Is 8 months normal just to qualify?

Home Forums Purchase Program Is 8 months normal just to qualify?

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  • #46559
    Rockie
    Member

    We have been dealing with NACA for eight months. That’s constant pay stub uploads, paying multiple “fees” to get newer credit reports (since it’s taking so long), etc. Mortgage interest rates have gone up a complete percentage rate since we started this process. How many more months can we anticipate of the constant scanning and re-doing everything? We’d love to start shopping for homes before rates go up again. Seems hopeless.

    #46560
    gordiva123
    Member

    It depends on what your MC told you regarding your action plan. If it is complete and you have whatever they told you to get, the MC should be submitting you for qualification for NACA’s underwriting department for approval to go to the Purchase Workshop

    #46562
    MzSheaD
    Member

    Hi @Rockie are you near Philadelphia in order to attend the ATD? I attended the first meeting in June and if I hadnt driven up to Chicago from Atlanta for the Achieve the Dream event in October, I would likely still be waiting for qualification as well.

    #46564
    Rockie
    Member

    They had a dream event in Los Angeles, but we got a week notice – and by that time, we had to be out of town for something. Our guy completely forgot about us due to him approving people at these events.

    I have completed everything numerous times. And it just keep evolving as time passes. We now have another appointment THREE WEEKS FROM NOW for our “qualification process”.

    #46572
    smtenn10
    Member

    8 months is fast for NACA.

    #46573
    Rockie
    Member

    Haha… okay, so we just keep on chuggin’ along! Hope the feds don’t raise rates again. 🙂

    #46612
    michdavis2
    Member

    I’ve been in the process for over a year and just found out today that my second submission to the bank for my preapproval came back with more conditions. I keep telling myself it’ll pay off in the end.

    #46660
    Cierra0720
    Member

    Hello and 8 months is totally normal. I took my first class in Jan.2017. First intake apt Feb.2017 and closed 10/31/2017. Every situation is different. No matter the length of time this program takes, please stay encouraged. The reward of a home in the end is well worth it!!

    #46673
    Rockie
    Member

    @michdavis2 – How did it take you to get to that point? We are still just sending “last 30 days bank statements” virtually every month… and then uploading pay stubs.

    We went to our first NACA meeting with our intake guy April 2018… still just uploading docs. Haven’t heard from our guy again in almost three weeks. I can anticipate him coming back to us in a month and asking for us to upload all the docs again: More paystubs, more CC statements, more bank statements. Get forgotten again; rinse – repeat. I’m getting really good at it. It really sucks that every time that there’s one of those “achieve the dream” things, our files are swept to the bottom of the pile while new folks are ushered through. Not sure what we’re doing wrong. Our credit score is 806 for heck sake!

    My visualization of our reality just keep getting more and more clear. Our goals are becoming more founded. Patience is tested some days, but in the end, I hope that it works out. There’s a slight drop in home prices in our market, so that’s good. But again, I hope interest rates don’t go up again before we are moved to our next step. I guess that we are “homeownership ready” – whatever that means.

    Thanks for letting me vent, guys. Keeping the chin up! 🙂

    #46679
    southflorida
    Member

    @Rockie I don’t understand what’s the status of your file. Have you been submitted to NACA’s underwriting? If not, what is your MC telling you that your action plan is? Don’t ever wait 3 weeks to get a response from a counselor. They are very busy, if you don’t get a response the same day, follow up, you can also escalate your issues to the office manager or call Member services or show up in the office and they will see you even without an appointment

    #46686
    dazeja
    Member

    I think that’s normal now for NACA. We started in April and just started the qualification round late September and it’s not going well. We started applying with other lenders and the process for qualification took a week at the most. Yes, the interest rates are higher but if we started with the others back in April then our rate would’ve been what it is with NACA now. So now we are trying to decide on whether to get $30,000 dollars less of a house now or risk it continuing with NACA and potentially not closing until march or april or something like that. By then interest rates will probably go up again and our affordability index will continue to go down. And none of this is due to anything we are doing.If you have no other options, then NACA is worth the wait but if you do have other options then weigh them carefully!

    #46687
    Rockie
    Member

    @southflorida The only thing we’ve been submitting are paystubs, bank statements, etc. Underwriting? Nope. There’s no “action plan” as of yet. We had a slight issue with our W2’s (we work freelance, so we have many employers per year). I re-sent those before Thanksgiving and have yet to hear back. The only response I’ve gotten is our next appointment, which will be three weeks from NOW. Member services has never done anything but told me to “email” our MC, and to show up at the office, I would need to take a day off of work.

    • This reply was modified 1 year, 10 months ago by Rockie.
    #46689
    Rockie
    Member

    @dazeja Yeah – we have other options for loans and could ave qualified over-and-over at this point. Our issue is that we still need to save an additional $50K to get to 20% down in our market, so which ever one come first! Right now, both seem out of reach.

    #46701
    southflorida
    Member

    The only advice I can give you is to keep following up with your MC, and when I say keep following up, I mean, keep calling and e-mailing every day, be persistent, and probably the better option is to just show up in the office. Unfortunately, that’s probably the best way to get your MC to work on your file.

    #46717
    JHarris981
    Member

    @Rockie with FHA you only have to put down 3.5%. That might be an option. There’s also USDA loans if you’re moving to a rural area. If you’re opting for a conventional loan then you put down less, you’ll just have to may PMI. So if you have the time then NACA will probably save you the most money. It just depends on your timetable. If you’re freelance are you getting 1099s?

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