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Seems like I was right and something was in the wrong column, but I hadn’t seen the final-final-final disclosure.. which we are now waiting on, with closing scheduled to happen in 90 minutes. If it comes back to us shortly we have just enough time to get to the bank for the wire transfer and get up to the NACA office!
We’re very fortunate that we’re in a position to close right now regardless, so I don’t see anything keeping us from at least closing on Thursday as originally anticipated. But I guess who knows! This morning I thought we were all but done.
It’s very clearly just that the itemized buydown amount for points went from ~$30k to ~$38k, and there’s a ~$2500 fee that was never mentioned before. The fee I can understand if it was omitted – it’s some kind of new construction fee to the city treasury – but I can’t understand why the points cost could possibly change that much, or really at all.
I did ask, but unfortunately it was toward the end of the day, and my main contact there left before answering. I’m hoping we’ll have a good answer in the morning and in time to make it closing by noon. Probably will be pushed back to the original Thursday time now instead.
We got Clear to Close – Final this morning! I guess now we just wait for the Final Closing Disclosure so we know how much to wire, and show up on Thursday? Wow.
To be perfectly blunt, as someone who is about to close, don’t worry about bothering them. They will quite simply just not answer if they have nothing to say. With the workload they have right now, the Processing department can’t even answer calls. If you have a specific concern or question, I recommend emailing your MC, the office admin, and your NACA lynx email all at once. If you haven’t heard in a few days, do it again. If you turned something in and don’t hear back, it’s probably good news. If nothing in your file changes for more than a week and you’re expecting it to, get more consistent with reaching out. Our MC wasn’t able to hold our hand the way I really would have liked, but he DID get everything done and done on time.
You got your final CTC now and you’re closing on 05/11? That makes me super nervous.. We’re closing on 04/30 and don’t have it yet.
For us, with Ryan Homes, they offered $10,000 closing cost help if you went through NVR Mortgage, their in-house mortgage service. However, we found out that if we applied through NVR and proceeded with a good faith effort, but got denied (as we knew we would due to a Foreclosure on my record) they would still give us the help. New Construction tries to make you see your home purchase as an “off the shelf” experience, but always negotiate, and get your Realtor involved to help – that’s their job. Getting closing cost help when purchasing any kind of home is very much “in bounds” on any transaction, and it makes an absolutely -enormous- difference when applied to interest rate buy-down.
I seem to recall a thread recently saying even licensed Realtors weren’t permitted to represent themselves with NACA. You do need a Realtor, and in addition to their services being valuable, the cost of having one is pretty negligible by comparison. If your landlord is only increasing the asking price by the amount of the actual cost of the fees and Realtor, as Nelsont mentioned, its much less than closing costs outside NACA would be. As for asking for help from a Realtor not representing you, that opens up a lot of liability, and you’re asking someone to give you professional services for free.
You’re right, @heatherm , there’s no specific benefit to the Seller to pay toward your closing costs. It’s a technique used to appeal to Buyers to get their house sold. But there’s also functionally no difference for a Seller to sell a lower price versus selling at a higher price with closing cost help. They’re doing it to benefit the Buyer because it’s -easy for them to do.- If you offer their asking price or you offer their asking price + $10,000 with $10,000 closing cost help it’s nearly identical to them, so long as the appraisal works out. On the other hand, it’s a huge advantage to Buyers, whether NACA or not, and very commonplace for that reason.
As for the other issue, I don’t believe NACA or anyone on this forum assumes we’re the sole source of education and information on the home buying process. That’s your Realtor’s job, and people here are volunteering their time and experience (which is why it’s totally relevant to say how much experience one has, like @NelsonT does) to help others through the process as specific questions come up. So my constructive feedback on that is to find ways to educate yourself on this process rather than lashing out at the consistently most helpful non-employee on this forum.
Absolutely! Personally, I’m hoping we get to slide a clipboard across a long table back and forth.. but in my perfect world we’d have one of those plexiglass boxes with the attached work gloves and hazmat suits… Okay, actually, in my perfect world we’d just do it on Zoom, but if we have to do it in person I want ridiculous science paraphernalia.
I do know that the status showing on your webfile is manually changed. If your qualification would still be good, which I think is 6 months now, I see no reason you couldn’t go back to looking right away.
They will use the two statements that end int he same month. So your statement that closes on April 6 and his statement that closes on April 30th. As I understand it.. Ours were on the 12th and 26th and that’s what they did.
Hi @Ewing24mail ! Welcome… The program you’re talking about is essentially -brand new- and most of us aren’t going to be able to give solid information. We can tell you about how the standard program has worked up until now, but you’re only the second person I’ve seen post about that program at all. Hopefully your MC will provide you with all of the information that you need.April 8, 2020 at 2:34 pm in reply to: Issues getting a Property Specific Letter/Counselor being non-responsive #66851