Step 7- NACA Credit Access & Bank Application

Since you have identified your property, time is of the essence to submit your bank application in order to close by the deadline agreed to in your Purchase and Sale contract. It is now crucial to meet with your Mortgage Consultant to be approved for NACA Credit Access which requires verification that you are still NACA Qualified. Approval of NACA Credit Access will allow your licensed Housing Counselor to complete your NACA Mortgage application and submit it to a participating lender. NACA has full discretion in approving NACA Credit Access which you can apply for at any time during the home buying process with the approval based on meeting the requirements listed below. If you are denied, NACA will provide you with the reason for the denial.

This verification for NACA Credit Access includes the following:

-Required savings is maintained (i.e. Payment Shock)
-Income is not reduced
-Debts are not increased
-Payments continue to be made on time
-You adhere to other NACA requirements
-You need to submit following current documents and financial information including:

Executed Purchase and Sale Contract, directly or by fax, to your Housing Counselor. Your real estate agent can also submit your executed purchase and sale through the NACA website.

-Recent 30 days paystubs
-Recent 90 days of bank statements for all accounts
-Updated canceled checks to verify on time rental payment since qualification
-For Self-Employment income – most recent 12 months bank statements

Step 1- Initial Home Buyer Workshop

Step 2- Housing Counseling & Preparation

Step 3- NACA Qualification

Step 4- Housing Search/ Agent Representation

Step 5- Purchase & Sale Contract

Step 6- Property Condition/Repairs

Step 7- NACA Credit Access & Bank Application

Step 8- Mortgage Processing & Underwriting

Step 9- CONGRATULATIONS! Closing Day & KEYS!

Step 10- Post Purchase Membership Assistance Program