February 17, 2020 at 12:05 pm #65610
Our Agent uploaded our P&S, so here we go! It didn’t occur to me that NACA may be closed today, so I was nervous I hadn’t seen or heard anything. Getting ready for the final sprint.. oof.February 17, 2020 at 1:45 pm #656152BLESSEDMember
Good Luck and hope you have a quick closing.February 18, 2020 at 11:39 am #65644
Very cool! Be sure to be in touch with your MC, at this point in the process they should be working your file almost every day during the credit access stage.February 18, 2020 at 12:29 pm #65645
I wasn’t sure if NACA was open yesterday or not, but my Realtor confirmed everything was uploaded, so I emailed him since we hadn’t heard anything yet. We need to address/get over the fact that we signed the contract in January so I’m sure that will add extra time. I want to be sure we’re moving on whatever will be required there.February 18, 2020 at 11:13 pm #65660
MC reviewed our contract and sent us the Transaction Summary, which I think is the last step before actual Credit Access? No real fuss over the new construction contract having been signed earlier.. big relief there.February 19, 2020 at 4:07 pm #65672
That’s good, I believe you should be asked to come into the office soon for a credit access appointment and then you and your MC will be going back and forth with the underwriters trying to get credit access approved.
Once you are, you come in again to sign your bank app and then the process shifts to Bank of America with your MC being more of a middle person.February 19, 2020 at 4:09 pm #65673FutureHomeownercrewParticipant
Congrats! Seems like you and I are in a similar timeframe. Is your new construction already built? Is you MC responsive? I hope everything goes well for you here on out.
Still waiting for my MC to contact me about credit access. It’s been since last week that I’ve heard from him and I always have to call office to get any word.February 19, 2020 at 4:56 pm #65677
My home is scheduled to be finished in about 60 days, not built yet. My current MC is not super responsive, but he’s hit all of the expected deadlines – usually a few hours or only a day late, which is enough to make me panic at this point. My first few emails with him were a real challenge, but I am confident we’re on track now. With everything we went through for Qualification, I’m hoping everything is in good order and this will go smoothly. I’ve kept all of our documents up to date, we’re saving way more than our payment shock requirement, and since our old house is now sold and all but one debt completely paid off, there should be very little to look at.February 19, 2020 at 6:32 pm #65678
And we just got our initial disclosure.. this actually feels real.February 19, 2020 at 6:35 pm #656792BLESSEDMember
Congratulations!February 19, 2020 at 7:02 pm #65680FutureHomeownercrewParticipant
@bakerthebaker that is so awesome! I haven’t even got the initial disclosure. Is that before credit access?
It feels real yet it doesnt. I just dont want to get my hopes up high. Im paying more in rent now than what I’m qualified through NACA yet still save and have a hefty savings so I’m hoping credit access will be smooth as well.February 19, 2020 at 7:11 pm #65681NelsontMember
It’s well after.
Credit access-> conditions-> credit access approved-> bank app -> conditions -> initial disclosure -> clear to close -> final disclosure -> final clear to close -> coordinate with title company -> closeFebruary 20, 2020 at 10:18 am #65687
@BakerTheBaker you shouldn’t have an Initial Disclosure at this stage, it is way too early. Are you sure that what you received wasn’t the Loan Estimate Disclosure? Those are actually two different things.
The Loan Estimate will come via email and according to my MC once you click on the “accept” button is when the bank starts the process for your appraisal. Although with yours being a new construction it may be slightly different, as I know there are often multiple appraisals during that process. And this comes shortly after going under contract, which is what I believe you just did.
The Initial Disclosure and Final Disclosures you will receive very late in the closing process. These are closing disclosures which tell you the amounts to bring to closing (or the amount you receive back, in some cases like mine).February 20, 2020 at 11:36 am #65690
You are correct, @peapod0609 , the document is entitled Loan Estimate. It could be that I misunderstodd what the MC said.February 20, 2020 at 1:07 pm #65696
Gotcha. I mean Loan Estimate Disclosure and Initial Disclosure sound pretty similar.
But this disclosure gives you some very preliminary figures and it also starts to generate the loan with Bank of America. You should be in contact with your MC for a credit access appointment very soon, and you will go through that phase over the next 1-3 weeks or so. NACA’s goal, which is one thing they are good about, is getting you credit access approved within 10 days of this point. So, hopefully, they can do that for you. Just know if it takes longer it isn’t necessarily the end of the world.
One word of advice on these disclosures, you will get many of them at various points in the process, and they almost always do not have the correct info regarding lots of things. Once you get to the bank app your final interest rate including grants and buydown should lock in, and that will be correct. But you will see other things like escrow and pre-paids and those amounts will vary each time and get more and more updated as you go on.
For me, I did not receive the correct numbers until my Final Disclosure, which we did not get until 7:30 p.m. the evening before closing the next morning. So yeah, stuff will change, be prepared for that, lol.
- This reply was modified 8 months ago by Peapod0609.
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