May 16, 2018 at 9:16 pm #41952
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.May 17, 2018 at 10:38 am #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.May 17, 2018 at 10:59 am #41961
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?May 17, 2018 at 12:51 pm #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?May 17, 2018 at 4:39 pm #41984
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.
Online Operations, NACA
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