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I can still see everything. What stage are you in the process?
LOE? Did you mean Loan Estimate?
I hope you get through it quickly. I’ve been HAND clear before my credit access approval. Signed Bank App on 2/18, got my initial CD on 3/5 after hours, with estimated closing on 3/13.
Wishing you all the best
We didn’t get any notification about the payment but it’s all good. No way we would ignore it! We have no late/missed payments for 5 years! We’ve passed that year mark now in any case. But appreciate the clarification.
I don’t know what the written policy is but my husband accidentally missed 3 payments because of miscommunication. His payments were under review and he thought they communicated that payments were suspended turns out they were not… Only knew he had 3 missed payments because his credit score plummeted… He had to wait 12 months before he could qualify. So I ended up being qualified alone. Weren’t happy because I felt that was the only issue with our finances that was obviously a mistake not because of an inability to pay but they still didn’t qualify him.
Your rate gets locked when you get your loan estimate disclosure and you click that link in the email they send you.
Awesome. Thank you.
Thanks Nelsont I know that much I want to know if my buy down amount is included in that cash to close amount.
- This reply was modified 6 months, 3 weeks ago by Alikay.
If you haven’t gotten credit access approved or done your bank application yet, I don’t see how you will close in 9 days.
I changed my buy down amount after submitting the bank app. We sent in a new coc..seemed to have happened without any issues. Though I’m still waiting on the bank after responding to conditions.
I believe the 2 years is about job/income stability. You should definitely have a conversation with your MC. I didn’t qualify initially although finances were fine. I had to wait a few months to have that 24 months of FT.
Congrats on getting it locked in at 3% 🎊
Thanks for the response. Someone from NACA responded after I posted.
Apparently if the property is 50 miles or more from employment they ask for a LOE.
I live in NYC this sort of daily commute is normal for many. The property I’m getting is a bit outside the city. Driving would be about 75mins or by train 90 mins ( my current commute)
But yes they are concerned about whether we will actually occupy the property and if we will be able to make the commute daily.
Wish the lenders would take into consideration locality when thinking about conditions such as these. But it’s an easy condition to address I believe so I won’t complain. There are many other things it could have been.
Nope. I was hoping the same as you. Emailed my MC he said it’s very strict.February 20, 2020 at 7:05 pm in reply to: To anyone starting the NACA process get your rental verification asap. #65713
Also we filled out the form and gave it to them to finish up because we weren’t allowed to have it after they signed. It had to go straight to NACA. So we gave them the email address.February 20, 2020 at 6:59 pm in reply to: To anyone starting the NACA process get your rental verification asap. #65712
@blessedmom88 my MC sent me a form where my landlord just had to fill in the dates for 12 months- when the rent that was due, rent that was paid. It asked if I paid on time or if there were any issues. Then sign.
We filled out the dates part (because we thought that was most tedious) and the amounts etc and gave it to them to put of we were late yes or no and if there were any issues and to sign. I don’t know if that’s just something that happens out of my office.