Qualification Pending

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  • #65358

    Hello all!

    Im finally done with the intake process and had my file submitted to underwriting for qualification. About how long is normal to wait to hear back?

    For those that have passed this stage, anything I can do to prepare for what’s ahead? Any pro tips? Thanks in advance!

    #65359
    Nelsont
    Member

    Typically within 3 business days. It may be really quick. It may also take a week or more. If you don’t hear anything by Monday I would inquire.

    What to expect. Conditions. Essentially clarification on anything and everything submitted. Your conditions though will be very specific to you. You may need to clarify a particular bank transaction that occurred last month. You may need to upload more recent bank statements and pay stubs especially since this is a new month. Don’t be surprised if you are asked about your 2019 w2. At this point though there probably isn’t anything brand new. It will be status quo, more of the same and explanations most likely.

    #65360

    Great, I have all of that gathered ready to go. Thank you!

    #65361

    Ours took nearly 6 weeks, but it was actually submitted 4 times in that window without us knowing until after the fact. Now that the holidays have passed, the 3 business day expectation should be reasonable.

    #65374
    ehill0520
    Participant

    @surpriseninja I love the optimism in the forum. However, I believe you need a pinch of realism. Here is what I have experienced so far:

    Jan 6th – I submitted my file to my MC for qualification.
    Jan 16th – I had not heard anything only to find out from Member Services that my file hadn’t even been submitted by my MC.
    Jan 17th – With a push from Member Services it was officially submitted on 1/17 and that is when my WebFile changed to “Qualification – Pending”. BE SURE TO LOG IN AND MAKE CERTAIN YOUR TIMELINE SAYS “Qualification – Pending”!!!
    Jan 29th – Twelve days later I received conditions that were all addressed within two hours of receiving them and it was resubmitted same day.
    Feb 4th – Another condition and I got that within an hour and it was resubmitted
    Feb 6th – Still nothing back…

    I am someone who comes fully prepared to things. I had every single document I needed and then some but somehow UW still required more. I would just suggest that you be overly prepared and then some. The process has been very frustrating to me but at the end of the day I keep telling myself the benefits are compensation for the headaches. I am fretting the contract process from the war stories I’ve read on here but I’m compiling an arsenal of email addresses for that i.e. Bruce Marks, Erick Exum, my local closer, his assistant, Tim Trumble, etc.

    Some tips I can give you:
    1. Make sure you get your local office manager’s email to CC them on emails.
    2. Always CC your NACA member email (email0000000@naca.com). Your NACA ID goes where the 0s are.
    3. DO NOT BE AFRAID TO REACH OUT TO MEMBER SERVICES. I will say you should try to speak to Alice with Member Services. She is the kindest and most helpful person I’ve talked to through this entire process. Her extension is 9698. (There are some “don’t give a F” attitude kind of people at Member Services and those kinds of people drive me nuts – especially in this field.)
    4. YOU are your biggest advocate. YOU have to stay on top of this. DO NOT rely on your MC to be proactive.
    5. Patience is truly a virtue.

    NACA is a non-profit but they do get paid off our business and membership fees. Just because it is a program for those of us who don’t necessarily have a down payment or bad credit doesn’t mean we should have to settle for sub par service – especially when it comes to this big of a life event. Please keep us posted on your progress! I like to hear about others having success as it gives me hope but please do be vigilant.

    #65375

    Help! Please. hope this make since. here goes. Concerning due diligence money $1,200. We are in the bank submission stage. Ok here is what is happening. We made an offer on a home and signed a contract with Opendoor on January 27, 2020 our offer was “Due Diligence Period”: 20 days. Settlement taking place: March 10, 2020. They countered offered, even though we put up a nice offer. Their offer “Due Diligence Period” February 15, 2020 with Settlement taking place: February 28, 2020. we decided to go for it, had confidence our file was straight. P&S contract loaded in file January 29, 2020. MC went through our file and updated for Bank application. Home inspection and termite inspection done on January 30, 2020 came back $6,000 in repairs. Trying to get one condition approved for Bank application two days now. My husband’s company merge years ago but somehow to the underwriter it looks like he has two jobs because two companies showed on credit report. We explained it but they did not accept it. The information was to come from the company on letter head. Contacted company they sent email of explanation and we are not sure they will accept still waiting. We have 9 days left before losing due diligence money. Don’t think we are going to make it. Any suggestions will help? Thinking of walking away from this deal. Opendoor won’t budge on their offer or fix repairs I am sure of that.

    #65376
    ehill0520
    Participant

    @soapflowergirl I’m not sure how your state handles Earnest Money (Due Diligence Money) so I can’t advise you on that. As a Realtor and as a Member I can say that I would NEVER write an offer on a house being sold AS-IS while using NACA, especially on a resale. Inevitably, HAND is going to find something to REQUIRE. In my state we have a form that the Buyer submits to the Seller called “Resolution of Unacceptable Conditions” to fix things that were found in the inspection and Seller typically agrees to repairs.

    Alternatively, you can ask HAND for a Waiver of Repairs form. Sometimes they will let you waive them depending on the severity of the repair. If that does not work, personally, I would cancel to ensure that I didn’t lose $1,200 bucks and have to delay my home buying process to rebuild my Minimum Required Funds again.

    I hope this helps!

    #65377

    @ehill0520 thank you so much for the advice. I learned somethings I did not know. Wish I had known before. Lesson learned. Thanks a bunch.

    #65385

    Thanks everyone for your input. It’s been a rollercoaster with my orginal MC leaving NACA in the middle of my file submission. It is definitely submitted, I checked with Member services. And I’m very happy with my new MC. Hopefully I don’t wait too long but prepared to be a squeaky wheel if needed.

    #65441
    TTrumble
    Member

    Hello surpriseninja,

    All things considered, I would give it till the end of this week to hear back. The current three week ATD tour wraps up today, so the road team will be travelling tomorrow and getting some rest on Tuesday before returning to the office on Wednesday. Plus the back-office team will probably be getting some rest as well, so a smidgen of patience will probably go a long way this week.

    Please keep us updated.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #65461

    Good to know. Thanks @TTrumble !

    #65475

    I heard back this afternoon! Only a couple of clarifying conditions that I addressed right away. Sent to my MC and NACA email. Yay for things moving along!

    #65476
    ehill0520
    Participant

    @surpriseninja Wow! You’re moving along quite nicely! Congrats! I finally got my qualification pushed through as well. It looks as though we’re all making progress!

    #65568

    I have been reassigned counselors AGAIN. I’m on counselor #3. Waiting on my file to be resubmitted. This is exhausting.

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