I started my own business this month and I am meeting with my first client today. I retired last yr at 55 with 3 houses paid off worth 4.5 million. I will have an income stream of $20,000 per yr through my business. I realized that the secret to making a million is making better investments.
Credits to ROCHELLE DUNGCA-SCHREIBER, she has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. she has years of financial market experience....
Big fan of the show!! My wife and I used Naca 2 years ago on our first SF home. Our interest rate is 0.625%. This definitely works as long as people want to help themselves first 💪🏾
this was a great breakdown and lots of confirmation for me that I am doing it right. Waiting to schedule my appt to have EVERYTHING in order based on all the reviews I've watched to help expedite the process and starting the NACA specific savings early.
It is by comparison. We’re in the process for NACA right now since February this year and we’ll be a part through at least August. We have to get our savings up.
I understand this is probably late to the topic but what if you don't pay rent I myself I live with my family and only thing I do is work and I pay my credit card my score is over 600
You have to show a year of paying your family member rent. Your shock payment will be the difference between what you pay him and what your mortgage will be. ie-If you pay him $500/month and your mortgage would be $1000, you have to save $500 a month for shock payment.
I'm a bit disheartened. I just got a raise that put me over the median. Now, I'm not qualified in ANY TRACT in my city. None of the tracts are 80% of median income in my city.
Hi!!! Big fan of the show!! I have a question. I rent from a private owner and she lives in Europe, we communicate through WhatsApp and I pay my rent to her through Zelle, would that be ok for a paper trail?
My bankstatements start in the middle of the month but NACA wants everything starting with the 1st of the month.... how do i accurently give them this info.
Made it to housing search in 30 days - easy process. I'm a little mad now that I'm in Credit Access. I have all my mail going to my P.O. Box. I don't have a way to prove where I live. Had my counslor told me this before ALL my statements closed on my bank statements this month I could have changed my address to reflect my residence. *question: can you stay in Credit Access for 30 day? I thought I read only 10 days*
From what I understand if the interest rate is below market with NACA, it wouldn't be advisable to refinance into a higher rate. If anyone has further information please let me know.
Do you have lender recommendation in minnesota? Sadly I can commit to 2 years not 5 due to a very sick child... i now think naca isnt for me but do not think traditional fha will work for me?
Hello I am not a first time homebuyer. I hear that’s one requirement for a naca loan. Can I transfer my property to a trust/will then apply for a naca loan. Or would I need to transfer it to an LLC? If llc, does the llc needs to be both on mortgage and deed?
First time is not the requirement. You can't have a mortgage at the time you apply. So either have paid off or sold a property. Doesn't matter what you have purchased in the past.
I am interested in NACA the only thing I am worried about is me just starting my job, it's only been 4 months. Will they still let me apply? Everything else is a go!
I was told you have to be at your job for at least a year before you get qualified. You can still attend a workshop to ask questions and be better prepared once your one year hits.
@@tamedrafuller3621yes you can I went to the home buyer workshop if you don’t have have rent and live with friends or family etc . You must have 6 months of savings of what you want your mortgage to be in the bank or show the that you can save that amount each month. Ex. You want a $1,000 mortgage . Have 6,000 saved OR Show them for 6 months you can save 1000. If u have rent it’s only 3 months
For religious reasons, I can't attend these Naca trainings/classes on the Sabbath(Friday-Sat evening) is there a way around this? We needed to take the classes, but couldn't.
This info is outdated for 2023 , you now have to stay in the house for the life of the mortgage and its now the 25k penalty no matter how long you have been in the house and the right to foreclose on your property
I just attended a workshop in Miami last month and they told us to make sure we have around $2500-$2800 set aside. It's a good idea to still have some funds in your bank account after that because they don't want to see that you will be house poor after you buy your home. You need to be able to show you can afford any emergencies that may crop up for your home after you buy it. So a few thousand in your bank account after purchase is a good look.
Depends on how much your income is and how much home your trying to afford. Just had my counselor appointment and they said I needed 7,560 at closing. But I need to be saving 2000 every month from the beginning of the process to the process of closing to make my case better.
NACA is not exactly specific on income requirements. The program is designed for people of low to moderate income. If you can demonstrate that you pay rent and your other bills on time (at least 12 months) and you know how to save the payment shock plus a little extra for emergencies for at least a year's time period, that's a good starting point. Details about the definition of a payment shock and an example are available on the NACA website. They have a pdf workbook that you can download that will tell you everything you need to know, which is an excellent source to prepare before you go to your first workshop.
I started my own business this month and I am meeting with my first client today. I retired last yr at 55 with 3 houses paid off worth 4.5 million. I will have an income stream of $20,000 per yr through my business. I realized that the secret to making a million is making better investments.
Credits to ROCHELLE DUNGCA-SCHREIBER, she has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. she has years of financial market experience....
Would love to shadow you especially on investments I’m doing
Just a side note NACA actually schedules your appointments after you've uploaded the initial documents and sometimes the date is 6 months out.
Big fan of the show!! My wife and I used Naca 2 years ago on our first SF home. Our interest rate is 0.625%. This definitely works as long as people want to help themselves first 💪🏾
can i buy down my interest rate on a multifamily property as well?
Damn… 0.6%? And Congratulations!
Im a naca member… I’m documenting my journey. Can’t wait to get into my home!
this was a great breakdown and lots of confirmation for me that I am doing it right. Waiting to schedule my appt to have EVERYTHING in order based on all the reviews I've watched to help expedite the process and starting the NACA specific savings early.
Damn this made a conventional loan seem like a piece of cake lol
It is by comparison. We’re in the process for NACA right now since February this year and we’ll be a part through at least August. We have to get our savings up.
I understand this is probably late to the topic but what if you don't pay rent I myself I live with my family and only thing I do is work and I pay my credit card my score is over 600
I would like to know that too!
You have to show a year of paying your family member rent. Your shock payment will be the difference between what you pay him and what your mortgage will be. ie-If you pay him $500/month and your mortgage would be $1000, you have to save $500 a month for shock payment.
So basically you can't have a late payment on your rent for 12 months 🧐 did i hear that correctly?
Thanks for bringing this info to us.
Our pleasure 🙂
I'm a bit disheartened. I just got a raise that put me over the median. Now, I'm not qualified in ANY TRACT in my city. None of the tracts are 80% of median income in my city.
I know.. my husbands pension kicked in along with the income he makes with his job. I'm wondering same?😢
Great info 🥳🥳🥳🥳 I can’t wait to finish🙏🏾🙏🏾🙏🏾🖤🖤🖤🖤🖤
Hi!!! Big fan of the show!! I have a question. I rent from a private owner and she lives in Europe, we communicate through WhatsApp and I pay my rent to her through Zelle, would that be ok for a paper trail?
Us to, landlord only wants to pay through Chime
Appreciate the gems 💎
Can 20 year olds participate
By any chance does anyone have the link to this long form video? I would love to see the entire conversation. Thank you.
My bankstatements start in the middle of the month but NACA wants everything starting with the 1st of the month.... how do i accurently give them this info.
Where do you go for NACA loans? Is it a bank or just Google online?
If I have a car loan can I still qualify for naca program ?
What is the income limit?
Hi MG, Happy New Year!
Happy New Year
Thank you!
NACA CURRENT INTEREST RATES IS 5.5% 😮
I’m working with a NACA counselor right now and they said my interest rate is 5.875%
6.5 & rising
Made it to housing search in 30 days - easy process.
I'm a little mad now that I'm in Credit Access. I have all my mail going to my P.O. Box. I don't have a way to prove where I live. Had my counslor told me this before ALL my statements closed on my bank statements this month I could have changed my address to reflect my residence. *question: can you stay in Credit Access for 30 day? I thought I read only 10 days*
Is that available for someone on disability and is it in South Carolina
Can you refinance before the required five years? That’s what I understood. Thanks.
From what I understand if the interest rate is below market with NACA, it wouldn't be advisable to refinance into a higher rate. If anyone has further information please let me know.
Yes you can. So it's a $25k penalty within the first year, 20k in the 2nd year, 15k in the third and so on until after the 5th year.
Hi MG 👋 happy new year, my question do you lend 203k loans are fha? Thank you.
Happy new year. Yes I do. applywithmg.com/
@@Mgthemortgageguy thank I will get in touch with you soon.
If I already purchased a home using FHA Loan can I apply for NACA LOAN
No . Can’t have multiple homes and must live in it
Great info 👍👍👍
Do you have lender recommendation in minnesota? Sadly I can commit to 2 years not 5 due to a very sick child... i now think naca isnt for me but do not think traditional fha will work for me?
When you say you can get 2-3,4,5 house with naca, does that mean you have to wait every 5years to use naca??
You have to wait until you have no active mortgages with any lender to use NACA.
Can you buy an apartment complex with Naca?and can Naca partner with SBA lending?
You can buy multiunits up to 4 doors. Any more than that is considered a commercial property under NACA, which they do not assist with.
Hello I am not a first time homebuyer. I hear that’s one requirement for a naca loan. Can I transfer my property to a trust/will then apply for a naca loan. Or would I need to transfer it to an LLC? If llc, does the llc needs to be both on mortgage and deed?
First time is not the requirement. You can't have a mortgage at the time you apply. So either have paid off or sold a property. Doesn't matter what you have purchased in the past.
They don’t mention making appointment with your counselor is pulling teeth even if you have everything
I am interested in NACA the only thing I am worried about is me just starting my job, it's only been 4 months. Will they still let me apply? Everything else is a go!
I would say wait until you've been on the job for at least 6 months.
I was told you have to be at your job for at least a year before you get qualified. You can still attend a workshop to ask questions and be better prepared once your one year hits.
What if you're paying everything else but not rent can you still qualify for nacca
what do you mean? are you living with family? or friends? reach out to the program, i was in a simliar situation as a truck driver
@@tahntalus what was the answer. I make 82K and I live with a family member, she rents so I’m not on the lease
@@tahntalushey I’m a truck driver to how did that work out because I live on the truck to ?
@@tamedrafuller3621yes you can I went to the home buyer workshop if you don’t have have rent and live with friends or family etc . You must have 6 months of savings of what you want your mortgage to be in the bank or show the that you can save that amount each month. Ex. You want a $1,000 mortgage . Have 6,000 saved OR Show them for 6 months you can save 1000. If u have rent it’s only 3 months
@@nationwide_ace2832 ^ yes you still can. Listed a break down above
What is a Nacca ?
Video coming soon 💪🏽
There’s a video they did about NACA maybe a year ago
For religious reasons, I can't attend these Naca trainings/classes on the Sabbath(Friday-Sat evening) is there a way around this? We needed to take the classes, but couldn't.
In some areas they offer the classes virtual... it's you can't find them on the website call and someone will give you the info for your area
@@autumnalexandra4743 Thanks!
How long after bankruptcy can NACA be used?
Chapter 7 bankruptcy 2 years after discharge and Chapter 13 no waiting period after discharge
@@ShayWilliam341 ok thank you
Does the Lein get removed after 5 years?
Yes. 5k removed every year for a total of 5 years
This info is outdated for 2023 , you now have to stay in the house for the life of the mortgage and its now the 25k penalty no matter how long you have been in the house and the right to foreclose on your property
Let's go
So how much is required in savings?
I went yesterday to a meeting … and at least 2500 as earnest money
$5,200
I just attended a workshop in Miami last month and they told us to make sure we have around $2500-$2800 set aside. It's a good idea to still have some funds in your bank account after that because they don't want to see that you will be house poor after you buy your home. You need to be able to show you can afford any emergencies that may crop up for your home after you buy it. So a few thousand in your bank account after purchase is a good look.
Depends on how much your income is and how much home your trying to afford. Just had my counselor appointment and they said I needed 7,560 at closing. But I need to be saving 2000 every month from the beginning of the process to the process of closing to make my case better.
How much money you has to makes
NACA is not exactly specific on income requirements. The program is designed for people of low to moderate income. If you can demonstrate that you pay rent and your other bills on time (at least 12 months) and you know how to save the payment shock plus a little extra for emergencies for at least a year's time period, that's a good starting point. Details about the definition of a payment shock and an example are available on the NACA website. They have a pdf workbook that you can download that will tell you everything you need to know, which is an excellent source to prepare before you go to your first workshop.
💎👑
Gameeeeee
#🛐✝️🛌🇺🇸zillow
If I have a car loan can I still qualify for naca program ?