January 10, 2020 at 1:42 pm #64426tricey718Member
I originally heard about NACA in 2008 while living in NYC. Started the process but the deal fell through and never revisited the idea of owning a home.
2008-2018 – Moved around a bit, but never settled in one place for too long.
June 2018 – Moved back to VA and decided I wanted to explore purchasing again. Attended purchase workshop.
July 2018 – September 2018 – Stayed with parent while I became settled with new job and area. Paid rent via money order (became my biggest headache in this process).
Lesson 1: – pay rent with a check, or keep a copy of the actual money order if possible (not just the receipt).
September 2018 – Signed 9 month lease, in hopes of purchasing a home soon.
September – March 2019 – Saved and tried to time the process so I could move into my home at the end of my lease.
Lesson 2: – You CAN’T time the process.
March – April – Working to get qualified
May 3 – NACA Qualified
May 9 – Attended Purchase Workshop and met in House Realtor. Decided to cancel previous relationship with realtor and signed an agreement with in house realtor.
May – July – Went to see several homes, fell in/out of love several times. Summer time is the worse time to buy a home. A very aggressive seller’s market. Toured 23 homes and put in 4 bids and rejected every time.
Lesson 3: – Take the emotion out of the process, it doesn’t work like HGTV, you won’t get your home in 53 minutes.
June – Apartment lease expired and went month-to-month
July – Sept – Took some time off and decided to wait until the fall to go back to house hunting.
Sept – Oct – Prices have come down some but now inventory is low.
October 22 – Decided to increase qualification for new rental amount. Surprised an appointment was available for the next day.
October 23 – NACA appointment; updated 5 months of information. Short $300 for new MRF. Follow-up appointment scheduled for 11/1.
October 30 – Went to see one more home in my initial PITI amount. Offer Submitted
October 31 – Offer Accepted (Lucky #24)
November 1 – NACA appointment (Already had the follow appointment scheduled to submit for higher qualification amount). File was previously updated so just updated bank transaction history and submitted for Credit Access. Received Loan Estimate email immediately after submission. Accepted the terms.
November 4 – Conditions received. “Provide Home Inspection and Termite Inspection Report”
November 4 – Home Inspection conducted and report uploaded. Miscommunication on termite Inspection date.
November 6 – Agent submitted addendum including all repairs on inspection report.
November 7 – Seller signed Addendum agreeing to all repairs (required and recommended)
November 7 – HAND email received with required and recommended repairs list.
November 7 – Contacted Hand and informed them seller signed addendum agreeing to repairs.
November 8 – Termite Inspection conducted. I don’t know why it was on a separate date, my realtor scheduled the appointments.
November 12 – Appraisal received and uploaded to web file. File resubmitted for credit access.
November 13 – New conditions. (Copy/Proof of EMD received by title company; 2018 tax return transcript and rental verification/letter from parent (previously addressed and now outside of 1 year period), updated VOR. Addressed all conditions except VOR). Contacted MC several times trying to address condition prior to leaving for vacation out of the Country.
Lesson 4: You truly have to be your own advocate. This is when being a polite pest became necessary.
November 14 – Worked with the Office Manager to update file/requested documents. This was definitely a challenge trying to communicate and send documents while riding the Amtrak. Luckily staff was in the office late that night. I appreciate the NACA staff because they work hard. Credit Access resubmitted.
November 15 – Credit Access approved. Yeah! Now the rush to get my bank application submitted before I board the plane in the morning. I was told the application would be emailed to me by 4:30pm. I called the NACA office several times and finally at 5pm received application. Rushed to find a printing place to print, sign and scan application back to NACA office before they left for the day.
November 15 – Submitted Bank application
Lesson 5: Your patience will be tested. Several calls to Mortgage Processing, constantly told BOA is behind schedule
November 21 – Credit ran by BOA
November 25 – Lender status updated to” Pre-decision – bank application is submitted and is being processed for BOA underwriting.”
December 3 – Lender Status – Approved Outstanding conditions. NACA underwriter emailed with conditions. Addressed conditions.
December 3 – HAND emails re: HAND conditions outstanding
December 4 – Seller completed repairs
December 5 – Re-inspection completed and uploaded
December 6 – HAND contacted me for clarification and cleared file. All conditions are now addressed and file back with bank.
December 6 – Same appraisal uploaded to webfile again.
December 12 – Requested extension until 12/20.
December 12 – Bank responded requesting further clarification on HAND condition, previously addressed.
December 13 – Inspector updated report, and HAND cleared again.
December 13 – Initial CD added to file. Close date 12/19
December 13 – December 18 – No updates from BOA
December 19 – Contacted Regional Managing Director and left a voicemail.
December 20 – December 26 – Still, No updates from BOA
December 27 – New Condition appeared on file. “Additional requirement UW to complete: Final Review Title: APN & Legal Description Updated NACA Portal & Upload Final 1008”.
December 30 – NACA Underwriter addressed condition and sent notification to BOA. File escalated again.
January 2 – Contacted NACA processing dept. and sent an email to BOA asking for an update.
January 3 – File is escalated. Lender is reviewing file. No updates
January 6 – File is escalated. Lender is reviewing file. No updates
January 8 – Received Final Clear to Close. Closing scheduled for January 9th at 4pm
January 9 – Closed. This was the easiest part of the process. Received text alert “You have a status update. New status closed”January 10, 2020 at 1:52 pm #64434NelsontMember
😀January 10, 2020 at 2:20 pm #644362BLESSEDMember
Wow! I got tired reading all of what you went through. Congratulations you got your house in the end!January 10, 2020 at 2:32 pm #64438tricey718Member
What’s funny is I log into my Bank Account (BOA) and I see the Mortgage added to my account. No delays there 🤣🤣🤣. They found me quickly, I didnt even have to do that myself.
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