Multi family Reserves

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  • #70495
    easy_breezie
    Participant

    Hello ,

    I have been searching for an answer to this question on Naca but could not find anything but general info.

    Naca purchase book says there is a multi family reserve fund requirement but it doesn’t say how many months are needed.

    I have heard rumors that :

    You need 3 months of reserves for a 2family

    4 months for a 3 family

    And 6 for a 4 family.
    But I have also gotten several different answers. Can someone please help me break this down. I am trying to be naca qualified before my appointment but I don’t know what I need to save ?

    #70496
    Nelsont
    Member

    I think this might help

    http://forums.naca.com/?topic=multi-family-new-guidelines

    I also don’t want to burst your bubble but you will need the verification of employment and verification of rental forms filled out by your employer and your landlord and returned directly to naca from your employer and your landlord. You won’t get the forms until your intake as a federal guideline to help combat identity fraud.

    • This reply was modified 2 months, 2 weeks ago by Nelsont.
    #70498
    Nelsont
    Member

    I think though if you have the reserves and have demonstrated payment shock you will be as ready as you can be.

    #70521
    TTrumble
    Member

    Hello easy_breezie,

    Here it is straight from our Policies and Procedures:

    “Members must demonstrate they have the reserves saved prior to NACA Qualification to cover four months of mortgage payments for Members purchasing two-unit dwellings, five months for three-units and six months for four-units”.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #70527
    easy_breezie
    Participant

    Thank you both for your quick responses. I have the answers I need now .

    #70636
    40Acres2020
    Participant

    This is very interesting. I’m hoping to be get qualified for a multi-unit in NJ. I’ve been working on an action plan for approval for a single family home, but will talk to my counselor about approval for a multi-family. My next appointment is in early September.

    The handbook states that “Members must demonstrate they have the reserves saved prior to NACA Qualification to cover four months of mortgage payments for Members purchasing two-unit dwellings, five months for three-units and six months for four-units”

    Is this referring to mortgage payments (principal) or PITI payments?

    Thanks!

    #70647
    Nelsont
    Member

    yes

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