Will being on the CARES act mortgage relief disqualify me with NACA?

Home Forums Purchase Program Will being on the CARES act mortgage relief disqualify me with NACA?

Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • #70687
    coquipr79
    Participant

    Hi. I’m currently still on furlough. I was hoping to already of returned but my employer is extending my furlough. I am considering get the mortgage relief forbearance since I don’t know when I return. Will this disqualify me in getting a NACA as soon as I return to work? I’ve read that while on this plan that the credit bureau still reports as current but that the account is notated as on forbearance.

    #70737
    coquipr79
    Participant

    Bump

    #70746
    Nelsont
    Member

    So you currently own a house?

    I really don’t know the answer to your question. You can get qualified if you own a house but you cannot buy a house through naca without selling your current house first.

    But for accepting relief/forbearance? My thinking is that the forbearance will have less of an impact than your furlough.

    #70748
    coquipr79
    Participant

    Thanks for the reply. Yes, I currently have a home mortgage and will be selling it before my Naca settlement.

    My furlough is the biggest issue but hope to return soon. In the meantime I’m trying to find out if the mortgage relief forbearance disqualifies me. I don’t think it will and I’ll just need a letter of explanation but I just need to confirm.

    Also I’ve been told I can qualify with Naca while being on unemployment so long as I have a letter from my employer that I will in fact be returning when things start to normalize.

Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.
Follow us on Facebook RSS Feed Follow us on Twitter