last 2 years. (2012 & 2013)
  • Copy of the most recent 401k, PERA, Retirement statement (all pages)
  • Completely filled out Budget forms (received at event or workshop) 
  • Signed Membership Agreement (received at event or workshop)
  • Signed Authorization (received at event or workshop)
  • Signed Participation Pledge (received at event or workshop)
  • Landlord Contacts Form from Purchase Work Shop Book (received at event or workshop) 
  • Employer Contacts Form from Purchase Work Shop Book (received at event or workshop)
  • Check for membership and Credit Report ($20 yearly membership & fee for credit report for each household member over age 21) or you can go online to your NACA web file and pay the membership and credit report fees.

Make sure you bring ALL the documents mentioned above even if you faxed them prior to the event or workshop, as sometimes they do not fax properly.

We wish you the best on your journey to home ownership!

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29 Comments

  1. FTHB
    Posted May 30, 2014 at 3:01 pm | Permalink

    Tim,

    Can you tell me, does the down payment money that NAC provide get rolled into the member’s loan? For some reason my MC is giving me an estimate for my mortgage using the purchase price and isn’t subtracting the 3.5% down payment. Is that right? Because a lender is giving me a lower mortgage quote than NACA based on this discrepancy.

    • Posted May 30, 2014 at 5:04 pm | Permalink

      Hello FTHB,

      I’m afraid the way your question is phrased I don’t quite understand what you are asking. Please send me your name, NACA ID number and Forum screen name at the email address below so I may review your file.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

      • Posted June 1, 2014 at 11:08 pm | Permalink

        Hello FTHB,

        Thank you for the clarification. The 3.5% will not be used as a down payment, but rather to buy down the interest rate, which is a much more effective use of the money. As such, the loan amount will be based on the full purchase price. Buying down the interest rate will allow you to either have a lower monthly payment or a higher maximum purchase price.

        Tim Trumble
        Online Operations, NACA
        ttrumble@naca.com

        • FTHB
          Posted June 2, 2014 at 2:05 am | Permalink

          Tim,
          Thanks for the response. If I am understanding you correctly, NACA provides the 3.5% down payment that is usually required for FHA loans, but instead of applying it to the home purchase price, it is always automatically used to buy down the interest rate? If this is the case, Is that buy down factored into the current NACA interest rate or is it in addition to the NACA rate?

          This isn’t how I understood the NACA program, so I’m going to ask the question a different way, to ensure there isn’t any confusion: When NACA says the member has no down payment, does this mean that NACA is providing the usual 3.5% down payment for the Member? Or has NACA set up an agreement where there is simply no down payment that needs to be provided?

          I apologize if my question is confusing.

          • Posted June 2, 2014 at 11:28 am | Permalink

            Hello FTHB,

            NACA is indeed a no down payment program. This is not an FHA program and in fact surpasses FHA in affordability because it also does not include the expensive PMI payments in which you pay an insurance premium each month for the life of the loan that protects the investor on the mortgage and not you.

            I’m not sure where you got the notion that a 3.5% down payment was required. It appears that your inaccurate presumption was the source of the confusion. Any down payment funds you may have, including those from grant programs, can be used to buy down the interest rate on the loan. As I noted previously, this saves you far more money over the life of the loan compared to a simple down payment.

            Hopefully this clarifies things for you. I strongly suggest you sign up for a Purchase workshop in your area at your first opportunity. It will provide you with a great deal more detail on how the program works.

            I wish you the best on your journey to home ownership!

            Tim Trumble
            Online Operations, NACA
            ttrumble@naca.com

          • FTHB
            Posted June 2, 2014 at 2:20 pm | Permalink

            Tim,

            Thanks very much for the clarification. This makes sense now. I have attended a purchase workshop and now I’m patiently waiting (it’s been over 72 hours) for underwriting to let me know that I’m qualified. For some reason, I assumed that the no down payment meant that NACA/Lender was covering the down payment. I’m aware of NACA and generally understand the savings it can bring, but the process and the turnaround is excruciatingly slow. Has NACA considered hiring more MCs and underwriters to manage the load?

          • FTHB
            Posted June 3, 2014 at 11:24 am | Permalink

            It seems like my posts are mysteriously being deleted… Tim, I’m just checking to find out whether you received the e-mail message I sent with my NACA ID and question?

          • Posted June 4, 2014 at 9:05 am | Permalink

            Please refer to the email you have been sent.

            Tim Trumble
            Online Operations, NACA
            ttrumble@naca.com

  2. FTHB
    Posted June 2, 2014 at 2:03 am | Permalink

    Tim,
    Thanks for the response. If I am understanding you correctly, NACA provides the 3.5% down payment that is usually required for FHA loans, but instead of applying it to the home purchase price, it is always automatically used to buy down the interest rate? If this is the case, Is that buy down factored into the current NACA interest rate or is it in addition to the NACA rate?

    This isn’t how I understood the NACA program, so I’m going to ask the question a different way, to ensure there isn’t any confusion: When NACA says the member has no down payment, does this mean that NACA is providing the usual 3.5% down payment for the Member? Or has NACA set up an agreement where there is simply no down payment that needs to be provided?

    I apologize if my question is confusing.

  3. Winsome Azan
    Posted May 13, 2016 at 3:20 pm | Permalink

    I filed bankruptcy 3 years ago will this automatically disqualify me from the program.

    • Posted May 16, 2016 at 6:36 pm | Permalink

      Hello Winsome Azan,

      We can work with you as soon as two years after the discharge of the bankruptcy.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  4. Lsav
    Posted February 23, 2017 at 4:20 pm | Permalink

    My credit score is really low. I’m trying to raise it. Would like to buy a house and stop paying high rent. I no I could get a lower house payment than I pay n rent and it would b mine. Just not sure if you can help me with my credit score.

    • Posted February 24, 2017 at 8:49 am | Permalink

      Hello Lsav,

      The NACA program does not use your credit score, so your concerns about it affecting your ability to buy a home are unfounded. Please go to our website at http://www.naca.com and register for a workshop in your area to learn about the process and get started.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  5. Ann SEWELL
    Posted January 30, 2018 at 9:16 am | Permalink

    I’m concerned I may not make enough money to qualify. How can I find out?

    • Posted January 30, 2018 at 9:24 am | Permalink

      Hello Ann SEWELL,

      There is no minimum income requirement to work with the NACA program. The only effect your income level will have will be on the size of the mortgage for which you will qualify.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  6. Mary R Horsely
    Posted February 9, 2018 at 9:39 am | Permalink

    I get disability I was wondering if I could get a home

    • Posted February 15, 2018 at 8:51 pm | Permalink

      Hello Mary R Horsely,

      By federal law, the TYPE of income you receive is not a factor in obtaining a mortgage or any other form of credit as long as it is a legal form of income. Disability income is perfectly okay to buy a home.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  7. Juliet A Malcolm
    Posted February 11, 2018 at 8:53 am | Permalink

    I signed up for my first workshop. Are there any documents that I need to bring to this wirkshop? Thank you

    • Posted February 15, 2018 at 8:47 pm | Permalink

      Hello Juliet A Malcolm,

      Just bring you, your ID and something to write with. You will submit your documents on line before your first counseling appointment.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  8. Phyllis
    Posted April 3, 2018 at 10:03 pm | Permalink

    Hello Tim, I been working with Naca from 9/17 until now 4/18 my problem is that the agent that I’m working with keeps asking us for the same papers over & over WHY? And when he asks my husband for somethings he bring the documents in & he turn around & ask for them again I don’t understand why is he doing this, I think he does not keep a record or files anything or maybe he has more than he can handle so, now since Naca does not check your credit score he asking me to get my payments down even though I’m paying them on time NO late payments & my score is 700, he told us a number & said we can start looking for a house because he is putting our paper though to get accepted so we can go to the home buyers class. So the next day he emailed me this long sorry excuse about my credit . I was so mad because now we are paying month to month rent hoping & wishing that we are on our way. Please help what wrong now.

    • Posted April 9, 2018 at 1:50 pm | Permalink

      Hello Phyllis,

      In reviewing your file, there appears to be occasions of incomplete document submissions. Please continue to work with your counselor to make sure all documents sent to your file are complete, both the the number of pages submitted and forms that have been correctly filled out so we can keep your file moving forward.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  9. nelly mbongo
    Posted June 16, 2018 at 6:08 pm | Permalink

    hello NACA Team,

    I have a question. I`m trying to apply for NACA program and I don`t if I can come to the workshop in my area before my appointment date. so basically, I`m suppose to go to the next workshop in November but there is one in July and is full, I couldn’t register. I will like to know if I can attend that workshop in july without any issue?

    • Posted June 18, 2018 at 1:33 pm | Permalink

      Hello nelly mbongo,

      I’m afraid your message is rather confusing. It is impossible to have an appointment with a counselor before you attend the initial Home Buyer’s Workshop because your file is established from the information you provide at that workshop. Please feel free to email me directly with the details of your situation so I can help you.

      Tim Trumble
      Online Operations,NACA
      ttrumble@naca.com

  10. Rosario Martinez
    Posted July 6, 2018 at 8:59 am | Permalink

    my question are: When approval happens, do they say how much money we are approved for? and the interest rate? (Do the underwriters say- yes, you have been approved for X amount of money at X amount of interest rate?). Will it negatively impact what the underwriters see if I go into a bank and see what morgage product they can offer me?

    • Posted July 6, 2018 at 2:21 pm | Permalink

      Hello Rosario Martinez,

      In the NACA program, you are approved for a maximum affordable monthly payment amount. That, based upon the current interest rate and your projected taxes and insurance, determines you maximum purchase amount. Your interest rate is locked in when you submit the Purchase and Sale Agreement for the house you are going to buy.

      Going to a bank to “see what morgage product they can offer me” cannot help you in any way. No bank anywhere can match the terms of the NACA program, period, and the difference will be in the tens of thousands of dollars. Plus an application elsewhere will result in another pull of your credit file, which will then have to be explained in your NACA file.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  11. Rhonda McCoy
    Posted July 22, 2018 at 10:10 am | Permalink

    I attended a training class already and have an appointment with NACA in October. I was wondering how can I get some help filling out the booklet that I received in the training class. I am having problems understanding page 17-18. I want to make sure that everything is correct so that it won’t set me back in any kind of way. Thanks

    • Posted August 1, 2018 at 3:08 pm | Permalink

      Hello Rhonda McCoy,

      Best bet is to contact NACA Member Services at 425-602-6222. If that doesn’t work, email me directly and I will find you some help.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  12. Tonia B.
    Posted August 5, 2018 at 9:24 pm | Permalink

    Hi I’m currently working with NACA and I qualified for a loan that was much lower than I anticipated, so I am adding my significant other to the mortgage. I have all of his documents but I’m waiting on a copy of his tax return from 2017, because I lost it on turbo tax. They said it will take 75 days, will this prolong our process?

    • Posted August 11, 2018 at 3:59 pm | Permalink

      Hello Tonia B.

      Not having his tax return will delay your re-qualification. Did you not print out a hard copy of the return for your own files? It is a requirement, so anything you can do to expedite getting the return will be to your favor.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

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