Required Documents for NACA Home Save Program

Here is the checklist of documents required to create a mortgage modification proposal through the NACA Home Save Program, whether attending an American Dream Event or going through the process remotely with our National Counseling Center:

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

 

Last 2 years Tax Returns- Signed and dated.  This includes personal and business tax returns if self-employed.
Last Two (2) Months Bank Statements for all Accounts- All pages even if blank
Personal Identification (picture ID or current driver’s license) and Current Utility Bill showing proof of occupancy
Mortgage Statement- Most recent available
Homeowner Association (HOA/Condo) 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.  FYI- Most Condo insurance is covered by the HOA.
Property Tax Statement (s) for city and county, if applicable, showing amount due each year

Section 2 – Required Documentation Based on Income Type

 

Income Type

Required Documentation

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 showing income direct deposited 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 showing entitlement to income and last 2 months bank statements (show money is being direct deposited) 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 bankruptcy.  The letter must include:  borrower’s name, property address, loan number, BK case #, and must state that your Mortgage Company has permission to work directly with you in regards to modifying the mortgage.  Borrower must provide the Bankruptcy Discharge Letter when once the 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 – Is needed when one borrower on the note no longer resides in the property and has given up their interest in the property.  Divorce Decree is needed if ex-spouse was on the mortgage.
 Authorization to Escrow (required in some states, especially CA)
Lien releases or subordination agreement – needed if liens show on the title report (2ndmortgage, 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
Dodd-Frank Certification
NACA Authorization Form with property address written on each page.  Borrower must also initial each page.
Hardship Explanation and Affidavit
NACA Budget
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23 Comments

  1. karen whitaker
    Posted July 21, 2013 at 11:52 am | Permalink

    I am 1 month behind on my mortgage. The co owner has not lived or provided any assistance for the past five years on the mortgage loan. He lives in another state, I have tried to get his name off the mortgage, my attorney has sent him a letter and he never responded. I really do not know what to do. I have been able to make the payments until now, I have been in my home for 11 years. Please can you tell what are my options, I would love to stay in my home.

    • Posted July 22, 2013 at 10:33 am | Permalink

      Hello karen whitaker,

      Situations such as yours are unique to every case, so there really is not any specific advice I can give you here. You need to log in to your NACA file and begin the process of seeking a mortgage modification. The issues that may arise from the co owner’s absence will vary depending on the state you live in and the servicer’s policies. You may need to seek legal action effectively claiming abandonment to get the court to order the bank to put the house in your name alone, but neither NACA nor I are qualified to give legal advice,
      so you will need to continue to work with your attorney on those issues.

      for now, the key action you need to take regarding the mortgage is submitting the documents required to seek a modification and scheduling an appointment with a NACA counselor.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  2. karen whitaker
    Posted July 23, 2013 at 5:12 pm | Permalink

    Thank you Mr. Trumble for your timely response, I have signed up for the home save tour that will be held in Secaucus 8/8/13 to 8/12/13. Hopefully i can get some help there.

  3. Ramon Reynoso
    Posted February 25, 2016 at 7:04 pm | Permalink

    MY NAME IS RAMON REYNOSO ,I LOST THE HOUSE OVER 5 YEARS AGO AT THE SAME TIME FILE A CHAPTER 7 BANKCROPTCY SINCE THE TIME I HAVE BEEN RENTING AN APARTMENT ,AND ABOUT TWO YEARS I WENT TO THE NACA SEMINAR NOW THAT I RENT I DONT LIKE IT BECAUSE WE DONT FIT IN THE APARTMENT AND DO OWN MY HOUSE ,GIVEN SOMONE AULSE MY MONEY,I HAVE A STEADY JOB FOR OVER 14 YEARS AND MY INCOME IS ABOUT $80,000 ,bib providing the documentation can you assist me to see if i could get a home under the NACA program and do i have to make an appointment with one of your relates?

  4. Linda Tran
    Posted July 25, 2016 at 11:48 am | Permalink

    Hello;

    I am co-signer on my sisters home and my husband is a co-signer on his parents home so they could qualify to buy their homes. We are now in the process of thinking of getting a home ourselves, but my sister is not able to refinance out of the existing mortgage because of a settlement on her credit report for the equity line. Will NACA be able to provide us a loan if we are not on title of those properties, but the loans are under our names?

    • Posted August 5, 2016 at 12:05 pm | Permalink

      Hello Linda Tran,

      Unfortunately, NACA is not going to be able to help you under the circumstances you describe. Our regulations are very specific that nobody in the household may have an ownership interest in any other property. If either of your names are on either the deed or the loan for another property, we are prohibited from working with you.

      In the case of the deed, a simple Quit Claim Deed at your County Registrar’s office usually will resolve the problem. In the case of the mortgage, I’m afraid you are stuck if it cannot be refinanced to get the mortgage out of your name.

      I’m truly sorry we are not going to be able to help you at this point in time.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  5. Ms. Carson
    Posted August 30, 2016 at 12:14 pm | Permalink

    Does a person seeking to buy home have to wait until their bankruptcy is complete before buying a home?

    • Posted August 30, 2016 at 12:44 pm | Permalink

      Hello Ms. Carson,

      You will not be able to buy a home again until 24 months after the discharge of the bankruptcy. This allows you to rebuild a history of meeting your obligations on time that will allow us to bypass your credit score. Additionally, this is a faster turnaround time than most banks which will make you wait five or even seven years in many cases.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  6. Willona Carter
    Posted September 4, 2016 at 1:59 pm | Permalink

    HEY MY NAME IS WILLONA CARTER FROM VINCENT AL.I have heard so many great things about naca.I am very interested in buying a home.Please can someone give me a call so I can take advantage of me and my 4children a home.My number is 205-362-6615

    • Posted September 6, 2016 at 9:31 am | Permalink

      Hello Willona Carter,

      Actually, the place to start is by attending one of our free workshops in your area. You can locate and register for a workshop on our website, http://www.naca.com. Just enter your Zip Code where indicated and you can find workshops in your area.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  7. Posted October 14, 2016 at 11:06 pm | Permalink

    We did a loan modification year through you in AZ about 5 years ago I believe, We would like to refinance? What are the steps to do this ?

    • Posted October 27, 2016 at 4:05 pm | Permalink

      Hello Ardell Daniels,

      There are no special requirements or restrictions regarding refinancing because you received a mortgage modification. You may go to the lender of your choice to refinance like anyone else.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  8. susan
    Posted November 11, 2016 at 1:37 pm | Permalink

    Could you please tell me how long you have to own your house before you can move and rent it

    • Posted November 14, 2016 at 10:52 am | Permalink

      Hello susan,

      Under the terms of the NACA owner occupancy requirement, you are required to live in the home as long as you have the NACA mortgage. NACA places a $25,000 lien on the home to enforce this requirement, which can be easily removed if you should sell the home or refinance the loan.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  9. Posted January 3, 2017 at 11:28 am | Permalink

    I AM POA (POWER OF ATTORNEY) FOR MY MOTHER. SHE ONLY RECEIVES SOCIAL SECURITY AND IS PURCHASING A USDA HOME. COULD NACA HELP HER WITH THIS?
    EVERY TIME I HAVE ASK FOR A PAY OFF I GET A RUN AROUND ABOUT HAVING TO ADD BACK THE ASSISTANCE THAT HAS BEEN PROVIDED IN THE PAST AND THAT AT THIS TIME – THEY CAN NOT GIVE ME A PAY OFF AMOUNT. THEY SENT PAPERWORK ON MY MOTHERS LOAN THAT SAYS THE SAME THING. DO NOT KNOW WHAT TO DO? WANTED TO REFIANCE TO MAYBE GET HER NOTES LOWER IF POSSIBLE?

    • Posted January 3, 2017 at 12:11 pm | Permalink

      Hello KAYE HAMM,

      NACA does not do any sort of refinancing. NACA’s two programs are our Purchase Program which helps primarily low and moderate income buyers get fixed rate, affordable mortgages, and our Home Save Program, which helps struggling homeowners with an identifiable hardship get modifications on their present unaffordable mortgage.

      I suggest you contact our Home Save Program at 281-968-6222 and speak with a rep to see if our Home Save Program can be of help to you.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  10. Margie Martinez
    Posted January 14, 2017 at 10:20 am | Permalink

    My husband and I signed up for NACA in 2009 we started with paperwork and all but at that time I had an accident and everything stopped and we weren’t able to complete everything and be able to purchase a home, now we are ready to get a home and wanted to know what the steps are in order for us to sign up with NACA again, please help us our current home was sold and need to be out by May, we are so tired of renting and now is the time for us to own our own home. I appreciate your prompt response.

    thank you
    Margie and Jeffrey Martinez

  11. Debbie
    Posted March 5, 2017 at 5:06 pm | Permalink

    Can you have a co signer if you have had some late rental payments? The mortgage will be significantly lower than the rental fee.

    • Posted March 6, 2017 at 9:31 am | Permalink

      Hello Debbie,

      A co-signer will not make a difference with the NACA program. You must have a 12 month history of on time rent payments without exception. We consider paying your rent on time the single strongest indicator of your ability to make your mortgage payment on time each and every month. Please continue to build a 12 month on time rent history so we can work with you on becoming a homeowner!

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  12. Tonya Walker
    Posted June 2, 2017 at 12:42 pm | Permalink

    What do you consider late rental payments? I know Mortgage underwriting consider 30 days late payments even though most rental properties consider you late after the 5th.

    • Posted June 2, 2017 at 12:48 pm | Permalink

      It’s not what WE would consider late, but what your LANDLORD considers late per your lease agreement and would report as late on our rental verification form.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

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