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Home Buyer’s Workbook - NACA

Revised: 9-10 Copyright NACA Home Buyer s WorkbookNeighborhood Assistance Corporation of AmericaAmerica s Best Mortgage Become a NACA HomeownerLowest Interest Rate* or call 1-888-302-6222 Member s Name:_____Date of Workshop_____ Become a Homeowner*for current rate visit: or call &EES s .O 0 ERFECT # $OWN 0 AYMENT s .O #LOSING #OSTSL owest Interest Rate*Version *for current rate visit: HOME SAVECOMMUNICATING WITH NACAWEB-FILENACA creates your personal Web-fi le for you to making a counseling appointment, get updates on your status, identify your next steps, submit necessary documents into your electronic fi le, and much more.

All Members and members of the household who will be on the mortgage application need to keep the current and future statements and documents of your income, savings, rent and debt (as ... † Voter Registration Form 81 ... Louisiana 10101 Siegen Lane, Bldg 2, Suite B Baton Rouge, LA 70810 (225) 767-9224

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Transcription of Home Buyer’s Workbook - NACA

1 Revised: 9-10 Copyright NACA Home Buyer s WorkbookNeighborhood Assistance Corporation of AmericaAmerica s Best Mortgage Become a NACA HomeownerLowest Interest Rate* or call 1-888-302-6222 Member s Name:_____Date of Workshop_____ Become a Homeowner*for current rate visit: or call &EES s .O 0 ERFECT # $OWN 0 AYMENT s .O #LOSING #OSTSL owest Interest Rate*Version *for current rate visit: HOME SAVECOMMUNICATING WITH NACAWEB-FILENACA creates your personal Web-fi le for you to making a counseling appointment, get updates on your status, identify your next steps, submit necessary documents into your electronic fi le, and much more.

2 Your Web-fi le is your go-to place. Go to and Click on Web-fi le . Enter your NACA ID # and Counseling Appointment:You should schedule your counseling appointment through your Web-fi le. There are two types of appointments: 1) face-to-face in a local NACA offi ce or, 2) phone counseling through our Housing Counseling Department. If you have diffi culty contact your local NACA offi ce or Member Services at 425-602-6222. Confi rm your appointment with your Housing Counselor or other NACA staff person at least two days in advance to avoid cancellation. If you are unable to contact your Housing Counselor, call the local NACA offi ce to confi rm a face-to-face appointment or Member Services at 425-602-6222 to confi rm a phone counseling for Counseling Intake Session:Your assigned Housing Counselor will work with you to become NACA Qualifi ed.

3 To be prepared for your initial intake session, complete the following four sections as best you can prior to your counseling appointment. If you are having diffi culties bring your information and documents to your face-to-face meeting with a Housing Counselor who can assist you. A. Documents:The following documents should be submitted through your Web-fi le. 1. Photo 2. Income Verifi cation: Employment Income: Paystub(s) for past 30 days with year-to-date income Self-employment: Last twelve (12) months of bank statements circle all business expenses and total for each month Other Income ( social security, disability, alimony, child support, etc.)3. Bank Statements for all open accounts - last 90 days will all pages4.

4 Tax Returns for last two years (with all schedules and transcripts)5. W-2s for last two years6. Other Documents - bring as many of the additional documentation listed on the back cover and anything else that applies to you in order to be NACA Qualifi ed. Submitting Documents:Submit the above documents into your electronic fi le as described below or if necessary indicate in your Web-fi le that you will bring them to your face-to-face counseling session. a. Fax documents using your Personal Fax Cover Sheet toll-free to 1-877-FAX-NACA (877-329-6222). b. Email documents as attachments using your personal e-mail address: email(NACA c. Upload documents directly from your hard drive using your Web-fi Financial InformationProvide the below fi nancial information through your Web-fi le1.)

5 Member Information Your personal information and contact information. 2. Dependent Information All dependents in the Bank Accounts All bank accounts including joint accounts. 4. Employment Employment history as far back as you remember. 5. Residence History Where you have lived for as far back as you remember. 6. Budget Documents your income and expenses and shows funds available for a mortgage Authorizations and Agreements NACA Authorization and Disclosure - read and sign electronically. NACA Membership Agreement read and sign electronically. D. Payments: Membership Dues Dues are $20 per household per year with no payment after you close. Credit Reports Reimbursement of the cost for each credit report (currently about $10).

6 MEMBERSHIP SERVICESNACA is committed to provide the best member services. NACA s Member Services Department is open from 8:30 to 6:00 eastern time to assist you. Contact them at 425-602-6222 or at They can address your issues including: general questions, accessing your Web-fi le ( NACA ID and password issues), diffi culty making an appointment, unable to communicate with a Housing Counselor, relating your experience, or customer service REQUIRED FOR NACA QUALIFICATIONAll Members and members of the household who will be on the mortgage application need to keep the current and future statements and documents of your income, savings, rent and debt (as identifi ed below) so you will be prepared to apply for a Needed (Check off)_____ _____Employer s name, address and phone number (last two years)_____ _____Pay stubs (most recent thirty days)

7 _____ _____Federal tax returns and W2s for all adults in household (previous two years)_____ _____Benefi ts awards letter or documentation of other income ( social security, etc.)_____ _____Budget Form in Workbook (all 5 pages) and the Daily Expense Diary (one per applicant)_____ _____Alimony or child support (acceptable documentation: canceled checks for last 12 months, court records, or separation and divorce papers)SELF-EMPLOYED_____ _____Two years Federal income tax returns with schedules/transcripts (to order call 800-829-1040)_____ _____1099s for the past 2 years (if applicable) _____ _____12 months bank statements that document business deposits and expensesASSETS_____ _____Bank statements for all open accounts, all pages (most recent three months or 90 days) _____ _____Gift letter, verifi cation of gift money and proof of transferLIABILITIES_____Credit card statements (most recent)_____Loan statements, including loans where you are the co-signer (most recent)

8 _____Child support or alimony documentation (12 months pay history, court order)_____Bankruptcy papers_____Divorce documentsREFERENCE LETTERS_____Landlord(s) name, address, and telephone number (last 12 months or landlord reference stating period you rented, the rent and payment history) _____Credit references letter for the last 12 months from electric, phone and gas companies_____Proof of payment(s) that addresses credit issues NACA & OTHER DOCUMENTS_____Credit report money and photo ID each time a report is accessed (approx. $10 per report)_____Member Agreement and Authorization Agreement, and Landlord/Employer Contact FormsINFORMATION NEEDED PRIOR TO MORTGAGE APPLICATION_____Inspection Report on the property (completed by NACA authorized inspector)_____Original Purchase and Sale Agreement signed by all parties_____MLS listing_____Earnest money deposit check copyNACA MORTGAGE THE BEST MORTGAGE IN AMERICAPURPOSE: Purchase Purchase & Rehab DOWN PAYMENT: NoneCLOSING COSTS: None (lender pays)INTEREST RATE: Below market - 30 year fi xedTERM: 30 year or 15 yearBUY-DOWN: Funds to permanently reduce interest rate One percent of mortgage amount reduces interest rate by one quarter of a percent (.)

9 25%) for 30 year mortgages and by half a percent (.50%) for 15 year mortgages. This is a tremendous added benefi t. APPLICATION FEE: NonePOINTS & FEES: NoneCREDIT HISTORY: Perfect credit not requiredMember s personal payment history evaluated without consideration of his/her credit score. P. M . I . : None(Private Mortgage Insurance) As a NACA Member you do not pay private mortgage insurance (PMI) which only protects the lender. You have access to NACA s comprehensive post-purchase program through the Membership Assistance Program, (MAP), free of charge for as long as you have your NACA mortgage. Note: The materials contained in this Workbook are designed for guidance only.

10 They are not designed to be, and should not be used as, a substitute for professional services. NACA makes no warranties or representations of any kind that the materials contained in this book will necessarily apply to, or be effective in, any particular situation. INDEX Page NACA Offi ces2 Welcome from Bruce Marks NACA s CEO3 NACA INTRODUCTION & BACKGROUND4 NACA Timeline6 NACA Press Clips8 PROGRAM OVERVIEW & NACA MEMBERSHIP18 Ten Steps to Owning Your Own Home20 Ten Step Overview20 Ten Steps To Owning Your Own Home21 Checklist for Counseling & NACA Mortgage26 Homeownership Counseling & Preparation27 Homeownership Evaluation27 Affordability27o Maximum Mortgage Payment28o Payment Shock29 Budget31o Preliminary Budget Form33o Daily Expense Diary Form34o Budget Form Comprehensive35 Mortgage Options39 NACA S Mortgage40o Interest Rate Buy-down41 Purchase Price Calculation & Mortgage Amount Tables46o Multi-Family Purchase49 NACA S Repair & Renovation Program50 NACA


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