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I finally got it done a few days later. It was never uploaded, my CC sent it to me.
I’m in UW CTC. Here’s my TL (it’s a new construction so it’s longer)
Dec. 1 – Homebuyers Workshop
Dec. 4 – Received NACA ID
Dec 11 – Everything uploaded
Jan 9 – Intake Meeting Uploaded other documented listed as Homeownership Ready & sent out renter/income verifications
It was at this time we thought it was gonna take too long because they needed by husband’s 30 day employment verification because he started a new job, but for a new construction it needed to be started 6 months in advance.
We decided to go back to NACA & our builder cancelled our contract per NACA but said they’d keep building and if NACA fell through they’d just put it back on the market. They gave us 90 days to submit a new Purchase Contract.
Feb 15 Signed Verification Sheets
Feb 15-26 Submitted lots of the paperwork & tons of back & forth
Feb 27th – Submitted for approval
Mar 4 Given conditions, submitted them same day.
Mar 8 Qualified
Mar 9 Volunteered at NACA Homebuyers Workshop (YOU MUST VOLUNTEER BEFORE YOU ARE QUALIFIED or sign up to volunteer beforehand)
Mar 14 Purchase Workshop
Mar 15 Submitted P&S Contract & Locked in our rate
Mar 23 submitted for credit access
Between 23-4/3 went back & forth with underwriting. Our MC escalated to regionals. They’re on your side
Mar 28 Initial Appraisal Conducted – $5,000
over purchase price
April 4 signed bank application
April 19 Bank Conditions
April 20 Conditions Met
April 29th Construction walkthrough scheduled for end of July (now just waiting to close)
May 15 Got HOI
May 28th Switched closing coordinators
May 31st House completion CO sent and final appraisal ordered
June 5 Appraisal Done
June 13 UW CTC
June 13 Asked for page 5 signature for CTC
NACA’s attorney is holding my Earnest Deposit. It’ll also be used as my buy down and closing costs.
My original CC sucked and refused to answer, I called the main office come to find out they switched CCs without telling meMay 31, 2019 at 9:39 pm in reply to: can Earnest money deposit be used to cover prepaids? #49020
Your escrow can be used for your MRF.
I’m building and my earnest was 1%. It will be used to cover all HOA and prepaid taxes.
Your rate was locked in with the P&S agreement.May 11, 2019 at 11:17 pm in reply to: Does NACA use W2s or current income for qualification amount #48780
They will require both but they go off of your current income.
So this is what I did although I don’t recommend it.
I figured we needed to start construction before NACA could approve us in order to be done by July when our lease ends
We signed a contract with the builder & ultimately decided to go with NACA.
So what they had to do was resign every document with the updated date (post-approval) and transfer our earnest deposit to the NACA attorney.
It was hard just tedious
You cannot take out a loan for your house. It will show that you cannot afford it. You are allowed to get a gift, but nothing
you have to pay back.
For your last question, yes you have to volunteer first and our MC said they no longer accept social media as a volunteer option.
I got text messages whenever my file came back with conditions, as well as a text once it was approved.
My husband was the same way. There’s a form that allows you to show $0 and then they will use your income and a calculator on studentloans.gov to calculate what your payment will be.
You’re required to save & because you moved money for the savings (even though you had to) it counts against you savings pattern. If you wouldn’t have paid it you never would’ve gotten approved .
Mine went back & forth 4 times before they approved it and even then my MC ended up going over the underwriters head & having her Regional Manager approve it because they kept asking for the same things over & over.
Credit Access request means the MC requested the underwriters review your file.
Pending means that they sent back conditions.