Excited to begin!

[cjwhite2019]

I went to a NACA workshop many years ago, but sadly continued to rent. Now, I am married and ready to start a family so a home purchase is back on our radar. I am wondering if there is a possibility that we could get NACA qualified at the Dream Event in February. Here is our situation:

– currently rent at $2750 per month and looking for homes with mortgages well under this in the DMV area
– decent enough credit, but no money for down payment or closing
– credit report reflects all on time payments for the last 24 months, but we currently have high credit card utilization, which is being paid down

My concern about not being ready is due to the recent shutdown. We did not receive paychecks for an entire month and the missed direct deposits resulted in late rent by two weeks and my landlord filed with the courts. It was dismissed because we paid prior to any actual court date, but will a letter of explanation solve this or will we need to wait an entire year to get NACA qualified?

Our lease ends in June and we really would like to not have to sign another. Any insight would be greatly appreciated. Thank you!

[living20057]

I’m just beginning the process as well. I would think the government shutdown will be an impact for alot of people, it was a national problem. Hopefully a letter of explantation would be good.

I had my counseling meeting last week, even though I have no payment shock, and seems like you won’t either. You still need money for closing. The MRF will be a few thousands, and this needs to be in your account prior to being qualified. The MRF includes 1 month’s mortgage payment, prepaid taxes, inspection. For me they said I would need 7700 MRF for 250K house. This would need to be in my account before I can move onto the next step.

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