Beginning Process

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  • #67143
    YolandaMc
    Participant

    Hi guys,
    So I start out first work shop April 25th. I have no idea how this is going to go BUT we would like to close at the end of July 2020. DID WE START TO LATE? I’m concerned by reading other views that we won’t finish in time. I have put together a little binder with a the Documents the website stated we needed so we’re prepared.what else would they need? I don’t want our lease to end and we’re stuck.

    #67162
    TTrumble
    Member

    Hello YolandaMc,

    Because NACA is a character-based lending program that looks at your personal financial history and helps determine your genuine affordability, starting now and closing at the end of July is not impossible, but it is highly unlikely. Everyone’s situation is different, and the individual member is the biggest single determining factor in the program.The first obstacle you may face is how soon you can get a counseling appointment. Depending on which office you are using, it may be two months or even longer before you will be able to get an appointment.

    You will also have to have all of your documents in place, any Letters of Explanation written, already demonstrated Payment Shock savings if you want a mortgage payment larger than your present rent and you will already have to have your Minimum Required Funds (MRF) already in place before you can be approved.

    At this point in time, the end of October would be a more realistic expectation, as the “average” file takes about six months start-to-finish.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #67170
    YolandaMc
    Participant

    What are minimum Required Funds? I have gone on the website and gotten all my documents together to be ready. I already have money saved and An LOE letter typed for my husbands credit. We’re located in VA closer to the Richmond location. We’re motivated and to hit the ground running!

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