October 17, 2017 at 7:40 pm #39026
Bank App Submitted Wahoo….
What a journey this process has been! I was first introduced and attended my first NACA workshop in 2014 but did not start the process until April 2017. Call it skepticism or the many negative comments you read when you google the NACA program, whatever my reasons I was extremely hesitant. 7 months later I can tell you a great deal of what you have read about the NACA program is true but in the same breathe the request/process is not unreasonable, but it is thorough and it will test your patience. NACA is NOT for individuals who do not have patience…. I almost walked about away a few times…out of frustration and what I perceived as ridiculous requests for more and more information! But as I reflect back, I can say it has been worth it! Everyone I have worked with at NACA from my remote counselors (Ms. CJ and Ms. LP) to my in house counselor (Ms. LS) to my realtor (Ms. LC)…my HAND coordinator (Ms. CR)…everyone has been a pleasure to work with…understanding and supportive throughout this entire process….I am extremely anxious to get to the finish line.
April 2017 – Intake appointment
· Upload as many documents you can to your webfile
· Before ending your call/meeting schedule your next 2-3 meetings if possible
· (as you know the counselors are extremely busy so the sooner you can schedule your next appointments the better)
June 2017 – NACA Qualified (the month of May/June were spent back and forth with the underwriter, my RC – Ms. LP was a Rockstar working with me, providing guidance and feeling my frustration)
· Getting NACA Qualified was extremely challenging, the NACA underwriters really scrutinized my file and I had to appeal for a higher budget before moving on to the Purchase Workshop.
July 2017 – Attended my Purchase Workshop and met my realtor.
Between the months of July and September we ended up putting offers on 5 homes and were outbidded each time…the MA market is crazy! We did have an accepted offer on a home, paid for an inspection but once the HAND repair list came back there were so many issues that needed to addressed that although we liked the home, and had money in our budget for rehab we did not LOVE the home so we walked away…we lost our inspection money but believed that we saved in the long run. As our 90 day qualification period was coming to an end, and we needed to resign our lease we ended up making an offer on a home at the last minute that was accepted. Our offer was $40k under asking…and in decent condition. The sellers had already relocated to another state, and were eager to move on….since we were at the region max we asked the seller to also address the HAND repairs post inspection which they agreed to up to $5k. Win for us! As my in house counselor repeated often to me throughout this journey, “what is for you will be for you!”…she was right!
September 8th – Inspection
September 12th – Received HAND Repair List
September 26th – Signed P/S
October 6th – Cleared HAND Repairs
October 9th – Applied for credit access
October 11th – Credit access came back with minimal conditions that were addressed right away with the exception of adding my phone number to the credit bureaus, which took 24 hours.
October 13th – Credit access approved.
October 14th – Bank application submitted (a new counselor has been assigned, a closing coordinator I believe is the title).
October 17th – Citi pulled my credit report and Appraisal is scheduled for tomorrow, October 18th
So, now I am waiting….but here are some things I have learned along the way….
· Remember that in order to request a preapproval letter; you will need to have your homeowner’s insurance quote that includes 100% dwelling replacement…have a proposed insurance carrier on speed dial so that your turn around time for a quote is faster.
· Use the NACA website calculator to determine what you can offer and whether or not a home is within your budget: https://www.nacalynx.com/naca/Purchase/purchase.aspx.
· If possible work with a realtor who is already familiar with the NACA program and one who has at least closed a few homes with NACA, I found my realtor’s experience to be invaluable, we learned a lot from her along the way…and she was instrumental in getting us the deal on our soon to be home.
· NACA requires 2 years of steady employment, my husband was between jobs prior to starting the process so he is not included on the application.
· NACA wants to make sure this investment, one of the largest you will make in your lifetime is financially sound and within your means…the budget and constraints are our protection and in our best interest.
· If possible upload all your documents directly to your webfile as you get them, try to anticipate what documents are needed and stay on top of your bank statements, credit card statements, rental paments and payroll stubs.
· Be proactive with LOEs for any withdrawals and/or deposits over $100.
· Create a folder on your computer and save all of your NACA related documents….sometimes I had to resubmit the same documents…don’t get frustrated just be prepared.
· Have a clear understanding of region MAXs and how the addition of taxes and homeowner’s insurance impacts your monthly budget.
· Be patience, proactive and NICE…it seems as though everyone at NACA works long hours…they are really in it for us…so be appreciative! I have had my MC email me at 11:00pm because she was trying to make sure she reviewed all of my documents before submitting me for credit access.
I am hoping to close on October 30th….fingers crossed.
October 17, 2017 at 9:13 pm #39028
- This topic was modified 6 months, 1 week ago by rassha.
Congrats!!! Good luck on your closing.October 18, 2017 at 8:50 am #39036
Congratulations!!!October 18, 2017 at 9:55 am #39037October 18, 2017 at 10:08 am #39038
@blessedfam5 this isn’t my post! lol my post is a few post down! I don’t have my appointment until next year! in FEBOctober 18, 2017 at 2:17 pm #39043
October 18th: a few conditions received from CitiMortgage, ranging from Loan Number on a document to resubmission of W2s (which while provided months ago, I resubmitted no problem). My realtor had few items to submit as well. Hopefully the appraisal comes back at or above the accepted offer.October 18, 2017 at 2:46 pm #39046
if you don’t mind can you share what exactly you did to increase/appeal your loan amount. Thank You so muchOctober 18, 2017 at 5:58 pm #39051
In regards to the increase/appeal, I give a great deal of credit to my RC, Ms. LP, her budget for me did not align with the budget the underwriter came back with initially and we agreed that I needed to provide the evidence needed to appeal the first budget. In my case, it required providing bank statements that went back 24 months. While I was NACA qualified at this time, my RC recommended that I hold off on attending the Purchase Workshop until after I received the revised budget….she noted that it may be more challenging to request a budget increase when you are seeking an approval letter. Looking back, I am happy I followed her recommendation…it made perfect sense.
An extremely frustrating time, but I managed to preserver…and I can almost see the finish line! Do not give up…take a breath and continue forward!October 18, 2017 at 9:01 pm #39052October 19, 2017 at 3:57 pm #39055
congrats!!!!October 20, 2017 at 3:31 pm #39064
@rassha, thank you for your feedback and congratulation again enjoy your new home.
Anyone here working with Baltimore office?October 20, 2017 at 6:50 pm #39065
Another update: As of October 19th requested documents were sent and received by Citi. I have been informed by my CC that we are just waiting for the title documents to send the Document Order Request which will set a tentative closing date…my in house mortgage counselor LS and realtor LC are still available…keep me sane and sharing wisdom…thank goodness for them! Stay tuned….
October 23, 2017 at 4:03 pm #39096
- This reply was modified 6 months ago by rassha.
I noticed over the weekend my NACA portal status said C&I Approved…today I received an email from my Closing Coordinator with more lender conditions…conditions which were addressed during the initial qualification phase many moons ago…I am slightly confused but staying positive. @ttrumble is this typical?
Thanks!October 23, 2017 at 5:41 pm #39098
You are moving along @rassha! My file status changed to C & I approved as well. I wonder what that means? I know its progress if it says approved.October 24, 2017 at 9:58 am #39101
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