Required Documents for NACA Home Save Program

 

Section 1- Required Documents for All Borrowers, Co-Borrowers and Household Contributors

Personal Identification (picture ID or current driver’s license)
Most recent two (2) years Tax Returns- Signed and dated.  This includes personal and business tax returns if self-employed.
Most recent three (3) Months Bank Statements for all Accounts- All pages even if blank
Current Utility Bill showing proof of occupancy
Mortgage Statement- Most recent available
Homeowner Association (HOA/Condo/Coop) Fee Statement or if n/a, write a letter stating that you do not have a HOA
Insurance Declaration Page showing yearly premium & coverage on the home, flood insurance statement (if applicable) and proof of any other required insurance for the home.  (Most Condo/Coop insurance is covered by the HOA/Maintenance Fee.)
Property Tax Statement(s) for city/county, if applicable, showing amount due each year (included in Maintenance Fee for Co-ops)

Section 2 – Required Documentation Based on Income Type

Paystubs Last 30 days Paystubs showing YTD earnings
Contribution Non-Borrower Contribution and Authorization Form- to be completed by all Contributors.  Contributors must also provide proof of income, complete form 4506T AND provide the applicable items from Section 1 above.  Borrower must provide two (2) months current bank statements showing contribution income is being deposited.
Rental Current Lease agreement and 2 months current bank statements showing rental income is being deposited.
Self-Employed Most recent  6-month or YTD Profit & Loss Statement; and last 6 months bank statements with business deposits and business expenses identified and categorized, most recent Federal Income Tax Return (form 1040 with all schedules attached, and Business Tax Return:  form 1065, 1120-S or 1120, whichever is applicable.)
Social Security Most recent year’s benefits award letter, last 2 months bank statements (showing money is being direct deposited) or copy of last 2 months cancelled checks if money is not direct deposited
Pension Most recent  year’s benefits award letter, last 2 months bank statements (showing money is being direct deposited) or copy of last 2 months cancelled checks if money is not direct deposited
Child Support Court document or divorce decree showing required payment amount, last 2 months bank statements or cancelled checks proving receipt of income.  Use of child support income is optional.  If included, borrowers must provide the required documentation.
Alimony Court document showing required payment amount, last 2 months bank statements or copy of last 2 months cancelled checks if money is not being deposited
Disability Most recent year’s benefits award letter, last 2 months bank statements or copy of 2 months of cancelled checks if money is not being deposited
Unemployment Current award letter or unemployment statement showing amount of benefits and how long benefits will last
Retirement Award letter with monthly amount and last 2 months bank statements or copy of last 2 months cancelled checks

Section 3 – Other Documents- may be needed depending upon individual circumstance

Notice of Sale Date or Intent to Foreclosure
Bankruptcy – Attorney Permission Letter required when in active Chapter 13, addressed to Mortgage Company (not NACA).  Letter must include:  borrower’s name, property address, loan number, BK case #, and must state that Mortgage Company has permission to work directly with you on modifying the mortgage.  Borrower must provide Discharge Letter if bankruptcy has been discharged.
Death Certificate – May be needed if one of original borrowers is deceased
Executor of Estate – May be needed if original mortgager is deceased
Quit Claim Deed – Needed when one borrower no longer resides in the property and has given up their interest in the property.
Proof of name change if different from name on loan.
Divorce Decree or other documents relation to dissolution of marriage
Authorization to Escrow (required in some states, especially CA)
Lien releases or subordination agreement – needed if liens show on the title report (2nd mortgage, IRS lien, judgments from creditors.

Section 4 – Documents to be completed as part of your Counseling Session

Form 4506T, signed and dated
Form 710 for Fannie Mae and Freddie Mac-owned loans, RMA for all Other Loan types, Hardship Affidavit for FHA loans
Dodd-Frank Certification
Authorization Form with property address, city, state and zip written on each page.  Borrower must also initial each page.
Hardship Explanation and Affidavit
NACA Budget
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