Questions about Approval Process

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Viewing 12 posts - 1 through 12 (of 12 total)
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  • #69894
    MortgageGuy
    Participant

    Hello everyone

    I’ve completed intake prep

    I have all my paperwork and funds in order, what expectations should I have in terms of getting to the day where I can make an offer on the home I chose?

    I’ve completed intake prep and satisfied all requirements, I’ve saved more than enough cash to close including a year’s expenses. I’m ready to offer on a home today.. should I wait?

    thanks… all the best from Miami

    #69896
    Nelsont
    Member

    Once your MC submits your file to underwriting you will be handed conditions within a week usually that typically ask for clarifications like specific transactions on your bank statements for instance. Once you provide the requested conditions to the underwriters you should hear back shortly on your qualification status. Upon qualification you will need to attend a the purchase workshop. After attending the purchase workshop you will get your qualification letter. At this time you can email the RED department to have a naca in house agent assigned to you or you can reach out to an outside agent and have them take the naca webinar to become naca certified. Then you can look at houses.

    #69897
    MortgageGuy
    Participant

    thanks Nelson! It’s been two weeks since intake was completed & I can’t reach counselor or anyone else, for that matter.

    how long does it typically take from intake to being able to make offers?

    #69899
    purdynerdy
    Participant

    Your file has to be submitted for NACA qualification. Once qualified, you attend a qualification workshop, received your qualification letter and you can start looking for homes.

    I’m not sure how things are working now, but I had to have another appointment to submit the documents for qualification. Perhaps reach out to member services to request an appointment. Once your file has been submitted, you will either be qualified or may have to submit additional documents to satisfy any conditions.

    Either way, if you are looking at a house now, chances are you may not be qualified before the home goes off the market. You may have to seek other financing options if this is the house you really want and time is of the essence.

    #69900
    Nelsont
    Member

    There is no timeline. Reach out to your MC via email only. Once per week. Maybe twice at best. Do not call. Ever. Unless they ask you to. In your email politely ask if there is anything you can do to help move your file along. Ask for verification that your file has been submitted to underwriting and if not what else is needed.

    You are close. I would say before the end of July is a possibility for you to look at houses.

    #69903
    MortgageGuy
    Participant

    Hi Nelson, do you work for NACA

    #69905
    Nelsont
    Member

    I do not. I am a member who bought through naca last year. Just trying to help out where I can.

    #69907
    MortgageGuy
    Participant

    Congratulations… How did it feel to get through closing?

    #69909
    Nelsont
    Member

    Thank you. Amazing. Hectic. Overwhelming. I didn’t find out about naca until I was already looking at houses. I was skeptical but, I’m glad I stuck with it.

    #69938
    MortgageGuy
    Participant

    I’m thrilled for y’all. I’ve done all of my paperwork after months of organizing but they must have a backlog as it’s been two weeks and I’ve heard nothing

    It’s in God’s hands now… we just wait patiently

    #69980
    TTrumble
    Member

    Hello evanskev,

    In the NACA program, you are not authorized to go house hunting much less make an offer until your are NACA Qualified and have received your Qualification Letter. So do not make an offer on a home. You will only be setting yourself up for a huge disappointment.

    Your first couple of posts in this thread seem to contradict each other a little bit. The first one only refers to intake prep, but less than 20 minutes later you refer to completing your intake session. Would you please clarify whether or not you have had your first meeting with a counselor and, if so, when?

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #69981
    MortgageGuy
    Participant

    Hi, Tim

    Thanks for responding.

    I’m able to buy a home at any time so I’ve been shopping and offering

    the last thing my MC told me was I would be informed if I needed more info or was going into underwriting but I haven’t been contacted since then, I can’t reach anyone, and the operator at NACA corporate tells me there is no record of my June 18 meeting

    Regards
    Evan

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