NACA Process Timeline and Grants

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  • #67057
    Jay1988
    Member

    My file just got sent to Underwriting. How far into this process should I start looking for an applying for downpayment assistance grants

    #67059
    Nelsont
    Member

    Before you submit a contract offer.

    Once you pass credit access and sign your bank app the underwriting process is based on your home and your finances at this present moment. Any changes will require a change of circumstance form to be filled out and possibly delay or prevent closing.

    Look at it this way: you go McDonald’s to buy a Big Mac. You get rung up for the price of a Big Mac plus tax. If you now present a coupon the cashier has to re-ring you up for a new amount. The bank app is the same way. The idea is once the bank gets your application there should be no modifications to the price or finances and doing so will cause a reset.

    Generally speaking grants are not specific to particular houses, take a while to process in the local government system (maybe more than the length of your contract!) and need to be secured prior to actually going through the home buying process.

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