"qualified" nightmare

HomeForumsPurchase Program"qualified" nightmare

This topic has 5 voices, contains 18 replies, and was last updated by  channon1208 873 days ago.

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May 19, 2012 at 9:58 pm #629

channon1208

I finally got qualified after 2+ years and 2 MC’s. I have been working with a NACA realtor who is very nice. My amount is under 90,000 and I have had a hard time getting an offer accepted. We have 3 offers in on Homepath and gotten no response and the proerties are still on the market. We submitted with no closing and their asing price and nothing. The home I really want is a REO, my first offer went to highest best. It went off the market and 2 weeks later back on. We submitted another offer fornasking and no closing, they said they accepted a cash offer. A week later it was back on the market and 8000,00 lower. We will submit again Monday. My concern is I only have until July 11 and my qualifcation will expire, if that happens I have to move, rent another year and start the home purchase process all over again. My current lease expires Jun3 30th and it has been broken in twice so I will not stay here another year and risk another break in. Has anyone eles experienced this problem with a purchase? I don’t want to just settle for a house I am not going to be happy in and time is running out.

May 20, 2012 at 11:04 am #634

TTrumble

Hello channon1208,

First, I should probably state here that my response to your question is going to be more personal opinion than “official” NACA advice.

You may be dealing with someone who thinks that just because the housing market is making a slow recovery that it suddenly is no longer a buyer’s market and they can play old-school games with the price again.

My thought is based on the old saying “the best defense is a good offense”. I would suggest you begin shopping for a “second choice” house and make no secret of it. Don’t just say you are going to look for another option, actually go ahead and start looking. Once the seller sees for a fact that their only seriously interested buyer may be going elsewhere they are going to be more likely to deal with you. Tell them that your qualification is due to expire on July 11 and you aren’t going to waste time and let it expire on you.

In the event it does get to that point, your MC should be able to get you re-qualified with only minor document updates, so there isn’t much to be concerned with there. Dealing with your current lease will likely be the bigger issue.

I hope there are others here who will chime in with their experiences that are similar to yours. Please keep us updated on your progress!

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

May 20, 2012 at 4:20 pm #635

channon1208

Thank you, I do have 2 other offers out there on homepath properties but they are slow to respond as well. I will just keep praying and if I can’t get house there is not much I can do anyway. I just know I can not do this process from the start. I was told that I would have to start every all over again paperwork wise and it was too long the first time not because I did submit everything but because It took 8 months to get a response my 1st MC would not even answer emails, after writng a letter and complaining I got a new MC and the day of my appointment in the office I was told that MC didn’t work there anymore. I sat 4 hours in the office because staff had a confrence call but I was finally assigned a new MC who got me qualified in a few weeks. I can’t go through that again.

May 21, 2012 at 7:23 am #637

Jack_Toepfer

I’ll let you know this ahead of time, if your lease expires June 30th… and you’re looking to close on any property you’re not currently under contract with… you’ll be signing that lease again. Remember that once your under contract there are weeks of REHAB and then weeks of bank application and then weeks to close.

I’ve been under contract since March 7th, the rehab was completed in the first 2 weeks by the sellers… I’m still waiting to close. It may be this week, it may not.

My advice would be to try to get a 3 month lease (mention the security conditions – or lack there of), bar up the windows and doors… and listen to what Tim said.

May 21, 2012 at 9:24 am #641

channon1208

It would make since to ask for an extension on my lease only if I can get an accepted offer on a house before my qualification expires on July 11. So if a contract is signed before than I will stay here three more months but if I have to start the NACA process again I’m moving in July.

May 22, 2012 at 12:27 am #648

channon1208

again after another 4 offer submitted no response. i cant go higher than the asking price according to my realtor NACA wont allow it so I keep getting rejected. What I am doing wrong? All my offers are still on the market why won’t they sell to me? I have come to far to quit but I am really considering trying another lender and go the old fashion way. My credit is not that bad and I should be able to go FHA W/ downpayment assistance. I am starting to think my offers when submitted by my NACA realtor is not being submitted by the listing agents.

May 23, 2012 at 12:16 am #671

Murlin_evans1971

That sounds terrible channon — I feel your pain. But DEFININITETLY — If you can go another path, DO IT! I did purchase a home through NACA, but only because it was my only option. Like you my credit was fair, but I did have some outstanding broken lease issue relating to my ex-wife that followed me like the plague. The NACA qualification really means very little in terms of being close to purchase. Essentially you have to resubmit to the bank all over again once you find a property. I was NACA qualified Feb. 14 and closed on May 10. Four days before my 90-day window closed. And I wasted little time. I would a) make sure you don’t qualify for down payment assistance or at least b) find another NACA qualified agent in your area to work with. You are correct. Something doesn’t smell right — make sure you are not bidding on foreclosures or short sales. Those just go in the black hole and are for people with unlimited time on their hands. Hang in there, you made it this far, you have all your paperwork together, keep plugging away. There is an option for everyone. NACA may not be yours but you can’t be sure unless you’ve tried all the other avenues. I did and they were closed for various reasons. NACA is a great but poorly executed home buyer program. Unfortunately. Good luck!

May 23, 2012 at 9:49 am #678

channon1208

Thank you, I can think with less emotion now. I too have 2 old collections that will be on my credit report until 2013 so that is what have prevented me from going the tradtion way and my student loans are now in repayment which dropped my credit score, but I am sure in a year it will rise again to the 640 I woul need for tradtional financing. You mentioned staying away from foreclouses, 5 f my offers have been on Homepath properties and they not responded at all on 2 of them. The others went to highest best after the first look time was up. My NACA qualification expires July 11. My other option if it does expire is to move and start the process over in December or January which would give me more time (at least 7 months). I just got quailifed in April But have been in the process since 2010. My experience was not having a good MC who just dropped out of sight after he told me he was submitting my file, it took over 8 months to get a new MC and she updated my file and submitted it and I was qualified in less than 3 weeks. But I will wait it out until July and if no property has been found by than I will ust move for safety reasons and start over.

May 23, 2012 at 9:52 am #679

channon1208

If any one have gone through the 90 peorid and had to re-qualify can you please tell me what that process is like and what will need to be done.

May 27, 2012 at 12:42 pm #746

channon1208

Thank God, I finally got an accepted offer on Friday. I will be submitting my contract and escrow funds on Tuesday. GA has a high demand for properties especially in the area I wanted to live in. Many of these offers went to “higestbest” and/or there was a lot competion with other buyers submitting offers way above the asking price. But I got my dream home!! I have 2 questions now I need help with. 1. I was approved for 85,516 my home was 79,000 (asking price) My offer was the asking price and no closing. There is very little comestic things that would need to be done but no applanices. Since I only have 5000. left for repairs is it possible to go through HAND and just get applainces and do repairs on my own? The home was well taken care of with new carpet and painting. 2. If when the inspection is done, and there are internal reapairs can I do them on my own as well. The home is move in ready and altough my closing date is scheduled for July 5th, I am hoping I can just get all my applainces and do whatever work needs to be done at my own expsence over time and hopefully close within 30 days.

May 29, 2012 at 2:38 pm #772

TTrumble

Hello channon1208,

Congratulations on getting yoru offer accepted! As for the repairs vs. appliances questions, you’re really going to have to wait and see what is in the inpsection report. While there is some flexibility regarfing certain repairs, the type of repairs and how critical they are will be the determining factor as to whether any of them can be postponed and/or done outside the HAND rehab process.

NACA’s mission is to ensure that you have a quality home that will not have any unxpected repairs for many years to come. As such, repairs may well take priority over the appliances. You will simply have to wait until the inspection is complete to find out for sure.

Thanks!

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

May 29, 2012 at 10:34 pm #793

channon1208

Thanks this helps a lot, I could wait on the applainces until after I move in. I did not have a PS just the MRF becuase my mortgage will be 300.00 less than my current rent. I paid my escrow today when I turned in my contract. If I am not mistaken my escrow will be used as part of my MRF at closing to be applied to my principle, HOI, taxes and intrest, so I am I only bringing to the table the diffrence? My MRF is 2,061.00, my escrow was 1,000.00 I know I am also paying for my inspection when it’s done on Thursday or Friday.

May 30, 2012 at 9:14 am #810

TTrumble

Hello channon1208,

Glad I was able to clarify things for you. Your MC will advise you exactly how much to bring to the table at closing.

Thanks!

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

June 2, 2012 at 9:29 pm #939

nchkel

Channon1208- Please post if NACA actually closes on your loan. I am looking for people that actual get NACA to close on their loan.

June 2, 2012 at 9:50 pm #946

channon1208

is there something you know that I don’t know. Do you to think I won’t close? I am too close to have doubts now, this has been a 2 year process for me and I am at the HAND process now with contractor meeting me on Tuesday to review my inspection report and submit bids

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