NACA SERIES: AVOID THESE 3 COMMON MISTAKES TO BECOME NACA QUALIFIED FASTER!

#NACA #NACAPROGRAM
Hey guys, welcome back to another video. As you know, I am sharing some more information with you on some common mistakes my husband and I made while going through the NACA program to become qualified. I hope this video helps you out, and if it does, please make sure to subscribe, comment, share and like!
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natoshas.lifestyle

[@kellykels4266]

Girl you are sooo accurate she is preaching facts

[@RegalImpress]

Awe! Thanks! 🤩🤩

[@moshondablount2704]

I'm actually filling out my online summary and its asking for some fee that gets deducted from your checking account what is this fee, and do you know what the cost is?

[@RegalImpress]

@@moshondablount2704 Hi! Maybe you are referring to the Membership fee that is paid yearly. This is drafted out of your account. I heard the fees increased but I’m not exactly sure how much. As a married couple, my husband and I paid $35.00 before they increased it.

[@divinediva_]

@@moshondablount2704 You will also have to pay for credit pulls.(Inexepensive)

[@itsjaycutta]

1st 1:40 Mattress Money or Shoebox money 2nd 4:45 Payment arrangements on debts need to be disclosed 3rd 7:30 avoid all inquiries

[@rhapsodicchimera9768]

Thank you for this video. I'm so close to being over Naca, but I'm trying to hold on and this was a big motivation to keep going. I was surely about to switch over to the dream program.

[@RS-yw4wg]

ME TOO!

[@black_widow8432]

What’s the difference between this and Dream?

[@outspoken0922]

Thank you for the information. I have my first seminar in May and actually in the process of cleaning up my credit.

[@RegalImpress]

Yessss!!! Sounds like a plan. Enjoy the journey and be patient, and don’t settle for anything that you don’t want. 😊❤️

[@thebricebunch]

I have my shop 5/8 can’t wait. And also been fixing my credit since January.! Looking good 😌

[@RegalImpress]

@@thebricebunch yesss!!! 🙌🏾 good for you. Take plenty of notes. Sending positive vibes your way! ✨❤️✨

[@ggoldsmith1056]

Did it work out for you

[@Mrspesosxoxo]

Thank you for sharing this information was very helpful.

[@RogerThornton-y5o]

Great video thanks for sharing 😊

[@RegalImpress]

Thank you 😊

[@karmikamartin789]

I appreciate you getting back with me. I’m so nervous my intake is Sunday. I don’t have all paperwork jut it was only one date available so my friend scheduled it.

[@RegalImpress]

Even if you are missing some things still make sure to attend your appointment. Your mortgage counselor will let you know everything as far as what to have at your next meeting. You’ll be fine! ☺️

[@karmikamartin789]

@@RegalImpress I’m binge watching ur videos.Some many great info and this is really helping people. May God continue to bless u and family!!!

[@RegalImpress]

@@karmikamartin789 Awe! Thank you so much 🙏🏾 I really appreciate that! And thank you for those kind words. 🙏🏾😊❤️

[@ellabartlett4241]

Great information I will share this with others🎉😊

[@asiacoleman7916]

Thank you for this. I have my virtual seminar this week. This was good to know.

[@RegalImpress]

Awesome! And you are welcome!

[@sandraguzmanmontes6290]

Thank you for the information I really appreciate it.

[@authorthejazzi1780]

Thank you so much for the info❤

[@traceywhite3952]

I liked this very informative. My husband and I are waiting for our second interview and it's really hard to be careful of our spending

[@RegalImpress]

Thank you! I completely understand. I was in the same boat, but you can do it! Set a goal and stick to it!

[@samanyt2967]

If u have hustle money just open a chime seperate

[@RegalImpress]

@@samanyt2967 🤔

[@deemitchell7987]

By law ,if you are shopping for a Mortgage, you can apply within a 45 day period. No lender can question this as long as it's a mortgage inquiry.

[@dianechapman9887]

Ohhhhhh Myyyyyyy Goshhhhh! This is such helpful info! Thx👍

[@RegalImpress]

You’re welcome! ❤️

[@sonya5568]

thanks so much for this. I was thinking about going through NACA. I need to wait until next year since I literally just renewed my lease but I'll watch your series on tricks/notes of what to do before possibly seeing a counselor since I've done there program a few years ago and just never made my intake appointment since my credit isn't where I want it to be yet. I am thinking of possibly trying to do my intake maybe come Jan-feb. Tips for those of us waiting a good 10 months before going through the process?

[@RegalImpress]

You are very welcome! While you are waiting, if you need to work on paying off old debt, do that, as well as creating a savings goal specifically for the purchase of a house. Make sure to start getting your documents organized in an accordion file, which just makes it easier for you to stay organized, and most importantly create a budget and save as much as you can.

[@Motiva8-TV]

You are definitely the #NACA queen.

[@RegalImpress]

Lol!! Thanks 🤩

[@aydennreda]

So about the mattress money... I have most of my savings in cash... when should I put it in my bank account? should I make a savings account??

[@RegalImpress]

I would definitely go ahead and open a savings account and deposit that money. NACA will ask for at least 90 days worth of bank statements, so just keep that in mind when depositing the money.

[@littlesarahautism9787]

Thank you so much I truly appreciate all the information that you just shared

[@RegalImpress]

You are very welcome! ♥️

[@ohyesidid]

Thanks Natasha for that wealth of information.

[@black_widow8432]

I just took out $4k of mattress money, but it’s so i won’t spend it😩I was saving it for any down payments I might have

[@RegalImpress]

It should stay in a separate bank account so your mortgage counselor can see that you have the money set aside as your Minimum Required Funds (MRF)

[@tonionly4557]

Whats the type of debt ??? Need to know

[@opol-opolclothing.online6839]

Thank you for sharing errors you made first hand

[@RegalImpress]

❤️

[@kbos0310]

First seminar is Saturday. Hopefully all goes well

[@RegalImpress]

Yesss!! Congrats! 🙌🏾

[@kbos0310]

@@RegalImpress I’m nervous lol I’m in Los Angeles and definitely haven’t seen any success stories yet. Maybe I’ll be the first . I pray it will take no more than 5 months

[@RegalImpress]

@@kbos0310 Wow! None in L.A? Like you said, you’ll be the first! It’s definitely possible to complete the program within a 5 month period, but you gotta put the work in and be proactive.

[@kbos0310]

@@RegalImpress We have a local NACA office so that’s good but I haven’t seen any KZbin stories from this area. Yes ma’am, based off of your suggestions and information I definitely know I need to do the work versus waiting around .

[@RegalImpress]

@@kbos0310 Period!! 🙌🏾

[@ericasmith2345]

So why do they say your credit doesn’t matter 🙄. It does matter and what if you didn’t have the money to pay it off

[@RegalImpress]

NACA does not take your credit score into consideration, however they will pull your credit report to see what is there, but they are not qualifying you based off your credit score. It’s other factors that NACA looks at to determine if you are ready to become qualified

[@queenmoebetter6470]

Can you please tell what information I need to get. I have a webinar on 3-16-22. I want to get my stuff ready.

[@RegalImpress]

You don’t need to submit anything the day of your webinar only at your first initial appointment

[@Dreamsareareality]

This is an awesome video!! Thank you. ❤️👍🏽

[@RegalImpress]

Thank you! ❤️❤️

[@destinyhampton2412]

What if I'm disabled,I receive social security disability benefits? How does this work for me with my section 8 voucher? Do I have to do the family self sufficient

[@chanell9538]

This is GREAT information omg thank you so much.

[@RegalImpress]

You are welcome! Thanks for watching. ❤️

[@queenmoebetter6470]

Wait how much debt was it? I have debt too.

[@robbinblack8530]

Hello. Great tips, but I have a question about the soft inquiries on your credit report. You had to write a LOE for those as well? These are those junk mail o they send to you. I 'll call the credit reporting to tell them to stop reporting them.

[@RegalImpress]

Hi! Thank you! I don’t believe I had any Soft Inquiries. I believe the 1 that my husband and I had was a hard pull because we were considering using the Ga Dream program, so they pulled our credit to see what our credit score was. For soft inquiries, depending on how long it has been since the inquiry, your MC may not ask you to write a LOE, but it all depends on what it was for and when it happened. Hope this helps! ❤️

[@robbinblack8530]

@@RegalImpress thanks for the quick response. Enjoy your day!

[@RegalImpress]

@@robbinblack8530 You’re welcome! ❤️

[@Kingkofi23]

If you currently are living rent free (living at home with parents) will that affect you? We did it to save for a down payment but it has only been 3 months since we moved. We had rental history of 3 years prior to moving in with our parents. Also, is it possible to have everything done in 2-3 months. We have a bit of a time crunch so we need a pretty fast process. Sorry for all the questions. I am just trying to access if NACA is right for my wife and I. I appreciate any response.

[@Eyeontheprizenews]

I have my first schedule meeting with my counselor next week how far away am I from getting approved and closing also one thing what documents do I need so that I can be a leg up.

[@RegalImpress]

Hi! I really can’t say, but if you make sure you have proof of income, bank statements, CC statements, etc available at your appointment they will be able to give you an idea of how long the process could possibly take. Try to have as much documents as possible rather than not have enough. Also make sure if you have student loans, submit proof of what you currently owe directly from Fed Loans. Proof of rental payments and employment will come after a few meetings with your counselor. Hope this helps! 😊

[@Lonerrrrrr]

When they pull your credit the first time are those from each bureau and are the pulls good for when they pull again at closing or are those 3 additional hard pulls?

[@TerriWilliams-su7jk]

Can you purchase a manufacturer home with NACA?

[@evangelistaalbertomercedes7905]

Thank you, for the information. I have a question at what point in the process does Naca pull your credit that result in a hard inquiry on your credit report? Does the hard pull show when they submit your information to the underwriter or before your first meeting with Naca?

[@RegalImpress]

You’re welcome! NACA will most likely pull your credit at your initial intake session, but will continue to pull it throughout the process. It will not hurt your credit score. We had ours pulled at least 5 times. Yes, the underwriter will see that your credit was pulled. That’s why if there was anything that needed to be addressed prior to underwriting, your MC will inform you before your file is submitted.

[@franciscomercedes1198]

@@RegalImpress Thank you so much for your tips which are very beneficial to anyone looking forward to go through Naca mortgage process. Me and my wife are looking forward to start the process pretty soon God willing. My worries are some late credit cards payment on 2 of my accounts from 4 years a go. All my credit cards have been in good standing for the last 4 years. It was just back in 2017 that I missed some payments on 2 of my credit cards. Hopefully Naca take into consideration that I have been in good standing for the last 4 years on all of my credit cards. Thank you once again for all your help and videos. God bless you.

[@RegalImpress]

@@franciscomercedes1198 you are very welcome! You should be fine, if it dates back to 4 years ago. You will need to write letters of explanation, explaining what happened prior to becoming NACA qualified. Good luck! ☺️

[@gerardboulin6324]

Thank you for your great informations! Great video!

[@RegalImpress]

No problem! Thank you for watching! 😉

[@prpllvr32]

So if you do have 'mattress money', what are you supposed to do with it? Just hold it in cash since our intake appointment is upcoming?

[@RegalImpress]

I would hold it as cash if at all possible. If you start making deposits, it will show on your bank statement and you’ll have to explain where the money came from.

[@thesensenetcollective5378]

To add to this...after 4-5 months working with my rep, she THEN tells me that any deposits I've been making into my account DO NOT COUNT towards my income unless it's on my taxes. I was so upset, bc I even submitted two LOE's of money I receive from my mom for her share of our family phone bill and from my boyfriend for his share of a vehicle payment. But bc this isn't taxable income, it had to be removed from my income and I had to start over from scratch for my shock payment requirement. Why my rep didn't say anything about this when I first submitted my LOE's was quite frustrating especially since mortgage rates have all gone up now. Even if you lend $20 to a friend, and they pay you back, NACA won't count the $20 back from your friend but will count that $20 coming out of your bank account . It's so ridiculous. I ended up having my friend pay for my cell phone bill and I send him my portion while my mom pays him now. And I was able to move my vehicle payment to my partner's account so the full amount is deducted from his account and I only show my share in my bank statements. So just keep that in mind. Just bc you're getting reimbursed maybe on some bills, unless those reimbursements from friends or family are reported on your taxes, NACA won't count them and it can seriously make your bank account look off balance in the NACA system.

[@cyndiprince2947]

I appreciate this video very helpful

[@RegalImpress]

Thank you ❤️

[@aalimfreshboiaa2956]

Hello how are you Thankyou for the informative videos. Im starting the naca process in April of next year. I wanted to know if alot of my debt is already passed the 2 year mark should i worry about that?

[@RegalImpress]

Hi there, and you are welcome! NACA will still look at your credit report to see what will need to be addressed prior to qualification so even if some of the debts have passed 2 years, you may still be required to address it with something simple as a letter of explanation.

[@sahara11226]

A few weeks ago I signed on with a new cell phone carrier. How 🤔 will I be affected since my appointment is March 3rd 2021 with my counselor. My ATD is in early April? Do you think that will keep me from getting qualified at mt ATD event?

[@RegalImpress]

I don’t believe this will affect you becoming qualified at the ATD event. However, if the company had to pull your credit to see if you were eligible for phone service, it will show up on your credit report. Your NACA counselor may have you write a short letter explaining why that company pulled your credit, but you should be fine, but if you can, hold off on doing things like this until after closing. 😉

[@sahirasimmons811]

I have another question if I'm already making payment on furniture let's say aarons..should I pay it off before starting naca

[@RegalImpress]

it would be a good idea if you are able to do so, so the monthly payment isn’t added into your debt to income ratio.

[@bodarawilliams3584]

I have a question, so your student loans have to be deferred? What if you’re paying them through payment plan? Will they deny us because our loans aren’t deferred?

[@RegalImpress]

No, your student loans do not have to be deferred, and if they are you can still make payments on them. Naca will not deny you if the loans aren’t deferred.

[@Myas_memoirs]

What about a payment arrangement with car company like if u are paying ur car off Is that okay?

[@RegalImpress]

So, if you’re making a monthly car note, it wouldn’t necessarily be a payment arrangement. What NACA will do is exclude the remaining amount you have left to pay if it’s at least 3600.00 or less or 10 payments or less. If you have more than 10 payments and owe more than 3600, then they will just factor the amount owed into your total debts owed

[@ananiyatakele3343]

Hi there! Thank you for your information, it means a lot. My wife and I have started the process and we have NACA ID. Both of us separated from our previous employer due to covid. However, both of us got a new job last September 2020. So, my question is, do we have to upload w2 of our previous job to which we don't have access at a moment? Thank you very much in advance!

[@RegalImpress]

Hi there! You are welcome!! If you are no longer working there, you should not need to upload the old W-2’s but if you can gain access to it, make sure you have it available just in case. However, you will need to be employed at least 1 full year before your file is submitted, so while you are attending your meetings with your MC, I suggest start a savings if you haven’t already and print your check stubs out every time you get paid as well as your bank statements and CC statements. Good luck in your journey with NACA, sending positive vibes your way! ❤️✨❤️

[@ananiyatakele3343]

@@RegalImpress Thank you very much for your quick and detailed response. I appreciate that. KEEP UP THE GOOD WORK!

[@RegalImpress]

@@ananiyatakele3343 You’re welcome! Thank you for the support! ❤️🙏🏾

[@acaciawilliams4462]

What do you suggest if I have 3 accounts in collections under $2,000 total?

[@RegalImpress]

Are they medical? Such as from a doctor’s office? If so, NACA does not take those accounts into consideration. If they are anything other than medical, and they are at least 1 year or older, NACA will ask you to write a letter for each account stating the reason why the accounts went into collection and that you are able to financially pay your bills on time moving forward. I had to write 2 letters, & my counselor made me state this exact information, & I wasn’t required to pay it off in order to become qualified. ❤️

[@acaciawilliams4462]

@@RegalImpress ok thanks love!

[@RegalImpress]

@@acaciawilliams4462 you’re welcome! ❤️

[@RegalImpress]

@Sharon Donnelly Yes, I believe so, they were just bought from another debt company.

[@ash8436]

I have two questions I hope that you can please answer them. 1 .Do all NACA homes have HOA fees? 2. Can a NACA home be build in a rural area?

[@RegalImpress]

Hi there!! #1 No, NACA does not require you to move into a home or neighborhood with HOA fees. #2 I believe so, but your real estate agent will let you know if it’s possible or not.

[@ash8436]

@@RegalImpress thank you..... thank you so much for answering😁

[@MsArtelia]

Thank you

[@tesatalkstv]

Great helpful ideas. Thanks for this

[@RegalImpress]

You are very welcome! ❤️

[@MoyaVanRossum]

Can you still qualify with a poor rental payment history due to covid layoffs?

[@ItsMeDeeDee]

This crazy I have mattress shoe box money lol. I just signed up! At what point do they ask what state u are looking to buy a home?

[@RegalImpress]

Lol, so basically whatever state you signed up in, NACA assumes that is where you currently reside and would like to purchase a home.

[@thesensenetcollective5378]

So I live in NC and I'm also looking to buy in TN, but when asking my rep about this she asked if I had ever lived in TN and since I hadn't , she explained since NACA is about building communities they expect you to stay generally within 50 miles of where you currently live. She did tell me I could still pick anywhere in NC but I would have to establish residency for at least 6 months in TN if we really wanted to move to TN. As of today I'm still not sure if we will buy in TN or NC but I know for sure NACA will only work for me in NC. I'm currently researching USDA constructions loans which only limit where you can buy based on income. So it's a little different that how NACA views it, but as long as your under the income requirements, you can buy wherever.

[@lindasmith4527]

Thanks for this video! Maybe I missed it in the video, but we're you ever qualified? Did you go through with the program?

[@RegalImpress]

You’re welcome! Yes, we were qualified October of 2019, attended the homebuyer workshop in November of 2019, and closed on our home April of 2020! 🙌🏾

[@corvusglaive3805]

Hey tosha, love your channel . Question: I’m a retired veteran. What’s the income threshold? It’s just me I’m a single dad.

[@RegalImpress]

Hi! 👋🏾 and thank you! I don’t believe there is an income threshold, however there is a maximum amount of what you can get approved for. I believe that amount is around 450K, but don’t quote me on that, but last time I checked which was earlier this year, it was around that much.

[@mariethomas3583]

Hello, I did have a question about NACA..Do they make you pay the property taxes upfront when you close on your house?

[@RegalImpress]

Hi there! Yes, they do! We closed in April 2020, so I believe we had to pay 6 months of property taxes. ❤️

[@tahntalus]

Question, which books does naca give out?

[@RegalImpress]

You have access to the NACA workbook online via the website

[@brownsugarzeze2330]

I like the video and I am still trying to qualify with NACA it is a good program

[@RegalImpress]

Thank you very much! I hope you get qualified soon! 🙏🏾✨❤️

[@ArchedByAry]

I’m in the process of getting NACA approved and I’m employed but i have the opportunity to start a new job. Would that interfere or delay my approval process?

[@RegalImpress]

If there isn’t any breaks in employment from when you leave the old job to the new one then you should be fine, but if it’s more than a 30 day break in between it may interfere with the employment history.

[@yvonneshaffer4291]

Can money be gifted to you?

[@arice3791]

Yes ma'am. If I'm not mistaking a LOE has to be written along with proof from the gifter

[@RegalImpress]

Thanks for answering her question. I totally missed this one ❤️

[@arice3791]

@@RegalImpress No problem, we are cuzzins in this process....lol....it definitely takes a village💯 Thank you as well for the information you provide. I greatly appreciate you🙏🏾

[@RegalImpress]

@@arice3791 Yessss! Cuzzins….I love that! You are so right, it definitely takes a village. I appreciate you. 🤗❤️

[@clarisacrawford6901]

This video was very educational… I wanted to know if you could answer some questions for me… .. I did the short app on there site but haven’t heard from anyone.. is there a number to call to reach an agent???

[@RegalImpress]

Thank you! You can call member services. You should be able to speak to a rep. 602-425-6222 hope this helps!

[@averydavis7694]

I’m curious if your payment arrangement was with a credit card company? Most companies give you 0% allowing you to close the account. Will NACA not approve you with those types of arrangements? Seems silly since I assume they will approve you with a revolving credit card that accumulates interest.

[@RegalImpress]

No, it wasn’t with a credit card company. NACA will still approve you if you are making monthly payments on your credit card. They just want to make sure your credit card(s) is at or below the 30% threshold.

[@JJalloh90]

I got NACA qualified and they looked back for 6 months and found a check deposited and I had to write a letter of explanation to determine where the money came from.

[@RegalImpress]

Based off the numerous of times I have met with my counselor as well as all the other counselors I was assigned to, they never asked me for 6 months of bank statements. If you are self-employed, then yes, you must provide at least 6 months of bank statements, some counselors prefer 12 months as well as your last 2 years of tax returns. But congrats to you getting NACA qualified!

[@ALISHA51784]

My intake session is in November. I have a recent late payment that posted on my credit report last week. Will this delay me even if It is only the first one in 2 years? Do you have a video on late payments?

[@RaleighNotary]

Ask for a pay to delete..are you able to pay it off

[@ALISHA51784]

@@RaleighNotary Chile, I wish! I just got the car in March. ( I had to. It was an emergency, girl) Who I do ask for a "pay to delete", the finance company or credit bureau? I've never heard of doing this.

[@RegalImpress]

I’ve never heard of that as well, but it’s worth a try. How late was it? Do you think you may be able to make the payments on time moving forward? Your MC may want you to write a LOE explaining why it was late. This one late payment may not prevent you from becoming qualified in the near future once they determine you are ready.

[@karmikamartin789]

It it better to wait to have some money save before ur intake?

[@RegalImpress]

I would not wait, because sometimes the process can take longer than expected, so they will work with you for however long they need to, in order to get you qualified.

[@sahirasimmons811]

Do my co borrower which is my fiance have to do a payment shock as well

[@RegalImpress]

Yes, it’s based off both parties income, so it will be 1 monthly payment shock that they will tell you about

[@revirozay3171]

You said 1 monthly payment like how much and what amount do they wanna she you save?

[@RegalImpress]

@@revirozay3171 well the payment shock is something that your MC will let you know, and that amount is what you will be required to save

[@mrs.elizabethdarcyladyofpe1288]

Did you apply with good credit or fair? My credit is in the “good” to “very good” range. I just don’t have a ton of income as a single mom of 2.

[@RegalImpress]

With NACA, they do not take your credit score into consideration. They do however look at your credit report.

[@mrs.elizabethdarcyladyofpe1288]

@@RegalImpress oh, ok. Thanks!

[@italianheat1]

Is medical bills going to prevent my qualification?

[@RegalImpress]

Medical bills should not prevent you from getting NACA qualified. In the workbook it states that NACA will not hold medical debt against you, but if you are able to pay the debt, you can do so.

[@JPoetx]

What if you on SSA disability

[@jeojones9656]

Hey, great info have my appointment next week far as student loans do you have to be saving your loan. payment if your loans are deferred for example if my loan payment is $200 amount is NACA going to ask me to save that amount a month even though my loan is in deferment?

[@RegalImpress]

Hi! Thank you. NACA will determine what your monthly payment shock is. Your monthly payment shock is what you are required to save monthly through closing. This amount will come from your total debts and income. Your MC will do the calculations for you and let you know the amount, But if your loans are in deferment, you are not required to show proof that you have been saving your loan payments. NACA only wants to see what will be your required payments on the loan once they come out of deferment.

[@jeojones9656]

@@RegalImpress Perfect, and thank you 🙏🏾 so much for even taking the time out to respond!

[@RegalImpress]

@@jeojones9656 No problem! 😉

[@irajlamar]

Aww man! I can’t use my shoe box money?? 😒

[@RegalImpress]

Lol! It all depends on when you deposit the money. According to my MC, because we didn’t deposit the money that we had outside of the bank early on into the program, we couldn’t use it, but if it would have been deposited months prior to, we would have been able to use it. I suggest depositing it now if you want to use it for your MRF’s or buy your interest rate down.

[@corteyd8785]

Cool.

[@VonBanG]

What about back child support ? How does naca process that ?

[@RegalImpress]

Because I am not a mortgage counselor nor do I work for NACA, I would assume they would count any back child support or arrearage as debt since it is an obligation that must be paid to another party monthly or weekly. I don’t think it could disqualify you, but depending on how much is in the arrears, that will affect the amount of your approval. Please make sure to follow up with a mortgage counselor though.

[@golladejen7702]

How can I get an approval letter online to give an offer for the property I interested in?

[@RegalImpress]

Your approval letter will be given to you once you are NACA qualified. You will get it at the purchase workshop and then you can provide it to the seller

[@kennethsnowden1294]

Hello do you know if a recent bankruptcy effects qualifying

[@angelacruz3688]

Thank you Natosha this was very helpful. My husband is paying off a personal before we enroll to Naca and has been paying it on time should we just pay it full or continue with payments as he is now?

[@RegalImpress]

You’re welcome! Depending on the outstanding balance, if you can afford to pay it in full, that would be best. If you go into the NACA program with the personal loan, NACA will look at it as outstanding debt and it will be calculated in your total debts which could reduce the amount that you could get approved for. In our case, my NACA counselor was not willing to move forward with submitting my file until the debt was paid in full, so we went ahead and paid it in full to move forward with getting our file submitted to the underwriter. I would definitely still sign up for the workshop so you can obtain your NACA ID #. It takes about 3-6 months before your first intake session. I hope this helps! ❤️

[@angelacruz3688]

We would like to pay it off. With that stimulus check coming we are going to pay all of it before we get submitted for qualification.

[@RegalImpress]

@@angelacruz3688 That sounds like a plan! Make sure you get a confirmation letter showing it was paid off, your M/C may ask for it. My M/C asked me for proof of a debt that we paid off prior to submitting our file to the underwriter. Good luck on everything! 🤞🏾☺️

[@LoveAlwaysMeli]

Thanks for the info! So glad I watched this and right in time. Very helpful! Question, do you remember the site you used to calculate your student loan payments? Also, do you know the reason you had to pay off that debt that was on a payment plan? I’m wondering if we’ll have to pay off a debt we currently have on payment plan.

[@RegalImpress]

You’re welcome! I believe this is the website myfedloan.org/ the debt had to be paid off, because it would have increased our Debt to income ratio.

[@Abrilw90]

Yes you have paid off debt

[@michaellee4331]

I'm in Naca now. You can get a free Work number with work history report by getting work number from your employer and entering the info on the work number site Naca gives you. It's really important to upload dated papers as separate years eg. 2020 tax return, transcripts and w2 upload separately from 2021 tax return, transcript and etc. Always upload doc using Internet explorer as PDF. You can use a rental history ledger to show your rental history if you use credit/debit card to pay your rent online

[@RegalImpress]

Great info!

[@LabriaHart]

So if I have a auto loan, I have to pay it off first to go through naca?

[@RegalImpress]

No, They will just take what you owe and add it to your debts. If you have 10 payments or less or owe 3500 or less, they will not include it in your debts. Things are subject to change, but when I went through the program this is what I was told.

[@dakotastorms1255]

If you have student loans that will soon be forgiven do you include those payments or omit them? I have 48k in student loans and 25k will be forgiven in less than 2 yrs.

[@RegalImpress]

You will still need to include that in your debts because they have not been “forgiven” yet.

[@yvonneshaffer4291]

Can you have a payment arrangement for your student loans?

[@RegalImpress]

Your MC will request from you what your estimated monthly payment will be, so the answer is yes. You will need to provide them with the print out so they can factor in your debt to income ratio

[@toyap2580]

Does naca limit you to living within certain neighborhoods?

[@RegalImpress]

Unfortunately they do, if you are considered Non-Priority.

[@murtazadarwishzada7606]

Thank you a lot for information! Is car payment and auto loan consider as debt too? I used to have a co-signer in my car and it’s 3 months that I removed him from my car loan? Should I wait till I pay off the car or it does not effect ? Thank you for your time

[@RegalImpress]

Hello & you are welcome! Yes, your car loan is considered debt, so it will be included in your total debt to income ratio. Thanks

[@andrefuller2409]

What documents would you say I should have put aside already once the process starts

[@RegalImpress]

Bank statements-At least 6 months worth Check stubs-30 days or 3 for bi-weekly CC statements-90 days worth Savings Car note-amount left to pay off Students loans- estimated monthly repayment

[@andrefuller2409]

@@RegalImpress Thank you our first webinar is in July so just watching your videos helps to get ahead of the game so that there's no long delay

[@RegalImpress]

@@andrefuller2409 Ok! Great. Make sure to take plenty of notes during your webinar in July, and I’m glad to know that my videos are helpful. I appreciate the support! ☺️

[@samanyt2967]

What if your boo gives you money? Better open a separate account or get an llc and pay yourself.

[@IamShikaVlogs]

Great info

[@RegalImpress]

Thank you!

[@teshomeabebe9477]

How can I get the budget from?

[@RegalImpress]

Are you asking about the budget sheets? If you have a Naca book, there should be a budget sheet inside of the yellow Naca workbook

[@nicolejackson1067]

Does making payments on your taxes impact your ability to be NACA Approved?

[@RegalImpress]

If you have a payment arrangement with the IRS, you will either have to first pay the debt in full before getting your file submitted for approval or NACA may take what you currently owe the IRS and add it to your current debt obligations which will reduce the affordability amount.

[@roslynmiller4766]

Can I be in this program if I just started a new job? Prior to this I was out of work for 6 months.

[@RegalImpress]

Hi! Yes you can, but you need to have at least 1 full year of employment before you can become NACA Qualified.

[@bobbylocke1602]

Great tips 💯👌🏾

[@RegalImpress]

Thanks love 💕

[@sahirasimmons811]

I have a question my children get ssi 3 of them checks are good for the next five years ..but me and my fiance job income combined together is 74,000 . Would naca make us combined our kids ssi checks with our income...we just want to be priority where u can buy everywhere .

[@nyeemahblackwell8935]

Thank you for this info. May I ask how did you guys calculate your Husbands income from the barber position? My partner is a barber, and I meet with my HC this Thursday and I want to add his income from cutting hair but I don’t know how. I was going to just wait until I speak with the HC this week and hope it doesn’t push my process back.

[@RegalImpress]

Hi! You’re welcome! My husband actually started working for a company where he receives a W2 so he stopped barbering and was no longer considered self employed. What I do know is you will need to submit 2 years of tax returns and the tax transcripts that can be ordered over the phone and via the website. Also, NACA will ask for 12 months of bank statements to see how often and how much is being deposited into the account(s). They may also ask for a running ledger that was kept weekly or daily of how much was earned from cutting hair and how much expenses were paid out weekly or monthly.

[@choosetoshine2610]

Great content! New subscriber.

[@RegalImpress]

Thank you so much! ❤️✨❤️

[@choosetoshine2610]

@@RegalImpress Very welcome!

[@ashmoise3175]

Hey what happens if you have a certificate of $5000 getting ready to mature. But it is not part of the everyday accounts. In other words do I have to combine my 3 different bank accounts?

[@RegalImpress]

For the CD, you should just let it mature and don’t bother it unless you are choosing to use it for your MRF’s. I do not believe you need to combine your 3 different bank accounts. However, You will need to establish which account will be used for your MRF’s because NACA will require evidence of available MRF’s on your bank statement.

[@renewilder6807]

Yeah they ask you to disclose everything you both decided to not provide information for honestly so I don’t understand being upset at it.

[@ericgarza3239]

I applied for IKEA furniture card a couple of weeks ago, will this affect me? I haven’t applied for NACA yet so am I OK? I am planning to buy a new phone on credit should I avoid also? Thank You

[@Nisha-lv8jm]

❤️

[@keithgoodman5000]

Hopefully you used your Mattress Money to pay off that other debt! :D

[@RegalImpress]

You worried about the wrong thing sweetie! 🥱

[@queenmoebetter6470]

New Subscriber 3-8-22

[@RegalImpress]

Hey girl hey 👋🏾

[@patriciaguy2370]

What if you are depositing money you made from Bitcoin?

[@RegalImpress]

You will most likely have to provide proof of where the money came from because it’s a different kind of source of income or earnings. I would just provide proof of the Bitcoin stock’s that you have. Your MC will let you know if you are able to use that income towards MRF’s or interest rate buy down

[@patriciaguy2370]

@@RegalImpress Thank you, hopefully I can.

[@tonionly4557]

Oh a judgment is the debt she talking about

[@destinyhampton2412]

Sufficient program

[@purplepear8505]

NACA has proven to be a big joke!!! Bye bye😂

[@RegalImpress]

Maybe to you it is. I’ve been in my new construction home for the last 5 years by using the NACA program!!! Bye bye 🤣🤣🤣

[@purplepear8505]

@@RegalImpress Good for you. But from my opinion and many others NACA is a joke!!! From the unprofessional counselors to the massive red tape and hoops they want you to jump through.. 😡#myopinion👀