February 11, 2019 at 1:40 pm #47543
I have been at this for some time and I feel like I”m finally getting close to having an offer accepted but I have a few questions.
I was qualified back in October but after looking for some time I realized that I needed a higher qualification amount. I went to the Philly Event to get this increase at the end of Nov. and was told to save for Dec. I saved for Dec, and then was told to save for Jan. I finally got everything confirmed and did above and beyond what I was asked to do to get the higher qualification amount. When I met with my (new) MC last Thursday she said everything looks good for the higher qualification amount (actually said I could have been approved), we would just need it to go to underwriting. That’s fine. BUT the only issue is that over the weekend, my dream home that I had saw last year came back on the market. I went to visit and fell in love. Is there anything I can do to try and expedite the underwriting process? Or is there something I can tell the seller to let them know that I am qualified I am just waiting for updates? I was told it can take up to 5 days but I am afraid the home may be gone by then. I’ve been denied five homes prior to this one.
Also regarding the home, the seller is a family who is looking for another home as well. They are willing to do a longer contract period but are stating that they may need to stay in the home a week or so after closing until they close on their own home. I know that I can’t charge them rent (which I am fine with) and I don’t mind them staying later but the forums aren’t clear on this process. I have read on some threads that NACA can make an exception for this if you put it in the contract and are upfront. But in other threads it says absolutely not. Any advice on how I can outline this in my contract? I fully plan to take occupancy in this home, I just wanted to give them the time that they requested.
Any advice would be helpful. I’m a nervous wreck because I feel I am SO close, the closest I have EVER been and I just don’t want to lose this opportunity!!February 12, 2019 at 11:33 am #47545
I know how it feels thinking that you may be losing your dream home, but, first of all, don’t worry, everything happens for a reason and if you can’t get this one for some reason, I assure you that you will fall in love with another one eventually. Anyway, regarding the underwriting process, did the MC already submit you? If so, the only thing you can do at this point is follow up with your counselor and maybe calling Member services and provide whatever documentation the underwriter requests. Regarding the current owners staying in the house one week after you close, isn’t better to delay the closing that week? Why can’t they coordinate their stuff to make sure they are out of there by the closing? I don’t think you want to pay for one week worth of mortgage for somebody else to live in your house. But, if you have to and you are willing to do it, I am not sure about the restrictions from NACA or the lenderFebruary 12, 2019 at 3:27 pm #47550
Thank you. That means a lot. It’s just been such a long process, it gets trying at times. I’m doing my best to know that when it’s time my house will come along.
Also I will look into extending the contract. Maybe that’s something that could be done. We’re already asking for 45 days to close.February 15, 2019 at 2:46 pm #47616
As usual, southflorida is right on the money. the simple solution is to jsut push back the closing a week. If the sellers need to stay there for that week, they should have no reason whatosever to not delay the close.
NACA rules do require that the buyer have posession immediately upon closing, and exceptions are very, very rare. Simply rescheduling the closing is actually a much easier solution. A quick addendum to the Purchase and Sale Agreement is all that’s needed.
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firstname.lastname@example.orgFebruary 15, 2019 at 3:01 pm #47619
As usual @ttrumble thank you for confirming what was said. I plan to move forward as such. I’m now working on appealing my qualification increase. For some reason my office is putting one thing in writing but then not increasing my qualification amount. Do you happen to have any insight on how to handle this matter?
PS I also sent you and email with further detail. Sorry to bombard you.
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