September 23, 2020 at 8:47 pm #71992nataperezParticipant
Hi (I’ve asked this before but since I didn’t get a response I’m trying again)
I was scheduled for the achieve the dream event. I received a call from NACA saying that I wouldn’t meet with a counselor online but that we could talk on the phone instead.
Basically I cannot provide a w2 or 1099 because I make my money in a different country and my employer doesn’t issue either of those documents. However I pay taxes and I have bank statements proving that I’ve been making the same amount of money for the last 3 years.
The person that called me said that I would get a call from a regional manager who is the only one who can make an exception to this rule.
Has anyone ever had to speak with a regional manager to request an exception on certain documentation you cannot provide?September 24, 2020 at 3:38 pm #72011TTrumbleMember
This is a topic I’ve never been asked about before. However, in general, you should be okay as long as you have your US federal income tax returns for the past two years and bank statements for at least the past 12 months (though I would suggest 24 months in your case just to be thorough).
The question crossing my mind is how you documented the income for the tax returns other than your bank deposits. I would suggest obtaining a letter from the source of your income/employer as additional verification.
The best approach is to be over-prepared. Since most people either use a W2, 1099 or profit and loss statement when applying for a mortgage, they do not realize that the US actually has some rather strict laws on proving your source of income, especially since the passage of the Dodd-Frank Act a decade ago. This is not only to prove the ability to repay the loan, but that the income comes from a legitimate source not associated with money laundering or other illegal activity. So you would be well advised to think in terms of there being no such thing as too much proof.
Don’t be afraid to put in some extra effort and you should be fine.
Online Operations, NACA
September 24, 2020 at 3:47 pm #72013nataperezParticipant
- This reply was modified 1 month ago by TTrumble.
Thank you Tim for taking the time to reply. My source of income is 100% legitimate because I work for the Embassy of my country here in the US. Foreign embassies are exempt of paying taxes and cannot issue 1099s nor w2s.
I did however uploaded 24 months of bank statements along with documents from the IRS, a letter from the General Consul (my employer) and my taxes from the past two years which also explain about my source of income.
However the first counselor I met said I didn’t qualify and the 2nd one said he could loose his job if he approved me so I need to find a way to get approved by a manager and don’t know how.September 25, 2020 at 6:06 pm #72035TTrumbleMember
Thank you for clarifying. I hope you didn’t think I was questioning the legitimacy of your income. I always try to use the Forum as an educational tool whenever possible, and was explaining the little-known reasons behind proof-of-income requirements. Please accept my apologies if it appeared otherwise.
The documents you uploaded should be sufficient for verification of income. Please make sure to keep your paystubs updated in the meantime.
You also clarified what is causing the issue you experienced with the counselors. It is actually quite difficult for foreign diplomats in the US to obtain a mortgage for reasons related to diplomatic immunity. Some banks even prohibit diplomatic lending completely, even though the reasons why are often inaccurate.
In fact The Washington Post published an article back in 2013 on that very issue. You may read it at https://www.washingtonpost.com/realestate/foreign-diplomats-find-a-lending-roadblock-in-dcs-housing-market/2013/01/31/38b5e6e6-674e-11e2-93e1-475791032daf_story.html.
I suspect we can still help you though. There are a couple of unique features of the NACA program and our agreement with Bank of America that should allow us to get past the few genuine issues that you might encounter elsewhere.
Please contact me directly at firstname.lastname@example.org so I can look into things further for you.
Online Operations, NACA
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