June 20, 2020 at 9:31 pm #696042BLESSEDMember
I am sooo very happy for you! You will have your keys in no time!June 30, 2020 at 9:59 pm #69932
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.July 1, 2020 at 7:07 am #69935July 1, 2020 at 11:38 am #69941evanskevParticipant
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?July 1, 2020 at 9:44 pm #69984
@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.July 1, 2020 at 9:53 pm #69985purdynerdyParticipant
Things should happen relatively quickly once you get your SOW. I look forward to hearing about your CTC FinalJuly 4, 2020 at 12:27 am #70058
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.July 4, 2020 at 7:32 am #70061July 4, 2020 at 4:05 pm #70062evanskevParticipant
@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
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