My NACA Timeline

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  • #66638
    NACA_Dreamer2020
    Participant

    I always appreciated the NACA timelines on here, so I thought I would add to it. There is a light at the end of the tunnel!

    •August 2018 attended the Homebuyer Workshop after my own sister had purchased her home in July 2018 through NACA.
    *We* felt unprepared and unable to move further (this was more a mental hurdle than a real obstacle. If you are at this stage, push yourself to do the intake appointment anyway)

    •November 2019 we had our first appointment. The assumption was that we preferred Spanish-speaking because of our last name, so things were often lost in translation, but we knew requesting a new MC (Mortgage counselor) *May* set us back. During this time our credit report was pulled and we were given our payment shock number and minimum required funds amount. Even if you would like to spend the same amount in rent, according to the handbook, you are supposed to save $200/month for payment shock.

    •December 2019 we had another appointment with the same MC. During this time she reviewed our progress in completing the tasks she had given us to complete (Employment verification, rent verification, payment shock, and any LOEs —Letters if Explanation)

    •January 2020 we had to pay for an additional Membership Fee because the new year started. This is regardless of when you last paid the membership fee. We were able to ask questions on things we had not been sure about—we still owed back taxes and wanted to pay them off vs continuing the monthly payment but would this hold us back from being qualified because we would not be able to do payment shock. Hint: no because you are paying off a debt that is not in collection

    •February 2020 we were sent to Underwriting but at this time our MC became minimally responsive despite repeated emails and phone calls (this is frustrating and I mention it for you to know that even with this, it was still worth it to us).

    •mid-late February 2020 after waiting, we decided to fly to Dallas to become NACA-qualified vs waiting (I know this is extremely privileged, but I am encouraging you that if there is an Achieve the Dream Event around you, GO! No matter where you are in the process! and no matter how far you can drive as long as it is financially feasible) We attended the purchase workshop at this time and volunteered the same day as well. I made sure to meet the people who I may need to lean on if things became stalled/unresponsive.

    • Our realtor was not in-house but Rob 100% was still willing to help our non-in house realtor figure out how to navigate the system and ensure things were taken care of

    •it turned out our original MC was having issues that caused her to go out on leave. We were quickly assigned a new MC, who was amazing!!! she was organized, responsive, and an all around godsend. Remember the people I felt we needed to meet in Dallas? It’s because THEY made it happen. Don’t be afraid to be the squeaky wheel—not unprofessional or unruly but definitely voice concerns or issues and find out the next person to speak with to make it happen.

    •we entered contract 02/27 with a desired close date of 03/31 because our lease was ending (!) and the seller needed out ASAP, offering $5000 toward interest rate buydown for an on-time closing. To be honest, the selling agent was skeptical we would meet this deadline and had initially advised her client to not accept the offer unless we found another lender (!!!)

    •we had our inspection done 03/02. The inspector immediately uploaded the information.

    •The HAND department gave us a list of repairs needed

    •Seller had them turned around within a week

    •during this time, also, the lender ordered the appraisal and we were sent a list of conditions that we immediately uploaded. Yes, they have around 72 hours to review, but ALWAYS ALWAYS ALWAYS address ASAP.

    •March 13, 2020 COVID-19 shutdowns begin and so the 18 days felt like an uncertain eternity.

    •March 16, 2020 Commitment Letter and Appraisal

    •later that week, more conditions arrived

    •MC stated we were still on the timeline to close on time

    •NACA made it clear they were committed to conducting business as close to as usual as possible while also caring about the safety of the individuals involved in the process

    •March 24 initial closing disclosure came. We never had a final clear to close letter. We called our MC who informed us that this form was it.

    •March 31 (today) we closed.

    It was an easier process than most, but we were still terrified because of the pandemic outbreak. Despite all of this, we did it, and our mortgage is LESS than our rent by around $300/month. We actually qualified for other lenders but we would have had to pay around $500 more/month than our rent ($800/month more than our now mortgage). Stay the course. Be patient. Be persistent. Keep it up!

    #66641
    kiag
    Member

    Congratulations!

    #66644

    Congratulations! I’m glad to hear you’re settled and in a better position now than you may have been.

    Did you still go to closing in person, or did they do it remotely in light of the circumstances?

    And when did your final VVOE happen?

    We’re exactly 30 days out from closing now, and have our commitment letter, but I’m pretty well terrified.

    #66653
    NACA_Dreamer2020
    Participant

    Yes, it was still in person but outside. As of right now, that is the NACA and Georgia State Bar Association recommendation. I have seen others not actually in the NACA program do it in parking garages in their cars, passing forms back and forth.

    I am not sure of the exact date of final VVOE, but according to the NACA timeline, the clear to close final would not happen without it? I know the timeline from initial clear to close and when we actually closed was exactly one week.

    Also, this is very exciting for you, but I 100% DO understand the nerves and anticipation and uncertainty in the process.

    #66655
    MovingInMass
    Participant

    Congratulations!

    Do you mind sharing how long/ what type of repair items were on the required list? I’m trying to see how feasible turning it around in a week is!

    May your good fortune rub off on us all…

    #66675
    TTrumble
    Member

    Hello NACA_Dreamer2020,

    CONGRATULATIONS!!!!!

    You make a few key points in your narrative that I want to highlight:

    We ARE still open and still doing business as close to normal as possible. The outdoor closing strikes me as a very practical and even pleasant idea now that warmer weather is arriving in most places. I heard a story late last week of a closing that took place in the local office’s conference room like usual, but the paperwork was placed on a clipboard and was slid back and forth between the member and the closing agent who sat at opposite ends of the table to maintain a 6-foot distance. That, with some gloves and hand sanitizer, made it a completely safe experience.

    The ATD events DO make a difference! Even though it will pretty clearly be a couple of months at the very least before we are back out on the road, we will get back out there as soon as it is safe. The events have proven themselves over the past two years as the place to go to get that pre-qualification. It’s actually very common for people to fly in from all over the country to get to and ATD event. I remember two years ago, we did an Atlanta event during which I met several people who had flown in from Newark to get their approval. Then later that year at a Newark event, I saw people who had flown in from Atlanta! I many ways it boils down to just how badly you want to get the job done.

    Great comment about being the squeaky wheel. It’s what I’ve always called being a “polite pest”. Be relentless, but be nice about it. People who can’t handle things in a civil manner say far more about themselves than they do about any problems they may come across. In fact, in some cases, they demonstrate where the real problem is.

    Thanks for sharing the timeline and again, CONGRATULATIONS! Enjoy your home!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #66691
    NACA_Dreamer2020
    Participant

    @MovingInMass the repairs were that not all the windows would open and one of the windows would not open properly. The hot water was not properly turned on in one of the bathrooms, and the AC unit for the second floor would not turn on. They had to replace a hose for the AC which meant the AC guy had to have replacement parts and they also had to patch a wall to get to the hose to replace it. It was nerve wracking but the listing agent understood that it needed to be done and encouraged the seller to get a move on so that they would not be the hold up.

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