Finally Qualified!

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This topic contains 6 replies, has 4 voices, and was last updated by  TTrumble 7 months, 4 weeks ago.

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  • #41579

    Pearl609
    Member

    Hey NACA family!

    I wanted to share my journey with you all in hopes of helping someone else like this forum has helped me!

    LEARNED ABOUT NACA: July 2017
    NACA WORKSHOP: November 11, 2017
    FIRST INTAKE APPT: January 24, 2018
    NACA QUALIFIED: April 16, 2018

    So my coworker was at the end of her process with NACA when I learned all about it, once I did my research (and bugged her to death with questions) I was SOLD on becoming a NACA homeowner. I already had a budget Excel spreadsheet for my everyday life, so I created a NACA budget sheet. I basically added my bi-weekly income and monthly expenses for the next year and planned out how much I was going to save and spend to get to my goal. This really helped me see how I was spending and saving and what I could afford monthly while still maintaining my lifestyle (I love to shop and travel).

    When I did my DTI, I realized I needed to pay off some balances before I even thought about home ownership. One major bill I had was the dreaded IRS!!!! So I used a nice chunk of my savings to get them paid off because YOU HAVE TO HAVE ZERO TAX DEBT, I was on a payment plan, but reading the NACA Forum taught me that was not enough. So while it hurt to make that large payment, it was a bill burden lifted off my shoulders! Of course this now meant my savings was nowhere near what I wanted it to be for Buy-Down, MRF, etc., but after shedding a few tears, I kept moving and planning ahead.

    At my workshop, I asked about paying off credit cards vs. saving payment shock and the MC who presented told me “we PREFER you save your money, BUT if you are showing that you are paying off debt (and the debt is not increasing) you will be fine” So with that… I began making aggressive payments on ALL of my credit cards and paid off 4 of them completely (YES, I said 4, told ya’ll I love to shop and travel) between August-December. I think I paid 4-5 times the minimum payments on all of them. Each time a card was paid off, I used the same money from that payment to go towards another card payment.

    I knew at the time of my workshop, I was not prepared to start my process just yet so I did not request an appointment right away. Instead, I began doing all the research I could and planning everything out. I created a folder named “NACA DOCUMENTS” and then subfolders for everything monthly like bank statement, paystubs, credit card statements, etc. I prepared LOE’s for everything I thought would be asked (4 total) I did not date them, just prepared the documents in Microsoft word. Once I received my NACA ID, I setup my file and began uploading the documents, I did this bi-weekly as I got paystubs and as statements closed.

    Over the holiday, my dad surprised me with a monetary gift to help with my “down payment” (since I used my savings for the dang IRS) and I took to the forum to ask Tim for his advice. The concern I had was my dad being willing to provide his bank statements, but luckily he had a separate account he didn’t actively use and he was willing to provide those. So, January 19th I got my gift funds from my dad, we prepared the gift letter and the bank gave us 3 months of statements.

    So with all my documents uploaded AND saved in a binder, my gift funds in the bank, and all but TWO credit cards paid off, I was now READY FOR MY FIRST INTAKE! On January 23rd I called the local NACA office for an appointment and was told the next available was in APRIL! So of course I was bummed out because I was ready NOW. I remember reading on the forum that you can call and check for cancellations, so I decided to call another NACA office within driving distance and see what they had available. That next morning at 8:40am, I called the NACA office and I asked for an appointment and when she said “we have a slot available today at 11am” I JUMPED FOR JOY and said I will be there!!!

    I already had all my docs uploaded and printed in my binder, so all I needed to do was show up! I did a double check of my documents, told my job I needed to leave out for about 2 hours and I headed to NACA. I arrived 15 minutes early, and my MC was still with a client. So I patiently waited… once I got to his desk, I pulled out my binder and spread my documents across his desk like I was auditing him LOL. After talking for about 5 minutes, he asked me if I had time to stay until 2pm and I said YES! He felt I had everything I needed for my file to be sent to underwriting that day! I was so excited that all my hard work and research was paying off!

    Every time he said “well we will need this…” my response was “yep, I have that” the only thing I needed to do was date and sign my prepared LOE’s. My rental verification and employment verification were completed and sent to him before my appointment ended… I think my MC was more excited than me for a moment LOL! He had a 2pm appointment and I had a 230 meeting, so we left off with a few docs he had to upload and I had to go home and write my LOE’s for the address mismatches and the name variations on my credit report. I got to that as soon as I got home that evening, then at work the next morning, I printed, signed and scanned those two letters and emailed them to my MC at 6:02am.

    He emailed me later that day (January 25th) and asked about my TSP (401k) loan, he hadn’t accounted for that in my initial budget, so he had to make some adjustments. But I was still well within where I wanted to be (it caused a $80 difference). So with my blessing to submit the new PITI, my file was sent to underwriting!!!!

    Well over the next TWO MONTHS… yes I said TWO MONTHS, there was a lot of back and forth with my leasing office for rental verification. The first time they completed the form, it was not accepted due to errors and things being scratched out, the second time, there was information missing, the THIRD time I physically went to my leasing office and watched a manager complete the form and scan it over to my MC.

    During the course of the 2 months, I was updating my file by uploading all my documents via the NACA Web file, some items were accepted and some were not, I definitely suggest emailing them to your file one by one (email1234567@Nacalynx.com). Towards the end, I ended up having to send my MC zip files for all of my 2018 documents.. bank statement, cc statements, etc. He was so great throughout the whole process, there were a few times where I wish communication would have been a little better, BUT I also know they are overwhelmed and I feel he did the best he could do, overall I am beyond satisfied with his work ethic and effort.

    Today is Monday, and I plan to attend the workshop this Thursday, but I am still waiting to hear from the Real Estate Department to confirm my ability to attend this Thursday. I will keep you guys posted!!!!

    • This topic was modified 8 months ago by  TTrumble.
    #41590

    futurehomeowner15
    Participant

    Congrats!!!

    #41592

    TTrumble
    Member

    Hello Pearl609,

    Congratulations and BRAVO!!! What a great recap of your journey so far!

    I think I could write a book about your post, so I’ll have to really try to keep my comments brief:

    – In general, a great testament to the success of Patience and Persistence. You added a lot of Planning into your effort too! I can only imagine how happy your counselor was when you walked in with that binder.

    – I definitely remember when we hit that impasse regarding documenting your father’s gift funds to you. I am so happy you were able to find a workable solution! I was genuinely worried for you since there was no alternative as proving the source of gift funds is actually required by law.

    – There’s a couple of items in your efforts that are straight out of Dave Ramsey’s teachings. Already having a budget going for yourself and paying off the credit cards smallest to largest and “Each time a card was paid off, I used the same money from that payment to go towards another card payment” were right on point. Another BRAVO!

    – Getting the problem with the INFERNAL Revenue Service out of the way first thing was another brilliant move on your part.

    With the energy, drive, and initiative you showed through the process, you set an incredible example for everyone.

    And of course, thank you for the kind comments about the help you got through this Forum. That’s why it’s here in the first place.

    Final comment: If you haven’t gotten your invitation to the Purchase workshop by noon Thursday, contact me. I’ll get you taken care of.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 8 months ago by  TTrumble.
    #41628

    Pearl609
    Member

    Thank you @futurehomeowner15!!

    OMG @ttrumble thank you so much! This made me smile so much! I am beyond grateful for this forum and to you for all of your help and advise!

    I got my email that morning and I attended my workshop last night. It was great and very informative. I learned that your NACA qualification no longer expires in 90 days which is great, I will not feel so pressured and rushed to find a property, even tho I already know where I want to be since I am doing a new construction LOL.

    I will definitely update my status and answer as many questions as I can to others!

    #41629

    dwwoods2
    Member

    @pearl609

    I noticed you mention you were trying to upload your documents to your webfile on NACA website. Were you successful in doing so? Also,were your files located when you loaded them via MC on email file?

    My webfile won’t let me load any more documents for some odd reason.

    #41633

    Pearl609
    Member

    @dwwoods2,

    I was successful initially when uploading them via the online web file, the layout changed at some point (which I loved) and became much easier to upload documents to each corresponding account. But I noticed in April that all my March documents were still saying pending instead of accepted so I knew the system wasn’t working.

    Once I emailed them to my MC he uploaded them and I didn’t have an issue. From this point on I’m going to stick to emailing them.

    • This reply was modified 8 months ago by  Pearl609.
    #41653

    TTrumble
    Member

    Hello All,

    With regard to submitting documents, we are introducing some new features to the direct upload process. Our objective is to eventually eliminate the fax and email methods of document submission and go strictly upload and on-site (at the office or event) scanning.

    We’re still tweaking the enhancements, and the fax and email methods will remain functional until we have worked out the last bug. For now, please keep trying the upload method and use the others as a backup system.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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