A Houston Millenial's Journey to Closing

[cristivas]

I just wanted to make a post to say thank you to everyone who contributes to the message board. Although I have never previously posted, I was definitely reading threads when I had a question or just to simply put my mind at ease during what can feel like a stressful time to anyone actually going through it.

With that being said I’d like to give my personal timeline of how I was able to finally close on my first come at a 1.188 interest rate just a couple of days after my 25th birthday:

11/2 Met with my realtor Johnna Johnson who introduced me to NACA
11/12 Attended NACA Homebuyers Workshop
12/2 Intake appointment at Houston office with my MC, Donald Bell
12/5-7 Volunteered at Houston NACA Office (used the time to give my MC what few documents I was missing)
12/15 NACA Purchase Workshop
12/17-18 House Hunting
12/22 Home under contract
12/23 Initial Home Inspection began (wasn’t able to complete)
12/27 Bank paperwork submitted, loan number assigned, obtained Homeowner’s Insurance
12/28 Appraisal complete
1/2 Initial Home Inspection completed and uploaded to file
1/6 NACA Repair List received, all recommendations no requirements
1/9 Conditions began but addressed as soon as possible
1/23 Last Conditions addressed
1/27 Clear to Close, received CD via email
2/13 Finally Closed after dealing with special seller circumstances

All in all I am grateful for NACA for assisting me in buying a home that I honestly would not have been able to afford had I gone a different route. After finishing with the process I can say I am a true NACA advocate and open to answering any questions that may help you complete your own journey 🙂

[pratik]

congratulations! that was quick and exemplary!!! this should be an approach by all members – go prepared and get qualified in the very intake appointment!!!

[TTrumble]

Hello cristivas,

CONGRATULATIONS!!!!!

Great job on your part! In an era when many millennials think they can’t buy a home, you set a great example showing that it CAN be done!

Enjoy your home!

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

[GazelleFocus]

Congratulations! Such an inspiring recap. Millenial over here, so this encouraged me a lot.

[cristivas]

Thank you all! As soon as my realtor told me about NACA, I looked online, found the workbook, and started making a binder to gather most of my documents before I even attended the workshop.I think that really helped my file move quicker, along with the fact that I was paired with a good MC.

[wssu08]

Congratulations @cristivas! I have a few questions (if you don’t mind):

1. I’m supposing it took a few hours to received your loan number after submitting the bank app?

2. Do you think the delay in conditions was due to the lender waiting on the inspection?

3. What is the turnaround time on getting conditions cleared?

4. When did you receive your appraisal results?

Thank you!

[cristivas]

Thank you @wssu08!

1. I’m supposing it took a few hours to received your loan number after submitting the bank app?
-I had my appointment with my MC to fill out the bank app on 12/27 at noon. I received an email from him saying the bank moved quicker than he thought and had assigned me a loan number on 12/27 at 3:36 PM.

2. Do you think the delay in conditions was due to the lender waiting on the inspection?
-Looking back at my Lender Condition List I don’t think it had anything to do with the inspection. My docs were pulled for the first time on 12/30 so I believe the delay in conditions may have been the holidays.

3. What is the turnaround time on getting conditions cleared?
-My MC and I were pretty quick in addressing conditions so I’d say the max turnaround to getting conditions cleared by the lender was about three business days, but then they would come back with more conditions. This was pretty much the cycle until 1/23.

4. When did you receive your appraisal results?
My MC notified my via email that my appraisal was complete on 12/28.

Let me know if I can answer any other questions 🙂

[wssu08]

@cristivas Thank you for answering my questions! I’m sure I’ll have more very soon 🙂

[Kristopher Fraley]

As a fellow millennial, I congratulate you! What an amazing interest rate. I closed nearly two years ago and words simply cannot express how great it feels!

[rosyenigma]

Your story is incredible! As another fellow millennial, a hearty congratulations for getting through the program at lighting speed and into your new home. I closed just under a month ago and it’s just starting to hit me. I’m so grateful.

[calihx]

That’s awesome.

I am a millennial and this process is killing me.

I’m in California and I am not sure if that has something to do with it but, I’m starting to lose hope in NACA

[Kristopher Fraley]

@calihx,

Cant lose hope. There’s alot about the process that may be out of your control, but you can always control your attitude. The benefits of the program are simply too good to give up and go another route. Many people believe other routes are automatically much easier, not always true.

Word of advice: Just put your head down and do whatever needs to be done. No drama, no bickering with counselors, doesn’t matter who is right or wrong etc. Just get it done one way or another and the overwhelming satisfaction of making it to the end it is hard to put into words. Let your frustrations out, but do not give up!

[wssu08]

@cristivas when the file says “addressed”, is that referring to the lender or my MC/processor?

[TTrumble]

Hello wssu08,

“Addressed” means your counselor has resolved a condition in your file.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

[wssu08]

Thank you @TTrumble. I’m assuming I should be on the look out for “cleared”? Also, will “docs pulled” only appear when my file is being worked or is that not the only indication the conditions are being looked at?

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