July 11, 2019 at 1:47 pm #49852
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 CloseJuly 11, 2019 at 2:26 pm #49854
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.July 11, 2019 at 2:27 pm #49855
How exciting! Which company did you go with for the insurance?July 11, 2019 at 2:47 pm #49858
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.July 11, 2019 at 5:17 pm #49863
Progressive was the loswest quote I got. I was planning to follow up with agent.July 12, 2019 at 4:12 pm #49886
6 weeks to qualify is not shabby at all! Best mortgage terms in the nation!!July 12, 2019 at 6:06 pm #49887
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”.
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