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@dmesau If you did your bank application, whatever it said on there is the rate you are getting. It wouldn’t be noted as a special rate, but it would show as a lower rate than you expected.
Indeed, they don’t just rely on the credit reporting. You’ll have your rent verified month by month looking at the account you’re paying from and the landlord’s records as reported by them on a form.March 17, 2020 at 2:54 pm in reply to: Possible Extended Unpaid Leave on Second Job NOT on Bank App #66311
If the job was never included in your application, it won’t be considered in any way, and they won’t be verifying that employment. It should have no impact, as Nelsont says.
I’m a little confused, but if I understand right, you don’t need to have your PITI increased if you plan to buydown to your current monthly approved amount. It benefits you to be approved for the max in case something changes, but you could move forward now if you needed to and nothing else was an obstacle.March 14, 2020 at 8:37 pm in reply to: Using a different lender to secure home before NACA qualification #66264
Tim raised a great point that I forgot! Because Ryan Homes is also a lender, they offer incentives, and in their case if you don’t qualify for their loan, you still get the incentive. So we went through the process of applying – knowing we’d be rejected because of the foreclosure on my record – and got $10,000 closing assistance to put toward interest rate buydown. It’s awesome!March 13, 2020 at 10:44 pm in reply to: Using a different lender to secure home before NACA qualification #66235
This is exactly what we did. You’ll have to explain the credit check later, but since you’re not actually opening a new account, it’s not an issue. You are always free to use any lender you like, and you have the right to change that up until the moment of settlement. We went to ATD last year and found ourselves in exactly the same spot, and while it does add complexity, and you should be up front with your MC about it, it’s totally do-able. Our new home will be completed on April 27th, and we just submitted our Bank Application with NACA.
We’ve put in for our homeowner’s policy. Our MC was very direct about that, though we were already working on it. What has been worrying me is the amount we need for buydown/principal reduction. If that is set, the minutiae aren’t an issue. We have a projected closing date that the bank should be able to meet – April 30th.
Well that is certainly nerve wracking.. I hope we’re not talking about tens of thousands of dollars difference like it has been up to now. At any rate, the application has been submitted to BOA, so here we go!
We are doing ours remotely because of the distance to the NACA office. This is the packet sent to us by our MC, having finished Credit Access. I don’t think there’s an error, there has just been so much uncertainty, that I have been eager to know the final numbers. Thanks!
Here we are, 6 days later, and the original incorrect Conditions haven’t been addressed. Now the UW is asking for something that doesn’t exist – rental verification for 12 months when we’ve only been renting for 4. This is all a bit unsettling.
I can see everything as normal.
Of course our MC got back to me as I was writing this.. We’ve had a lot of confusion in the past that was difficult to get our MC to understand. Luckily it sounds like he’s clear that this was a mistake, so I’m more hopeful.
Just to bump the importance of this.. We’re just being submitted for Credit Access, and because I forgot to upload the bank statement on Friday for one of our accounts, we got put on hold until it was done. Update to the minute!February 28, 2020 at 2:43 pm in reply to: Is There a Webfile Status Change When Credit Access is Submitted? #65879
Awesome, thanks @Nelsont . The MC said we should hear back within 2 days of submission, so I’ll trust everything is moving forward as he said unless I don’t hear back by Monday or Tuesday. We’re 60ish days out from closing, so no need for me to panic just yet.
According to my MC this program was supposed to end on Dec. 31, but it is still being given, and they’re not really sure to who or where until they get the final numbers back. It’s not great having such uncertainty, but it seems no one at NACA has a solid answer. I hope everyone who needs it gets it (but also hope somehow we don’t, because we’ll save a lot of money by not having it and buying down lower.)