Get qualified while selling current home?

Home Forums Purchase Program Get qualified while selling current home?

Viewing 5 posts - 1 through 5 (of 5 total)
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  • #66289
    coquipr79
    Participant

    Hello All! I currently have a home that I will be selling in May and then need to purchase a new home. I would love to use NACA since my wife will no longer be working in the area we are moving to and I would qualify on my own. We will be paying off all our credit cards once we close and use leftover funds for buy-downs and the MRF. Can I get qualified while in this process or will I have to wait until after I sell my home? I would like to start the process, sell my home, pay off my credit cards/loans immediately and then submit a bank app so I can put an offer on a new home. I have an intake meeting this week and I wonder if I should even bother or if I should wait until next month. My timeline is to put up our home to sell in May(close around mid-june), put an offer on a home by late-June and move into our new home in late July.

    #66291
    Stokes20
    Participant

    My wife and I are in the same situation. We currently own a home and got NACA qualified but we knew we had to have a purchase and sales agreement (offer/contract) on our current home to be approved for credit access which is the next step after you have found another home to purchase. You sound like you have a good plan and are on the right track. Get NACA qualified, sell your current home then move forward with the NACA process.

    #66293
    Nelsont
    Member

    Always start with NACA as soon as possible even if you know you won’t be ready for a while. Unless you go a ATD event they will not qualify you on the spot and as someone who is already preapproved via another bank you will still have to wait a month or 3 before you get an intake appointment and may not be qualified for another month or 2 after that. So get the process started. I do believe you can get qualified while owning the home. You cannot close through naca before having the transfer of title hard copy of your current house in hand.

    #66294
    coquipr79
    Participant

    Thanks, I appreciate the reply. So from Naca’s timeline, it sounds like I would go through intake, NACA qualification, purchase workshop & housing search, purchase & sale contract, property condition, hopefully have my house sold, and then step 7 Naca credit access & bank application?

    I just wanted to be sure that sounds right and that I can get naca qualified with the stipulation of the house being sold prior to credit access. Thanks again!

    #66295
    Nelsont
    Member

    Sounds about right.

Viewing 5 posts - 1 through 5 (of 5 total)
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