Tagged: NACA SUCCESS STORIES
January 30, 2020 at 3:12 pm #65182NelsontMember
Unless the rules have changed showing proof of funds is part of the NACA underwriting process. I was not credit access approved until I moved my money around. In fact that was one of my conditions.January 31, 2020 at 11:49 am #65197msm407Member
@JR0312 I had to show a statement from my investment account, and the funds had to be in my bank account before I was cleared for closing. Hopefully you don’t have to cash out any stocks because right now is not a good time with the market crashing.January 31, 2020 at 11:53 am #65198JR0312Member
@msm407 thank you! Just received my appraisal and am under initial review by the lender. Hopefully the market goes back up by the time I cash some stocks out!August 20, 2020 at 11:45 am #71462bigappleloveParticipant
I honestly never thought we would see the day we closed, but here we are. I do not have many good things to say about our MC. In fact, if it weren’t for me reaching out to her supervisor (multiple times), we probably wouldn’t be here. Enough about her, let’s talk time frame.
1st workshop: 1-27-19
****I got into an accident summer 2019 so we got derailed for 6 months. January 2020, we resumed NACA. Let’s skip the small dates go straight to the “meat” ****
5-14-2020 – NACA qualified
5-18-2020- credit access approved
5-23-2020 – house search with real estate agent. Found the perfect home same day, put down earnest money to hold the property. (new construction, home was not built yet)
5-26-20- bank application submitted
5-28-20- lender conditions (addressed immediately)
….waiting on home to be built also still addressing lender conditions as they pop up….
6-25-20- first appraisal (home has dry wall and sub floors)
6-26-20 commitment letter
7-13-20- finally provide bank the correct student loan letter they wanted
7-17-20- initial closing disclosure
…..home is delayed due to Covid backorders…
7-31-20- lease is up, we’ve exhausted the amount of time we can do month to month. We are now in Air Bnb and stressed. Home still not complete, no estimated date. Airbnb can get expensive.
8-4-20- House complete
8-5-20- final appraisal complete. Now staying with a friend who can barely fit our family of 5. Air Bnb was in the thousands for the next 2 weeks. No thanks.
8-6-20- property walkthrough. Marked cosmetic issues to be touched up on.
8-11-20- almost 1 week since appraisal, no closing date. No communication from NACA whatsoever. No CTC. Builder nervous since he hasn’t had a good experience with our MC returning emails. I ended up having to send emails to 2 supervisors and the underwriter.
8-12-20-Response from SV and then account updated to Final CTC issued shortly after. Closing attorney (we used the builders preferred attorney) contacted us almost immediately. Closing scheduled for Monday.
8-13-20- final CD letter issued
8-17-20- final walkthrough at 9am went great. Closing at 12pm. Closed by 12:50pm
2.625% rate due to cov id, no buy down needed!!
THANK YOU NACA! Wonderful program with great incentives. I know many have complained about their MC. Don’t let them cost you, YOUR house. Stay consistent and apply pressure 😊October 6, 2020 at 9:48 pm #72190MovebyfaithParticipant
8/26/2017 Attended Homebuyers workshop
Jan 2018 First Intake Session- I had a lot of things on my action plan such as collections, taxes owed, student loan default and no money in savings.
Apr 2018 Second intake session in which I had completed a few items from my action plan but had a long way to go.
July 2018 Third session schedule but I cancelled because I knew I still had a lot of things to accomplish.
*After July, I did not go into the NACA office for approximately one year. I was assigned a new counselor because my previous counselor had advanced into another position within the company.
June 2019 Met with the new counselor and she basically had to read over my entire file and my file was in much better shape than before but spending a lot of money repairing my past financial mistakes, I wasn’t able to save any MRF. Basically MRF was what I needed.
September 2019 Appointment with MC. Time spent uploading documents and seeing if I was missing anything. I had initially decided that I was going to use my 401K for MRF but I still had to show a savings pattern. I did not want a mortgage payment for more than I paid in rent but will address this later.
December 2019 Cancelled my appointment. I did not reschedule another appointment because I was waiting closer to the summer months
January 2020 Decided to focus more than ever on getting into a house by the summer.
March-June 2020 Saved vigorously for my MRF instead of using my 401k. By the end of June, I had saved more than my required MRF
June,6 2020 Attended the Virtual ATD event. The person I received set another action plan to add more $ to my MRF, but not by much. I had initially said that I wanted my mortgage to be the same payment as my rent but I was like, maybe go $50 over. The counselor told me to save $200 monthly but I had already began doing that so I just had to continue. I also had to write LOEs for all the cash app transactions and I have teenagers. That was a lot of listing, so I had to cut them off for awhile with the cash-app transactions. Everything he had put on the action plan I had finished that same day. I was bummed because I thought that I would get sent to underwriting this day but for some reason, he told me to schedule an appointment with my in-house counselor. I did.
June 17, 2020 Virtual Appointment with in house counselor. Had to re-upload a lot of documents and more LOEs. Live with family LOE and others that I can’t recall. This appointment lasted the entire 2 hours.
June 24, 2020 Next virtual appointment with counselor. More documents to upload and other LOEs. My counselor was one that didn’t want the UW coming with any questions, so I wrote a lot of LOEs. Was supposed to be submitted to UW but I didn’t. Ended up having to get another appointment with her in which she wasn’t available until a month later. I was a little sad at this point.
July 22,2020 Finally submitted to UW. Conditions came for awhile one-by-one taking approx 2 weeks for Qualified status
August 10, 1010 Naca Qualified
August 13,2020 Attended virtual Purchase Workshop. Okay during this time, a friend of mine had recommended his realtor. She wasn’t a NACA realtor. Naca goes by the affordable mortgage payment amount and she only wanted me to look for houses based on my mortgage price range and I knew that I would be buying the interest rate down and could afford more house than what was listed as my qualified mortgage amount. I had to end up using a Naca realtor. My advice to you is to definitely use someone who is very familiar with Naca because they can help you move along much quicker.
August 21, 2020 Put in an offer on my first house. Lost! This house went $30k over asking price.
August 23, 2020 Put in my second offer on a house. Offer accepted and ratified. Estimated close for Sept 25, 2020.
August 26, 2020 House Inspection. Inspection with minor things, which ended up being waved by HAND. Report sent to HAND Dept immediately.
August 27, 2020 Appraisal Completed. Credit Access Requested. Conditions that were back and forth until Sept 12. 12 month rental was the tricky one because another company had taken over the property so I had to provide bank statements and money order evidence.
September 12,2020 Credit Access Approved
September 14, 2020 Bank Application
September 17, 2020 Bank Conditions, sent in immediately. They had requested HOI quote, and proof of student loan payment plan.
Sept 21, 2020 Same student loan condition. My IDR plan was expiring next month so I had to provide proof of what my student loans would be after I renew.
Sept 23, 2020 My counselor was not in so the office manager had me leave a message for the Office Director. He called back and I explained that I had filled out the recert application for my student loan but they said it would take 7 to 10 business days to receive anything. I called Navient and they agreed to expedite it to have something by Friday. In the mean time the OD had me log into student aid, stating that the calculations had to show that I was logged in under my name. The calculation amounts were a bit expensive, but didn’t affect my DTI. We submitted those and I was CTC on the original date that I was supposed to close.
September 25, 2020 CTC
September 30, 2020 CTC Final. Initial CD. Closing estimated October 7, 2020. Closed one day early.
Today October 6, 2020 I closed on my home with a 2% interest rate and keys in hand. Thank you, thank you, thank you NACA!!!!! My mortgage payment is only $27 more than I paid in rent!October 6, 2020 at 9:59 pm #72191NelsontMember
Your story is the definition of success.October 6, 2020 at 10:27 pm #72192sweetlillyParticipant
@MovedbyFaith thanks for sharing.
You sure are a trooper!!October 6, 2020 at 10:49 pm #72193
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