January 15, 2020 at 5:22 pm #64696
Is there anything that you wish you’d have known to bring to your intake appointment that is not listed in the workbook?
I’ve uploaded to my WebFile the following:
-Paystubs for the past 3-4 months
-W-2s for 2017, 2018, and 2019
-Tax Returns from 2017, 2018, 2019
-Tax Transcripts from 2017 and 2018 (2019 are not ready yet)
-Credit card statements for the past 3 months
-Bank Statements for the past 3 months
-Budget form, landlord form, and employer forms are completed to take with me (didn’t see where I could upload them)
These things weren’t listed as requirements but taking just in case:
-I’ve prepared LOEs for all of the derogatory items on my credit report that I am aware of;
-copy of my lease and monthly invoices from my apartment complex;
Anything else that I should take?January 15, 2020 at 5:57 pm #64701
I brought 2 years of hard copies of every bill statement report pay stub you name it. My entire file box lol. The only thing I didn’t have was LOEs.January 15, 2020 at 6:05 pm #64702TTrumbleMember
Here’s a simple rule I have preached since the days of the mortgage crisis: Better 20 pages too many than one too few.
If you think it may have any bearing on your situation whatsoever, bring it. Divorce or legal separation documents, past foreclosure or short sale docs, anything significant or unique, even if it’s more than two years old.
Good job on the LOE’s lease and apartment invoices. You’ve definitely got the right idea.
Online Operations, NACA
email@example.comJanuary 15, 2020 at 6:06 pm #64703
@Nelsont did you wind up needing to go back 2 years? Most of my stuff can be retrieved and printed but I don’t want to kill that many trees if I don’t need to.January 15, 2020 at 6:11 pm #64704January 15, 2020 at 6:43 pm #64709
No. I just saved everything. I knew what I was getting into because I’ve purchased homes before naca. I only recently started using online statements so I just had everything to begin with.January 16, 2020 at 11:26 am #64741
You seem to be very well prepared, it sounds like you have everything to me. They usually don’t need 2 years of pay stubs and statements, the last 3 months or so will usually get you by. But it never hurts to bring as much as you can. I brought an enormous color-coded accordion folder to every appointment, and I did not need 95% of the stuff in there. But at least twice it saved us as we had to provide something we didn’t have in the web-file and I had it in the folder!
It won’t so much matter at the intake appointment anyway, because even best case scenario you don’t get qualified at your intake meeting. Best case is you are in good shape and you will be shortly sent off to underwriting for approval. Hopefully your situation is in good shape and you will be NACA approved, shortly! That’s a big step, and one of the hardest, for me.
I went to the workshop at the end of January, had our intake in early June, and got qualified at the ATD Event in Chicago in early September. We closed in mid November of last year. So as you can see, getting qualified took a while, but after that it wasn’t too bad.January 16, 2020 at 12:03 pm #64745
@Peapod0609 Do you mind sharing what your action plan looked like? Do you think that attending ATD helped expedite things? Theres an ATD 3 hours from me at the end of February that I’m wondering if I should plan on attending or not.January 16, 2020 at 12:38 pm #64746
It couldn’t hurt. If you feel you are ready now and the ATD even is after your intake then definitely it can help and possibly even qualify you. If you need to wait to show payment shock and work history for instance then you won’t get too far.
Your action plan will lay out your MRF and the specific steps needed to complete in order to qualify. Your action plan may be as simple as volunteer write LOEs and continue to upload pay stubs and bank statements. Whatever the case may be anything you and your counselor go over as needing work or clarification will be on your action plan. There shouldn’t be any surprises.January 16, 2020 at 6:08 pm #64750
@TattedQueen87 it depends on how your intake goes, what your MCs says you need to work on (if anything) and how far away your follow up appointment is. The ATD event is basically to get people set up and approved. You very well may get approved before the ATD event, in which case going won’t do anything for you. Some people need to display longer periods of payment shock, or periods of consecutive employment, for example. In situations like that, the event is not going to make that go away, if that makes sense.
I would say, if the event is coming up and you are not NACA qualified yet but think you are ready, absolutely consider going! It can sometimes take 1-3 weeks after being submitted to underwriting the “traditional” way before being approved, as opposed to same day at an ATD event. You also get to take the required Purchasing Workshop the same day, which is another perk. They are offered every week in your local office, but depending on which day you get qualified and how your schedule looks, that could be another week of waiting if you take the traditional route.
It’s a good way to speed things up if you have the means to go to an event, I highly recommend it for most people! But definitely let’s see how your intake goes, when is your intake appointment?January 16, 2020 at 6:16 pm #64752
@PeaPod0609 Got it. My intake is tomorrow, so I guess we’ll see what my action plan looks like and go from there. I just started saving the payment shock + $200 this month so I’m guessing I’ll need a few more months of that in which case the ATD event is going too be too soon. I just wasn’t sure if any corners were cut by attending the ATD event.
January 16, 2020 at 6:20 pm #64754
- This reply was modified 10 months, 3 weeks ago by TattedQueen87.
Oh, and my action plan was pretty straight forward. We had to get all of our charge off accounts either paid off or into a payment plan as well as write letters of explanation for all of them, had to write a few random LOE’s for some other stuff, and we had to save our payment shock/MRF. That was pretty much it.
And I just saw your reply there, good luck with the intake tomorrow! And yeah, if you don’t meet the payment shock requirement, the ATD won’t skip that, unfortunately. So you may have to wait another 2 months.
January 16, 2020 at 7:00 pm #64760ccarlsonParticipant
- This reply was modified 10 months, 3 weeks ago by Peapod0609.
If you have OWED taxes in the past 2 years, then I recommend bringing copies of your tax account transcripts (different from tax return transcripts). I was able to download them from the IRS website: https://www.irs.gov/individuals/tax-return-transcript-types-and-ways-to-order-them
If you have limited credit history, it wouldn’t hurt to bring some additional proof of paying your bills on time. My husband has a very limited credit history (only 1 credit card shows up on his credit report), so our counselor requested that she needed to see more documentation of my husband paying bills on time. She said that she could accept proof of paying our car insurance and electric bills on time. We were able to easily download a “credit reference” letter from our electric company that verified how many on-time payments we have made in the last 13 months.
Our counselor also asked us to bring documentation of our retirement accounts to our next appointment.January 17, 2020 at 10:28 am #64770
Oh yes, definitely get those tax transcripts if you have owed taxes. This is a requirement with NACA because if you can’t prove you have paid your taxes, you will not get qualified. The reason is, if you have not paid your taxes and then you get a house, the IRS can seize it down the road if they choose to do so. So the bank is obviously not going to want to loan to anyone that doesn’t have everything in order with the IRS.
I mentioned in a previous comment that I had something in my folder that helped us, it was the tax transcripts. I don’t think they got uploaded to our webfile so it was a good thing that I brought them!January 17, 2020 at 11:03 am #64774
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