Can I sell my possessions to acquire MRF?

Home Forums Purchase Program Can I sell my possessions to acquire MRF?

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  • #71499
    F_Perkins
    Participant

    Is there a limit on how much of my MRF can be acquired by selling possessions that I currently own? Ie: Furniture, TV, Sound System, Jewelry, etc.?

    #71502
    Nelsont
    Member

    I’m not sure if it’s allowed or not. I do know 2 things:

    Any transaction associated with that will need to be explained and will be questioned every step along the way.

    The idea is that naca wants to set you up for success. They will not approve you for anything if they think you will struggle. What they will do is approve you for what you can afford right now without making sacrifices such as changing your spending habits. If you need to sell your possessions and get a considerable gift you should probably think about setting some reasonable goals first. There is nothing wrong with needing to save your mrf before you can qualify. Most need to anyway. Besides. If you haven’t already shown payment shock which can only come from employment without exception by saving payment shock you will eventually hit your mrf.

    • This reply was modified 3 months, 1 week ago by Nelsont.
    #71529
    F_Perkins
    Participant

    I’m actually all set with the payment shock part. What I need is to increase the amount of funds in my account to match my MRF which is quite high because I found a house that is more expensive than what NACA approved me for. So I was thinking about selling my personal jewelry, which is something that I’m not going to miss. It won’t be a sacrifice for me to sell it because I don’t wear it anymore.

    If we document the sale, would NACA be okay with that?

    #71563
    TTrumble
    Member

    Hello F_Perkins,

    Selling possessions to generate funds for your MRF is certainly acceptable. You will simply need to explain the one-time deposits to your bank accounts and probably write a Letter of Explanation to clarify how you obtained those funds.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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