Feeling stock in the closing phase

Home Forums Purchase Program Feeling stock in the closing phase

This topic contains 9 replies, has 5 voices, and was last updated by  thedreamisstillalive 1 month ago.

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  • #41952

    y2yahe
    Member

    Hi,

    I have been very lucky through my NACA process to have gotten qualified in less than a month sealing the deal with the underwriter at the Baltimore Dream Event (my file had been in underwriting prior to the event though). I give credit to this forum that armed me with the knowledge to anticipate so much of the paperwork needed that my MC was impressed on how prepared i was for the intake. My MC saw how serious i was and did everything to set me up for success and was so diligent.

    I actually got to meet Tim @ttrumble at the Baltimore event and was interview by him for testimonies to other folks at the event which was quite the highlight of a long day. (Hi Tim!! hope you remember the high energy women who mentioned the forums in Baltimore)

    Now on to my current situation. Iam finally under contract on a house that i was coveting while i was still waiting for NACA qualification. The seller went through two failed buyers and i was lucky that i had called the listing agent 2 days after they went under contract with the second buyer so she gave me the first call after the buyer fell through. The seller is getting married and is desperate to sell the house since she has a short timeline. And i am desperate to close by the beginning of June because i am going month to month on my lease which increased to $2,213 (ouch!).

    I went in the NACA office to submit credit access app on 5/18 but just realized they actually submitted the credit access on 5/14 and i have been calling and checking the file online several times a day and its still pending. I am unclear why its taking long and my MC had not replied to my email. If i dont submit the bank app this week, I am afraid the whole timeline will be totally messed up. Today is day #13.

    I also heard from the RE agent that the lender scheduled the appraisal yesterday. I thought this was only done after the bank app was submitted, is that right? What does this mean?

    I came into the process with so much energy and hoped that things somehow were going to really flow and now i am getting very anxious and upset to be honest.

    #41954

    considering you just sent to credit access on 5/14 you are still in the 3-5 business days turnaround town. once you are credit access approved. You have to do the bank app. Did you do the bank app? You would know as it about a straight hour of signing papers. Usually, the appraisal is done after bank app but maybe they are moving you along. It sounds like you are right on the money. Your process is going quicker than most and for this you should be grateful. After the bank app, you should still expect conditions from the bank. Have you cleared HAND? I would shop around for homeowners insurance in the meantime and make sure it doesn’t put you over your PITI.

    #41961

    y2yahe
    Member

    Hi,

    Thanks for your comments. I am SO grateful AND ready. I try to always be ahead of the curb and anticipate which is why i am wondering why this is not moving along. All my docs are updated and submitted, the HOA docs are in, I got my home owners insurance quote, HAND only required to repair the garbage disposal which the seller is doing. I am on it!
    My file is on point (largely due to the advice on this forum) but the webfile still has me as as credit access request. IT hasnt changed so all folks tell me is that its pending. I read of people getting credit access approved within a day which is why i am worried.

    My contract closing date is 6/18 (but i was really looking to close by 6/10 due to heavy workloads at my job). Am i still on track even though my bank app has not been submitted?

    #41968

    It sounds like you are on track. Once your file comes back as credit access approved your MC will want you to come in ASAP to do the bank app. you still have plenty of time. Stay on your realtor to get the seller to repair garbage disposal ASAP so you can clear HAND. If you don’t want any delays you may want to research waiving it.

    Have you did termite clearance?

    #41984

    TTrumble
    Member

    Hello y2yahe,

    Of course I remember you! In fact, I just re-watched the interview video we shot while you were still sitting in front of the underwriter at 11:30 p.m. (An extremely long day for all of us!)

    If the appraisal has been scheduled, then the application has been sent to the bank. No two ways about it. They get the application, register it in the system, then order the appraisal very first thing. So something has gotten confused somewhere, but it could also mean you are further along than you think.

    There are a couple of things here that do contradict each other, so please email me with your ID number and let me see what I can figure out for you for sure.

    Thanks again for the kind words about the Forum, and I’ll be looking for your email.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #42565

    I too had the appraisal done before the bank app, in fact the appraisal came back 16k lower and we went through a full week of negotiations and I wasn’t even credit access approved, after the negotiations I got approved but for the previous amount, we had to sign an addendum and be resent for credit access which was approved the same day and that same day I went to the NACA office to sign the bank app, lot of signing I must add

    #42574

    kirkan1981
    Member

    Did you close? Updates?

    #42583

    TTrumble
    Member

    Hello thedreamisstillalive,

    I’m not sure where the confusion is happening here. An appraisal being ordered before the bank app is submitted is simply impossible. It is the bank that orders the appraisal after receiving and registering the application. they can’t order an appraisal to support an application that to them doesn’t exist yet!

    Are you perhaps confusing the inspection with the appraisal? The inspection will obviously affect the value of the house, and there is sometimes a lot of negotiation that happens as a result because of necessary repairs or other issues that the inspector finds.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #42584

    TTrumble
    Member

    By the way y2yahe closed just yesterday!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #42607

    Hello Tim I am most definitely not confusing the appraisal with the home inspection, the inspection took place a week before the appraisal, if I log into citi website it says that they received the application on 06/03/2018 and the appraisal was ordered on 06/04/2018, I received an email from my CC on 06/13/2018 stating that citi registered the 1003 that same day and just the day before I went I signed the bank app with the office manager, don’t know exactly where the catch is, FYI I also received the loan estimate way before all of this.

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