April 14, 2018 at 4:18 pm #41564
I wanted to share my experience hopefully it will help someone. I am not so good at timeline but I will try.
A coworker told me about NACA because I have been dreaming of owning a home but with two kids and my husband being overseas, I was not able to save enough to get a house. so I googled NACA and read a lot of comments. many bad comments, some good both from Agents, buyers and sellers. I took a few things with me, one was that the program is for people who knew what they want and who can stick to it and provide what they are asked to provide.
so in June of 2017, I attended a workshop and got an appointment for the intake in three weeks. I read the book and used the checklist to get everything uploaded to the webfile. at the appointment I was homeownership ready with two action plans, Verizon issue I had and that husband need to be here if I am legally married.
I sorted out the Verizon issue but had to wait until December 2017 for hubby to come home. December ending, I made another appointment for January 3rd, went with hubby, but had to wait a week to get his SSN,
01/11/18 another appointment, sat with MC, hubby credit ran, wrote some letter of explanation for cash deposits, submitted all bank statements, rents and credit cards, signed job verification authorization and VOR.
1/16/18 another appointment but was not necessary, no issue from underwriting
1/29/18 NACA qualified
2/1/18 Purchase workshop and started looking for houses online and driving around. didn’t attend any open houses, I have been looking, Real estate agent sent some houses,
2/4/18 house looking, none caught my eyes, decided to keep looking
2/10/18 Saw another house, fell in love, made an offer that night, house had open house the next morning, prayed that it wont be taken. Real estate agent suggested we attend the open house
2/11/18 Offer accepted and we went under contract, appointment for credit access scheduled for the Wednesday.
2/13/18 Credit Access, Earnest fund payment and insurance quote requested, I also called to schedule home inspection and termite inspection
2/16/18 received report with a lot of issues, serious cold feet, Agent said the issues are not as stated, they are mostly electrical upgrade, HVAC upgrade, plumbing issues and roof. The owner just painted the house to look nice and upgraded the kitchen, I was almost out of the deal but then I had to work with naca approved contractors to quote the repairs, this took a while and I had to extend my mortgage commitment deadline by one week. but the seller refuse to extend the contingency date. after three quotes we settled with one. hubby liked the house and truthfully I loved the house but I didn’t want to deal with repairs, seller eventually lowered the cost of the house for half the repair price and gave me one year home warranty. he had initially given me seller assist to buy down interest rate.
2/21/18 – Bank Application done, I think I just wrote some letter of explanations, signed the application, submitted all bank statements and credit cards with activities up to that day.
3/16/16 – HAND rehab approved and HAND cleared. I must say this was the worst of the process, it was so difficult to reach anyone at HAND department, but after push and pull, calls emails and Real Estate agent getting involved and emails to MC, Office manager and all, we cleared hand.
2/22/18 – 3/22/18 – all I did was responding to applicable lender condition, I had to resign the 4506T, send my 2016 and 2017 taxes, VOR, VOE, some of the conditions was done by the Mortgage coordinator and just behind the scene. at this time I was scheduled to close 4/2/18
3/25/18 – I received closing disclosure in the mail. I had questions and reached out to mortgage coordinator
3/27/18 – Seller agent modified closing date, something the twp wants them to do, closing
rescheduled for 4/13
4/3/18 I signed another authorization for VOE (go figure) I was supposed to close on the 2nd
4/6/18 – received notification for CTC – Final (super happy)
now the wait begins, really the toughest two weeks of my life (what else can go wrong)
4/7/18 – attended workshop to volunteer (gave testimony)
4/11/18 – Received an updated CD, still found small error in the amount
4/12/18 – I error corrected – went to bank for cashier’s check (barely slept)
4/13/18 – Closed (picture taken and out of the office by 11am with my keys) changed the locks in the afternoon.
4/14/18 – Meeting with contractors in anticipation for HAND journey.
I will try to update when we eventually move.
All I want to say is that NACA is the real deal, they made it a possibility for me and my husband to own a beautiful three bedroom one and half bath home. when you have your CD, you will see how much NACA is saving you. and OH, I have a 2% interest rate.
Good luck and stick with it. It WORKS!!!!!April 15, 2018 at 4:39 pm #41565
My experience with repairs after closing and working with Hand was actually pretty smooth. I had to be a polite pest to some extent but not as much as prior to closing.
I stayed uber on top of everything because I wanted to make sure that the contractor had a smooth transition with everything and was paid by the Lender out of the escrow in a timely manner.
My thought was that if the contractor had a good overall experience, he would be willing to work with someone else on a Naca loan and that would help someone else and so on…
Good Luck and enjoy all the “Firsts” with your new home.
nfreniereApril 16, 2018 at 1:30 pm #41569
Congratulations!!!! and thank you for already sharing the benefit of your experience in another thread.
It is very clear that your commitment to completing the process played a significant role in your success, and you have set an excellent example for all NACA members. Thank you for sharing your experience!
Enjoy your home!
Online Operations, NACA
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