I got my Close Date!

Home Forums Purchase Program I got my Close Date!

This topic contains 10 replies, has 6 voices, and was last updated by  lamassla 2 months, 2 weeks ago.

Viewing 11 posts - 1 through 11 (of 11 total)
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  • #49852

    Nelsont
    Member

    The total length of the contract will be 52 days which is exactly 1 week ahead of schedule based on the 2 weeks of delays experienced at the end of June. Here is my entire timeline:

    December 2018 NACA workshop – classified as “ready now”
    January 31, 2019 Intake
    March 18 Qualified
    March 21 Purchase Workshop
    May 31 Contract ratified with 45 DTC (July 11)
    June 3 Home Inspection
    June 7 HAND department required and recommended repairs list received
    June 10 seller agrees to make all “required” repairs without renegotiation
    June 19 Plumber called to cancel and reschedule for June 25
    June 19 Appraisal received
    June 20 Credit Access Appointment
    June 24 Credit Access Conditions
    June 25 Plumber called to cancel and reschedule for July 1
    June 26 Credit Access Approved
    June 26 Bank app signed
    June 28 re-inspection except for plumber (long story requires a new thread)
    July 1 Plumber repairs invoice sent
    July 2 HAND clears repairs
    July 8 BOA sends conditions
    July 11 “Collaboration completed for closing date of 07.18 CD has been uploaded”
    July 18 Close

    #49854

    SnillocS
    Member

    CONGRATULATIONS!!! Nice to see a positive NACA post! Just out of curiosity, why did it take two months to get qualified? Was it conditions that had to be met by you first or issues with communication and follow thru on Naca’s end? I have my intake appt in Sept. And I’m hoping that it doesn’t take that long for me to get qualified.

    #49855

    living20057
    Member

    How exciting! Which company did you go with for the insurance?

    #49858

    Nelsont
    Member

    Well it took 6 weeks to get qualified but that is because you have to volunteer before getting qualified so it took some time for me to get around to the workshops. Especially in the winter there are not as many. Had I volunteered right away I probably could have shaved a couple of weeks at least off that part of the time line. But again this is because I was “ready now”. My best advice for someone about to go through the program is to realize even if you think you have everything you need you probably don’t so don’t be alarmed if you keep getting conditions. I’ve purchased 2 houses prior to NACA and NACA is harder. But they give you a product that nobody else can come close to matching.

    I went with Progressive. They are my current car insurance provider. I have no real opinion of them either way but, they just lowered my car rates recently so I decided to stick with them.

    #49863

    living20057
    Member

    Progressive was the loswest quote I got. I was planning to follow up with agent.

    #49886

    Kristopher Fraley
    Participant

    6 weeks to qualify is not shabby at all! Best mortgage terms in the nation!!

    #49887

    Nelsont
    Member

    7 months from purchase workshop to settlement. The caveat is that I put in an offer on a house and had a ratified contract in the beginning of April just 2 weeks after qualification but the owner did not disclose major issues including the foreclosure notice that was put on the front door on the day of the home inspection. So I backed out of that spent 2 months looking for the perfect home. So that 7 month duration is more like 5.

    It also helped that I was “ready now”.

    #50267

    spanishvita
    Member

    i received some conditions from BOA and my CC addressed them….i submitted bank app July 16 sent the COC today….how long before you get C&I approved? The closing date on my P&S is august 15th, wondering if i will make that date.

    #50269

    Nelsont
    Member

    I submitted my bank app 6/26 and closed 7/18. You still might be able to close on 8/15 just be prepared to have a 1-2 week delay. This was the most frustrating thing for me. I was supposed to close on 7/11 and didn’t get my CD until then. With a new tentative date of 7/18 I received no communication until 630pm 7/17 that I would be closing 7/18. You might want to have your agent notify the sellers you are still on track but there is a likelihood of a delay.

    #50279

    spanishvita
    Member

    the seller is pissing me off as well lol…because he still needs to make one repair…he will have no choice but to extend since he’s holding up the clearance from hand. but school starts august 26th where im moving im trying to beat the clock lol.

    #50287

    lamassla
    Member

    @spanishvita all will be well — you’ve been keeping up on them. It’ll get done! 🙂

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