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This report outlines several tips that can make the difference in being approved sooner than most borrower(s). Why sooner Simple. When applying for a loan the borrower(s) that are most prepared on the date of application are the borrower(s) whom are mostly likely to get the most attention from the lender and approved sooner. Think of it this way, when you meet with a lender you have their undivided attention at that moment. The lender is also preparing to make a decision based on the documentation you present along with your credit history and other extenuating circumstances at that moment. The first step in determining eligibility for NACA loan program is potential homebuyers must attend a NACA Homebuyers Workshop. Generally, workshops are held at least twice monthly on alternating Saturday as scheduled by the local NACA office. The Homebuyers Workshop is available in Spanish as scheduled by the local NACA office. Check www.NACA.com for future Homebuyer Workshop dates, times, locations and general additional information. Tip Tip In less than 2 minutes, you can be registered for the next Homebuyers Workshop. Call me with your name, address, phone number, email and last four digits of your social security number. ITIN borrowers are okay. |
Next, gather the following documents in preparation of your client intake session with an assigned NACA counselor. A NACA counselor will be assigned to you after completing Homebuyers Workshop. Client intake appointments are generally available within 1-2 weeks of the Homebuyers Workshop, when requested by the prospective borrower(s). The client intake session is a one-on-one meeting where your NACA counselor provides you with a personalized action plan or To Do List of tasks that the prospective borrower(s) must complete before obtaining loan approval. NACA provides credit counseling services free of charge to assist prospective homebuyer(s) with resolving outstanding credit issues. Did you know that 65% of consumer credit files contain reporting errors NACA credit counseling services can help you correct inaccurate credit history. Tip Bring these documents to your counseling session Last 2 years tax returns (Preferably 2005, 2004) Last 3 months bank statements Last 3 months saving pattern, i.e. 401K or automatic saving draft initiated by your bank Last 30 days pay stubs Next, determine if you have an established Savings Pattern, if not start saving today. Another component of the NACA loan program is preparing the prospective homebuyer for what NACA terms payment shock which prepares the prospective homebuyer for a possible payment increase. The saving pattern feature allows prospective homebuyers to adjust to the change in payment before the change actually occurs (in most cases there is difference between todays rent payment and the forthcoming mortgage payment). NACA prepares the homebuyer for this adjustment by setting aside monies that represent the difference in payment (rent vs. mortgage) each month. For example, if your current rent payment is $750.00 each month and the desired mortgage payment is $900.00, then you would save the difference of $150.00 each month for a minimum of three months. Tip Your 401K or automatic savings draft qualifies for your established Saving Pattern. This step could put you ahead of game over the typical borrower delays setting up regular savings plan. In summary, these tips can help you get your loan approved with minimal delays. Keep in mind, credit history is both personal and unique to each borrower and the lender goal is to lend money to worthy borrower(s). Similar to preparing for a job interview the candidate that best markets his or her skills over other interviewing candidates will likely get the job offer. It is important to note that today is the best day to start preparing for homeownership. Start now.
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