Documenting My NACA Home Buying Process

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  • #69604
    2BLESSED
    Member

    I am sooo very happy for you! You will have your keys in no time!

    #69932
    NLaw88
    Participant

    UPDATE:

    6/20: Approved SOW from HAND after much following up. Yay! I approved it same day.

    6/24: Went from Suspended to Underwriting Initial Review again.

    6/25: Approved Outstanding Conditions. Also got cc’d on a COC email from the processing department. Are we supposed to sign it?

    6/30: Two new conditions 🙁 My landlord is the seller and he’s a realtor, so they asked for his license information. He’s not getting a commission. And they needed yet another Credit Reference letter from my student loan company. Also, got an email that I’m HAND cleared!! Kinda out of order I know.

    Today was supposed to be my closing date, we will see from here. But I did bribe my MC with a dessert to anyone who could move my file along quickly.

    #69935
    jasmine1103
    Participant

    @NLaw88 this is wonderful!

    #69941
    MortgageGuy
    Participant

    Super stoked for you nearing the finish line

    I’ve adjusted my timeline… there’s no way I get a loan via NACA for at least 90 more & I’m forced to line up backup financing

    all in all it seems like a year long process to get a loan… does that sound right?

    #69984
    NLaw88
    Participant

    @evanskev It could be a year if you are as I’ll prepared as I was, but I’ve seen many people who go to the ATD events in May and have already closed on their new homes. Every persons situation is so different.

    #69985
    purdynerdy
    Participant

    Yay!!!

    Things should happen relatively quickly once you get your SOW. I look forward to hearing about your CTC Final

    #70058
    NLaw88
    Participant

    UPDATE:

    7/2: VVOE!!!!

    P.S. this is a slow, long, and arduous process. I recognize some of the conditions that have come up in this last week we’re repeats of other conditions, but others were due to our inexperience in the process and the fact that we don’t have a realtor to guide us there were important missing pieces.

    All this to say, although you CAN do this without a realtor. I highly advise that you don’t, unless you want to add another 2-4 weeks to your closing. You are not paying for the realtor, the seller is. Take advantage of the resources NACA provides.

    #70061
    jasmine1103
    Participant

    @NLaw88 congratulations!!!!!!

    #70062
    MortgageGuy
    Participant

    @nlaw88 I have all my paperwork scanned and uploaded for the past two years, enough cash to put 20% down, very low debt to income, high credit score, two preapprovals for backup financing, one conventional, and one FHA

    I just can’t get anyone to pay attention to me.. I’m literally begging to have a phone call returned… begging for a response to an email

    The last time I waited on hold for 90 minutes… OK no worries I was off that day… the operator told me there is no record of my final intake meeting June 18.

    If NACA process is opaque and dehumanizing for eminently qualified buyers like me, I can’t imagine the anxiety and stress experienced by people working their asses off to get a NACA mortgage… only to be ignored.

    I’f I’m not NACA approved within 15 business days, I’ll use another source of financing since the market dictates that I buy a home yesterday.

    Either way, I’ll be in touch with the corporate suite at NACA as well as Bank of America. The process must be examined and corrected.

    My final note here is that I am not complaining after being ignored one time for three weeks. IT HAS BEEN LIKE THIS FROM THE GET! It is surreal

    All my best to all of you for a happy, healthy holiday and success and health in your homes

    Evan Skev

    #70125
    Mishka
    Participant

    Did you close? any update?

    #70127
    NLaw88
    Participant

    Yesterday (7/6) I received an initial closing disclosure uploaded to my file. But my status still hasn’t changed to CTC. I looked today and I see there is a new condition related to the title being updated now that my loan includes REHAB. My initial closing disclosure has a closing date of 7/13 on it, just not sure if that will be my actual closing date yet. Fingers crossed it is and I’m less than a week away.

    #70129
    2BLESSED
    Member

    Hang in there @Nlaw you will get your CTC soon. I closed on 3/18 and things went lightening fast once I got the CTC. It won’t be long from this point moving forward!

    #70130
    NLaw88
    Participant

    Thanks @2blessed for the encouragement. I need it! As I get closer and closer I get increasingly nervous and anxious.

    #70183
    jasmine1103
    Participant

    @Nlaw88 yes! You are moving along !!!!! It’s light at the end of the tunnel!!!!

    #70359
    NLaw88
    Participant

    UPDATE: Get ready for a long one.

    As of today I am 73 days past the date we signed our P&S Agreement. I’m seething at how long I’ve been stuck in the same place and there is nothing I can do about it. So, I’ve decided to give up.

    6/23: I reached out to see why my status was still Underwriting Pending Decline. My file said loan suspended due to an identity alert from the 16th till the 23rd and I suspected it was because they spelled my name wrong as the SSA-89 document was mentioned in it. My MC and Eric Exum (NACA underwriting director) did whatever was necessary in the background to get that cleared FINALLY!!!

    6/25: I was CC’d on an email from the processing department with a COC attached. I didn’t sign it or anything. But i was very excited to see my file reflect the Rehab budget. ALSO… our MC sent the loan commitment letter!!! We were very excited to see this as it means were getting close.

    6/30: This is the closing date in our P&S Agreement. As you can imagine, we didn’t close this day, but I did follow up with my MC. Our file was updated to Lender Status- Approved Outstanding Conditions and two conditions were added. We don’t have a realtor involved in but the seller is a realtor, so they needed his license information. Also, after all that with HAND, I still never got an email said I was HAND cleared. I mentioned it in a HAND webinar and my RS contacted me a few hours later and sent me the “Your file has been HAND cleared” email.

    7/1: I followed up again to see if anything new came from the lender. My CC responded to the email stating the lender needed my work email address to verify my employment with Truework??? never heard of it. And I was asked for my wind policy, I had provided it once before, but c’est la vie, they ask I give, no questions.

    7/6: Reached out about my status, I was told the Lender is till waiting on verifying my employment.

    7/8: I emailed again and still nothing. I was told if we don’t hear back by lunch I’d hear something back, but i never heard anything.

    7/9: Followed up again, my MC emailed me this time saying that lender was still waiting on my employment verification. I reached out to my HR to find out what the hold up was and they said they don’t use Truework!?!? REALLY BOA, where did you pull that one from? So i tell my MC and he says to provide contact information for my HR on a word document. I did this right away and sent it to the contacts he suggested.

    ALSO… my file gets updated- Lender Status: Approved Clear to Close!!!! BOY! An I excited now.

    7/11: Followed up again, only to get another email stating I’m CTC but lender requested employment verification on 7/1 but my company still hasn’t responded??? And that’s the only thing holding us up. I sent new contact information on 7/9 but provided it again on 7/11. I’d like to note, now I’m getting frustrated. Others have stated that their employment got verified only moments after sending information over. But for me, I’m going on a couple days and they still haven’t done anything???

    7/13: Followed up again this morning and no dice! They STILL haven’t verified my employment, BOA is just sitting on their… calming down now. I reached out to my HR department to see if they received anything, if it went into their spam folders, or they accidentally deleted it. They checked and have received nothing. So now you can see why I’m crying in my living room ready to give up. I’ve asked for my MC and CC to find out if they are still using the wrong information and I’m just told they have what we gave them. I called the local office and was told to contact the office manager, but I haven’t heard anything back yet. I emailed mortgage@naca.com, and I’ve emailed my HR, I’ve followed with both up no more than twice a day, early morning and late afternoon. Nothing. So there. I give up. I’m not contacting anyone anymore, I’m not emailing anymore, I’m just done. I’ll update you guys next month when someone finally looks at my file and calls me to see why I disappeared and haven’t closed.

    Best of luck in your NACA journey. BOA is the breakdown NOT NACA. They’re not communicable, and by the messages that are forwarded to me, are very dismissive. To be still waiting on employment verification after 13 days is unimaginable with a company as large and public as mine. If that can’t be verified, I cant get approved for a home from any lender.

    • This reply was modified 11 months ago by NLaw88.
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