Achieve the Dream

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    I know it is always suggested not to touch anything on the credit report until you meet with the MC. I am planning to attend the Achieve the Dream event in Atlanta in March. I am unsure if I should try to tackle the few collections I have on my report, or if I should leave them alone. The whole point of attending the achieve the dream event is to get qualified that day. So am I putting the buggy before the horse by attending with items that would probably be included in an action plan? There are 2 credit cards that charged off when I became unemployed in 2017, 2 medical bills, and 1 other collection account.

    To prepare I have gathered:
    1. 12 months of cancelled rent checks
    2. 12 months of bank statements to prove child support payments
    3. Tax returns and transcripts
    4. W2s

    What proof is required for SSI payments? Do I need a benefit letter or will the bank statements that I am submitting for child support suffice as proof for both?


    It’s always best to have as much proof of documentation as you can. And for paying down debt that can only help. Just make sure you have a very clear paper trail.


    Should I attend the event if I know I have charge-offs, medical and collections? There are 5 items total. 2 medical, 2 charge-offs and 1 collection.


    Having collections and charge-offs is not an issue. The issue is when they took place. You will need to write a letter of explanation for each one.

    Going to the even is never a bad idea especially if there is one before your scheduled intake. It depends on how far along you in the process but in general it’s a pretty good idea.


    @Destined4ownership I think attending the ATD is a good idea, I got qualified at one. Are you working with an MC already, though? If you are, I am sure they could get you qualified before the March event.

    The collections and charge offs will need to have Letters Of Explanations (LOE) written for them. Any that happened in the last 2 years will need to be either paid off or in a NACA approved payment plan as well as an LOE. Any older than 2 years I believe are fine but still need a LOE written for them regardless. Medical bills, per the NACA handbook, do not count against you but will also require an LOE. You can write these letters at the event with a counselor, I wrote 2 or 3 of them at the event myself. I am sure you will need to write one for all 5 accounts that you referenced.

    In addition to the documents you mentioned, you will also need to bring paystubs as well as statements for any other debts, such as auto loans, student loans, credit cards, etc. I would bring at least the last 3 months of all of the above for any that apply.

    To get qualified at the event you will also have to demonstrate Payment Shock, if applicable, and have Minimum Required Funds (MRF) in your bank account prior to qualification.

    • This reply was modified 2 years, 5 months ago by Peapod0609.

    Hello Destined4ownership,

    I always tell people it’s never too soon to start the process, so go ahead and come to the event. If nothing else, you’ll walk away knowing exactly what else you will need to do for qualification.

    If the chargeoffs and collections are under two years old, you’ll have to deal with them so it’s okay to get those paid. If they are more than two years old though, you probably won’t have to concern yourself with them.

    For SSI payments, provide your annual award letter and make sure to highlight those deposits on your bank statements.

    Also, start saving regularly and develop a clearly visible savings pattern, I suggest you download a copy of the Qualification Workbook at to learn about Payment Shock, Minimum Required Funds and other requirements for qualification.

    Finally, when you come to the event in Atlanta, get there as early as you can! As early in the day as possible on the earliest day possible. Atlanta events are always huge, so the earlier you get there, the less of a line you’ll have to deal with.

    Tim Trumble
    Online Operations, NACA


    Thank you.
    I paid off my car in 2017 in preparation for all of this.
    I do have student loans though. One of them is new (2019) in the amount of $1100. I took out the loan in order to finish taking a few classes to finish my degree. I have less than 5 classes left. I’m currently in a income driven payment plan with my student loans and my amount is $0. I am thinking about calling them to pay at least $5 so that amount can be counted towards my DTI. I dont know if that will work or if they will use the full standard payment amount.

    I am not working with a mortgage counselor currently. I went to an intake session years ago when I was receiving 1099 income. When I began to work as a w2 employee, I decided to wait 2 years to get 2 years worth of tax returns and w2’s. I deferred any meetings until I got that area of my income together. 2019 will be my 2nd year of returns so now I am trying to hit the ground running.

    wait: will the new loan hinder since there won’t be 12 months of on time payments? If so, I need to hurry and pay it off now instead of waiting. It’s a separate line item from my other student loans.

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