Deciding to Rent Before NACA?

Home Forums Purchase Program Deciding to Rent Before NACA?


This topic contains 3 replies, has 4 voices, and was last updated by  TTrumble 4 months ago.

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    Has anyone’s housing situation abruptly changed where they had to rent before getting qualified? I was living with parents and have to move. I am renting a place and have an appt coming up in a few months. Its a different situation than what I started. Would this delay my NACA qual or speed it up now that I have rent payments to show I can pay? Any info appreciated. Thanks!


    You didn’t have to move from your parents just to pay rent. You could had paid them and then start saving your rent shock.



    Hello @april1900, the bottom line is a payment shock. As long as you were saving the payment shock while you were staying with your parents, and then when you started renting that payment shock decreased by the rent amount, you are in good shape. As @goldiebrown8043 rightly pointed out, you won’t have to move out just to pay rent. Save that money towards home ownership if you can 😉 Best wishes, P.



    Hello April1900,

    Both goldiebrown8043 and pratik are correct. To put it in its simplest terms, Payment Shock is the difference between your current rent and your desired mortgage payment. So if you are paying zero rent, then you need to save and be able to document of course) a Payment Shock equal to the full desired mortgage payment.

    If you go from zero rent to regular monthly rent, then your Payment Shock is still the difference between your current rent and your desired mortgage payment,however much that may be.

    As long as you can document having saved consistent Payment Shock for a minimum of three months, whatever amount it may be, you’ve met the requirement.

    Tim Trumble
    Online Operations, NACA

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