February 12, 2018 at 10:21 pm #40494
Okay we were finally qualified this past Friday!!! Yayyy however we haven’t received an email from the real estate department! It’s been pretty busy is it normally this hard to get through? Also we are doing new construction we were not going to use a realtor as we would go directly to the builder ourselves in the subdivision and have them meet our numbers and provide incentives. Is that acceptable to do so. After we complete the purchase and sales agreement who determines how much buydown etc… what’s the next steps that we are qualified under the terms of a new construction through the Naca?? Someone help I’m trying to get this thing moving along!!!! Any advice or recommendations or contact numbers? I’d appreciate anyone who did a new construction input to shed some light on my questions!February 13, 2018 at 6:23 am #40499
Also what is it that the P/S agreement must include i know one being to close at a nana office. How can i find out about the title/ closing company the builder said they would pay it for us at closing but its their company their title and closing company is Penn Bridge ?? Anyone knows where i can get all this information so that we can submit the P/S and it adheres to all naca policies as well as gets approved to go. What is it that we would provide to the builder to show we are qualified for so they can start construction? When I say new construction the home will be completely built from ground up once we show them our approval letter
February 13, 2018 at 10:41 am #40501
- This reply was modified 6 months ago by TheWilliams.
@thewilliams I am happy that you got past the first hurdle – NACA Qualified.
You are supposed to talk to your MC to attend the Thursday Purchase workshop where you will get the qualification letter and Purchase Workbook. Here they will also give you the preferred title company who will deal with your NACA approved mortgage.
The NACA RED department will contact you to use their approved real estate agent. If you use their agent or your own approved agent, I don’t think it will cost you a thing as they are paid from a portion of the sale of the home. I would recommend using an agent as my Realtor agent got me a generous deal from my new construction townhome from DR Horton. Now I am getting ready to get the home inspection done and uploaded.February 13, 2018 at 11:53 am #40502
I asked the form of the same question a little while ago, so I will share what was shared with me and what I have found in some further research. Yes, you still have to get a realtor. I found out that builders already have the funds built in to their price to pay your realtor.
Now why should you use your own realtor? Because the builder is NOT your friend. This is business. They are not going to look out for you and what you want. A realtor can and will negotiate price, upgrades, etc.
A few years ago my fiance and I purchased a home from a builder and did not use a realtor. We did not get anything extra and we paid top dollar for the house. In retrospect, we made a very bad decision.
Also, research some videos on YouTube as to why you need a realtor for new construction. You have to remember that realtors have relationships with these builders and can bring MORE business to them. Therefore, builders are more likely to negotiate with someone who will bring them more business rather than someone like yourself who is just buying 1 home.
Good luck in your journey.February 13, 2018 at 12:50 pm #40505
Congrats on qualification! You now need to 1) attend the Purchase Workshop (where you will learn all about Purchase and Sale contracts, the bank app, credit access, inspection, and closing process) and 2) get a realtor registered to your account via RED (real estate depart) since you have a house identified, just use the NACA in-house realtor, who is already on the RED list. You cannot move forward without a realtor. This is NACA after all 🙂 Once you do this, 3) get that p&s signed, get in escrow and move toward closing on your home! Woohoo… congrats!February 15, 2018 at 9:17 am #40521
@dm that is where we are a new construction did you have to obtain a property specific letter submit that for approval then go back and do the P/S agreement and that has to be approved it almost makes it come across like I can’t get the home of my dreams if they don’t approve it for some odd reason! the house is over so they are adjusting the price and giving a few upgrades and we are happy as can be. Any advice we are subject to the regional max aquisition limit but we were going to do buy down to make the numbers fall within our PITI limits. just need clarification.February 15, 2018 at 9:24 am #40522
@pink317 there is a part where i am confused what is the property specific letter if its new construction?? we have our purchase class today but i want to get all my stuff the letter and P/S done by friday( what is the avg turnaround on selecting home and the approval of p/s because rates are rising yikes !!!Oh yea when is the interest rate locked in???
February 15, 2018 at 4:27 pm #40531
- This reply was modified 6 months ago by TheWilliams.
@thewilliams I am going through the process stage right now. It took about 10 to 11 day after I signed the P&S agreement to be finalized and approved on their end – DrHorton. Again this is with my realtor getting approved a generous concession deal for closing costs which will go to the buy down. This deal with my contribution to the buydown will get it in my PITI range. Again I at least recommend you use their NACA realtor to assist in the transaction as it won’t cost you a thing. I had to send them a split pdf copy of the P&S as it was to big to upload to the site. I hope my starting rate will still be under 4% or 3.875% as my realtor said. I have to go to home inspection tomorrow and hope to see my MC later next week.February 15, 2018 at 9:06 pm #40535
Congratulations on being qualified! The Forum family chimed in with great responses to your questions, too. Especially about using a Realtor!
Your rate is locked in when we receive your P&S Agreement. Rates have stabilized for the time being with the NACA 30-year hanging right around 4.125%, so don’t get worried about rates.
As soon as you attend the Purchase Workshop and get your Qualification Letter, you can get the property specific letter. (Another good reason to have a realtor working for you).
Please continue to keep us updated.
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