Documenting My NACA Home Buying Process

Home Forums Purchase Program Documenting My NACA Home Buying Process

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  • #67664
    NLaw88
    Participant

    I recognize how important it is for new (and seasoned) NACA members to discuss their journey. And even more so to hear from others who are going through the same processes or steps. So I thought I’d share here, as I look for other’s questions and answers here before I go to YouTube or other avenues.

    I don’t want to cover my intake or much about before I was considered NACA qualified so I’ll sum it up. We learned about NACA through a friend, went to a local workshop and because our first appointment was the same week as a ATD Event (February 2019), it was cancelled and we were guided to attend the event instead. We attended and were given an action plan. From there we were set up with a MC over the phone instead of at our local office (Miami). We preferred it that way. We took our time and weren’t in a rush. We had 3 appointments over the next year and decided to go to the next ATD Event (January 2020). We were declared NACA qualified at that event!!!

    Now we are in a unique situation as we have decided to purchase the home we rent from our Landlord. We are very excited, yet anxious. We submitted our P&S Agreement 4 days ago and although it has been hard getting answers from our now local office loan counselor (quite annoyingly hard), he has at least done the minimum of keeping our file on track. We are less pressed for time as there is no rush for our landlord to sell the home, so we are coasting through without a realtor. We will see how that goes.

    I did attend the realtor webinar, post-qualification webinar, and the purchase workshop webinar and I plan on taking them again just to stay abrest. Today we submitted the escrow deposit, and tomorrow the inspector will come by to do the full home inspection and termite report. We’re planning to upload our pay stubs and any new statements weekly so we are never behind on those. And we hope to be able to request wish list items like a kitchen renovation and upgraded closets.

    We are still early on, maybe I’ll add more in a few days. Very excited to get things started, but also nervous about all the stumbles others have written about.

    Please share your journey here. How are things going? Are you where you expected to be in the process? Has COVID-19 delayed you or did it speed things along?

    #67667
    2BLESSED
    Member

    Hi @NLaw88. First let me say congratulations! We closed on our home on 3/18 which is the same week our NACA office closed. My journey started in October 2018 and didn’t get qualified until july 2019. We put a deposit on a new construction home and watched it being constructed. I did run into hiccups along the way but none were on NACA or B of A. I was able to find a Realtor who had previously work with NACA; she was my ROCK along with our outstanding Mortgae Counselor. Once I received ACA our CTC came lightening fast. I noticed you said you submitted without a Realtor? You will definitely have to find a Realtor that has experience working with NACA. My biggest suggested is continue being your own advocate! Good luck and God Bless. You are fortunate that your seller is not in a rush and this is to your advantage!

    #67668
    NLaw88
    Participant

    Thanks @2BLESSED and congratulations on closing on your home! I’m excited to hear that you got a new construction home. In my area, they are all being built in communities with high association fees and small back yards, so that just wasn’t an option for us. I can admit that I’m scared that were doing this without a realtor, but the seller was willing to come down on the price a lot if he didn’t have to pay realtor fees. We’ll see how this’ll wok out. Our landlord/seller is a close friend and has already helped us out a bunch. But I am nervous that we’ll miss something and mess up the whole process. Thanks for the advice, I’ll definitely keep it top of mind as we navigate the whole buying process.

    #68525
    NLaw88
    Participant

    Well here we are 3 weeks in and I am frustrated, elated and excited. I notice so many other members go through the same emotions, finding on the other end of things their concerns were ill-begotten. So I press on knowing when I get through this, the only thing that will matter is that I got my home.

    To catch you up, by May 7th the inspector had uploaded our report (or so we thought) and by the 8th HAND had reached out to us with the required repairs. Their were only 2, and the costs to cover them were minimal. Regardless, we reached out to the seller to see if he wanted to take care of them and he was more interested in getting things running along than he was in fixing anything, so he offered additional concessions. YAY! By May 11th we had a Rehab Specialist assigned to us and had already sent and filled out the Rehab Escrow Agreement. To note, it was another week before we actually heard from our Specialist, but he has been quite responsive since, so I think it was just a busy week for him at the time.

    It wasn’t till May 18th that we were submitted for Credit Access, but with the online American Dream events taking an all hands on deck approach, I’m surprised our MC was working :)! It took two days for our status to change to pending, with quite a few conditions to address (9). I reached out to my MC about some of them and completed others that I could do myself. One of them being the WDO report!!! The inspector never even uploaded it!?!?! With the next AD event around the corner, coupled with a holiday I knew I wouldn’t hear from my MC till Tuesday, May 26th. And sure enough, he reached out to me apologizing for making we wait on a response. I was re-submitted for credit access once I got him everything he needed. Now I wait and hope no new conditions arise. Praying I’ll finally be able to submit my bank app by Monday, June 1… one month after signing the P&S Agreement!

    With how anxious I am to own my first home I got frustrated, angered and pissed. I wrote several emails, deleted them and wrote them again, but never actually sent them. I just needed to get the emotions out. I’m still not as far along as I’d like to be, but every time I’ve spoken to my MC he’s been kind and courteous, so I know he isn’t intentionally ignoring me. Also, with the environment we’re in unprecedented times call for unprecedented timelines.

    I’ll continue to update as I move along. We have officially provided a closing date of June 15th, so fingers crossed, I’m able to stick to that date at least.

    #68530
    purdynerdy
    Participant

    Thank you for the update. My MC did Credit Access and Bank app knowing that we needed to get a loan number. Now I’m waiting for HAND so I can submit a COC to include my rehab.

    Everyone’s journey is truly unique.

    #68531
    NLaw88
    Participant

    @purdynerdy Funny, I didn’t think I’d get a loan number till we did the Bank App, but I got two pig envelopes in the mail yesterday. One had the print out of the appraisal report, the other wad the full loan estimate packet. I knew I didn’t need to do anything to the loan estimate packet, but in looking through it I saw my loan number was on it. So not sure how that process is supposed to go, but we got a loan number and still haven’t been CA-approved.

    #69128
    NLaw88
    Participant

    UPDATE:

    Between 5/18 and 6/2 I kept moving between Credit Access Request and Pending. Several new conditions continued to pop up during that time.

    6/3 my status changed to Credit Access Approved!!!!!

    6/5 I was CC’d on an email from my RS with the costs of my SOW. I haven’t heard anything back yet on it being approved, but there seems to be a question on how my contractor broke up the project management fee.

    6/6 Got an email from my MC with the Bank App. Signed everything and sent it back the same day.

    6/7 My status changed to Mortgage Process

    6/8 I got an email to send over my insurance quote and I emailed it right away. I had this ready a few weeks ago when I got my loan number in the mail but kept getting an error message when I tried to upload it to my file. So I waited to be asked for it, this way it wouldn’t get lost in the shuffle of things.

    Now I am just waiting to see if I get any lender conditions and I’m hoping the HAND department clears me soon. Last thing will be a change of circumstance because I’m sure I’ll have to contribute more to buydown my interest rate, but I wont need another appraisal cause I’m still within my limits there. My closing date is 6/15 and I know a lot can happen between now and then, so I sit and wait. And possibly hop on the HAND webinar tomorrow 🙂

    #69135
    purdynerdy
    Participant

    Thank you for keeping us updated! Fingers crossed for HAND clearance. Make sure you stay on them.

    #69293
    NLaw88
    Participant

    Update:

    6/9- I got an update email from my HOI company that stated the balance owed on my account has been sent to BOA. And my account went to zero.

    6/10- a land surveyor went by the new home to ???Survey it???

    6/11- My status changed to Underwriting Initial Review & I got an update on my Experian credit report that an inquiry was made from CREDCO.

    6/12- An inquiry on my TransUnion report that an inquiry was made from Corelogic.

    6/13- An inquiry on my Equifax repot that an inquiry was made from CREDCO/Corelogic.

    To note, my score in each went down by 2 points, but all cane with a note that the score decrease is temporary and the effects are minimal as long as I continue paying my debts (and any new ones) on time.

    #69299
    Nelsont
    Member

    @Nlaw88 the impact of a hard pull is well worth it because that potential 5 to 10 point hit turns into a 20 or more point increase after nearly a year of on time payments 🙂 good luck!

    #69301
    NLaw88
    Participant

    @Nelsont Thanks.

    #69585
    NLaw88
    Participant

    This week was not as eventful as last, and however excited I am about buying my first home has been masked by my frustrations with HAND.

    6/15- status updated to Lender Status: Underwriting Pending Decline :(. I did find someone else post this status then updated that they closed a month later. So I’m not discouraged about this. The conditions that were posted were all addressed except one HAND.

    6/16: I got a new loan number??? So I had to change my HOI docs and add it to my file. Also called HAND to be put on my RS callback list. It’s officially been a month and he hasn’t sent my SOW.

    My lender status hasn’t changed, but My MC has been very responsive and advised me that all lender conditions have been addressed and he would try to see what’s going on with HAND.

    At the advice I’ve been given here, I continue to call/email HAND every day. I’d like to end with a reminder that I am STILL advocating NACA to everyone I meet. The “troubles” I’m dealing with are temporary to the long term homeownership in my near future!

    #69586
    purdynerdy
    Participant

    Stay encouraged and stay on HAND.

    #69599
    NLaw88
    Participant

    UPDATE: I got my final Approved SOW!!!! Ahhhhhh @purdynerdy @2blessed @nelsont things are coming together!!!!

    #69601
    purdynerdy
    Participant

    Yay! That’s awesome!! Things are moving.

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