Qualification help

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  • #65820
    CenterPeace
    Participant

    I’ve already completed the workshop and intake session. I plan to attend the ATD event March 19-23. I will have my MRF and 3 months of payment shock saved in the bank, by the time I attend the event. However, my bank statements will not generate until the end of March and the other early April. Will this delay my qualification? I will have the funds just not on the bank statement yet.

    #65823
    Nelsont
    Member

    You need the official documentation otherwise no dice. What you can do is print out your complete up to the date transaction history from the day of (or before) your last statement to the day March 18 (or 19 if you can). Make sure each page that prints out has the complete http website listed as a header or footer like this “http://forums.naca.com/?topic=qualification-help-2”. Take that all to your bank and have your teller stamp each page with a bank stamp. This will suffice in place of the statement. It’s the bank’s official seal of approval, can be viewed as an affidavit and now becomes a “signature” or legal document.

    #65830
    CenterPeace
    Participant

    Great idea! Thanks for the detail response. One less thing for me to worry about.

    #65836
    Peapod0609
    Member

    What @Nelsont states is good advice. Being that it is the latter part of the month and the statements should be generated shortly, they may want updated bank statements. So if you do all of the above, then you should be fine.

    Be sure to have copies of any other debt statements such as credit cards, student loans, car loans, etc. Also your updated paystubs, W2’s, tax returns, and tax transcripts. All of that will likely be needed if you want to be NACA qualified that day. I am not sure if they want the 2019 tax info yet, but being that the event is at the end of March, they might want it since your 2019 tax info should be available by now. It is always better to come over-prepared, so try uploading everything you can to the portal, and bring hard copies just in case. I think they also need your driver’s license and if you have your voter registration card, bring that as well.

    I got qualified at the Chicago ATD event in early September and ended up closing in mid November, so once you get NACA qualified, things can move pretty quickly if you find a home you really like!

    #65837
    Nelsont
    Member

    @Peapod0609 makes a good point they will almost assuredly want your 2019 w2. You can probably qualify without the tax transcript since the deadline to file is after the event. But you will definitely be required to provide the 2019 tax transcript, which is proof of filing, prior to doing anything after qualification, if you get qualified on the spot.

    #65839
    CenterPeace
    Participant

    I have filed my taxes for 2019. I filed back taxes for 2018, since I did not file last year, they take longer to process since you have to mail them in. I plan to pay all of my tax debt for both 2018 & 2019 on March 17. I also applied for a IDR plan for my student loans which I should be hearing back in another week or so. I uploaded all documents to my web-file, as new pay stubs, statements, etc has come in I have been uploading them and keeping a file on my Google Drive. I noticed the upload screen is more legible when I upload from my phone versus online the boxes are jumbled up, not sure what that is about. I figured I could quickly upload anything from my phone or should I print everything and keep a binder with hard copies?

    • This reply was modified 1 year, 11 months ago by CenterPeace.
    #65841
    CenterPeace
    Participant

    @Peapod0609 Congratulations on closing and for a positive outlook. I am praying my process goes smoothly after qualification. I have already found the home that I want. I am anxiety to get under contract and lock in the price. It’s a new construction and I heard they are looking to increase prices. I am also a realtor and representing myself in this process.

    • This reply was modified 1 year, 11 months ago by CenterPeace.
    • This reply was modified 1 year, 11 months ago by CenterPeace.
    #65844
    Nelsont
    Member

    You will definitely need to be already in a payment plan and show the plan documentation (possibly with payment history to show too?) prior to qualification. You will likely need to have the debt completely resolved and paid off prior to closing on your house.

    But you are definitely on the right track. I have found that having having hard copies of everything even things you don’t think you will need and even dating back farther than you thought you would need comes in handy. Absolutely upload what you can to your file. But also keep a hard copy with you and take it with you to every single meeting. You may be asked to wet sign or wet initial something and scan it in. Unlikely but, possible. I also noticed personally uploading via the phone gave me mixed results. But definitely do both.

    They can’t do anything to you for being over prepared. At worst you spent time and energy compiling documents you didn’t need. But if by chance you are missing 1 thing then that could potentially mean your appointment ends and you wait 2 months to get another appointment before you can move forward.

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