Loan estimate

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  • #58554
    frankysmom
    Member

    Hello

    At what point of the process is the loan estimate supposed to be issued, is there a standard policy or whenever the MC submits the P&S

    Thanks

    #58562
    Nelsont
    Member

    With naca it’s a little backwards since the underwriting and approval process is front loaded in order to assure a bank approval. Normally you get your loan estimate within 3 days of applying for the loan. While that part is true with naca it comes later. After you get your p&s letter from your MC you submit your offer. Upon acceptance from your seller you enter the credit access stage which is similar to the qualification stage. Your finances will be scrutinized once again and this time since you have an offer on the table they will compare your income and debt to the affordability of the specific house you have an offer on. You may receive more conditions such as verification of employment or uploading more paystubs or bills needing updated statements. In my case a statement was not good enough I needed a printout of my transaction history up to the day with a bank stamp on it. Once you get through that you will be credit access approved and need to come into the office again to sign your bank application. It’s at this point if you docusigned your contract you may be asked to wet sign it. It’s also at this point your MC will submit your application and assign you a CC. This is unofficial but you can also say nacas 28 days to close clock doesn’t even start until now. But within 3 days you will receive a loan estimate. The time line is somewhere around 18 business days from the loan estimate to the CD and maybe a week from the CD to closing. This timeline is of course assuming no delays such as hand repairs or holidays or ATD events and is also dependent upon the conditions assigned. BOA may still give you conditions even though you are credit access approved.

    • This reply was modified 1 year, 4 months ago by Nelsont.
    #58650
    2BLESSED
    Member

    Good Afternoon @Nelsont, perhaps my MC is ahead of the game on this one. My MC requested a printout with a bank stamp on it prior to submitting my file for Credit Access. My file was submitted yesterday and I am hoping that we will receive our approval next week and then on to bank application. Thanks for the insightful information. Wish me luck!

    #58655
    Nelsont
    Member

    Yes good luck! You are almost there. This is the most stressful phase. You are waiting and waiting but stay positive. You got this.

    #58735
    frankysmom
    Member

    This was so helpful, I made a chart out of the info and timeline you provided. 🙂

    Correct me if I am wrong, the steps before credit access are

    Submit to underwriting
    Qualification
    Purchase workshop
    Offer Accepted/P&S signed
    Inspection
    Ratified P&S

    #58738
    Nelsont
    Member

    Ratified essentially equals signed. If you have a ratified contract that means the seller has accepted your offer and signed the contract.

    Before you put an offer in you need to get a property specific letter from your MC. You or your agent will need to send them the home listing and tax sheet. Your MC will have 24 hours to review and send you a letter that says you are able to put an offer on this house.

    I would add property specific letter after purchase workshop, remove ratified p&s because it’s the same as signed p&s and add submit inspection report to hand.
    There really is no rule that says all of this must be done before credit access. You will be asked to come in for credit access immediately. Your appointment might be next day or next week. Either way good luck!

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