New Construction/Qualification Question

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This topic contains 4 replies, has 2 voices, and was last updated by  TTrumble 3 days, 21 hours ago.

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  • #39614

    Pearl609
    Member

    So just when I thought everything would go smoothly for my first intake appointment next month, I was hit with a setback!
    Here is my issue…

    According to my rental office, I paid my April 2017 rent late (on the 7th, it’s due by the 5th) they switched management companies and there was an issue with where to pay your rent online and I’m pretty sure that’s what happened, but they won’t forgive/remove the late payment. So now I won’t be looking at NACA qualification until May 2018 πŸ™

    I found the perfect community where I want to purchase my new home and they are selling at a decent speed right now, but I was hoping to be NACA qualified by February/March 2018 the latest (started my payment shock in October 2017) because I’m sure they will sell out before summer 2018.

    So here’s my question…
    I know there are topics about builder incentives and applying with their lender to get them to agree to incentives and then switching to the NACA lender (@pratik), but in the NACA workbook, I read that ‘you cannot be committed to a purchase & sale contract with a closing date, as you need time to be counseled and to be prepared for homeownership with a property you can afford. If you have committed to a property by signing a contract prior to becoming a NACA Member, your existing purchase contract may not allow enough time to qualify with NACA’

    So if that late rental payment IS THE ONLY CONDITION holding up my qualification, does this mean I can’t secure the lot/build while waiting for my final NACA qualification?

    #39615

    Pearl609
    Member

    Oh I forgot to mention. I am looking for a completion/closing date in August, September or October 2018.

    Currently, the builders are selling for delivery dates in April/May 2018.

    • This reply was modified 5 days, 17 hours ago by  Pearl609.
    #39623

    TTrumble
    Member

    Hello Pearl609,

    We need to do a complete rewind on your post. (I wish I could put in a sound effect of a rewinding tape here…) πŸ˜‰

    If “they switched management companies and there was an issue with where to pay your rent online and I’m pretty sure that’s what happened”, then put together proof of what happened and that it was beyond your control. Get the announcement of the switch in the management company, show where the confusion was with where to pay the rent, proof of the fact that you attempted to pay on time if possible and any other evidence you can find, then put it together with a fairly detailed Letter of Explanation and get it in front or your counselor when you have that intake appointment.

    In other words, go all Perry Mason on our backsides! πŸ˜€

    If you can show that you made a genuine attempt to pay on time and that the late was due to circumstances were beyond your control, you should be able to get a waiver.

    Until you do that, there’s no sense even talking about the other stuff, other than to say that you are not authorized to sign a contract or make a deposit on a property until you have been NACA Qualified. If there is any sort of delay, you will have nobody to blame but yourself if you lose the property and any earnest money.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #39637

    Pearl609
    Member

    @ttrumble Thank you so much for that!

    I already searched through my emails and found two emails from the management company where they indicated they were having issues with the online payment portal.

    I do not have proof that I tried to pay on time, because at that time I did not think to take screenshots of my online login attempts. Hopefully with a very detailed letter of the series of events and the emails from the management company showing they were having issues, I will be forgiven. I have been there tow years and have NEVER been late, so this would suck if it held me back!

    Wish me luck! I will keep you posted. Thanks again!!

    #39639

    TTrumble
    Member

    Hello Pearl609,

    There’s a big difference between a case of “stuff happens” and just not being responsible. Put together the information, and I’m pretty certain you’ll be okay, especially if it’s the only occurrence in more than two years as you noted.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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