Submitted to Underwriter!! Follow our NACA Journey

[dreamhomeDMV]

I find this online forum to be very helpful and informative. I thought I would share our journey thus far to becoming first time homeowners. I will try to edit with updates.

Timeline:

5/30/15- Attended required Homebuyers Workshop (immediately after this workshop we started gathering and requesting the required documents, making sure we paid all of our bills on time, opened a joint bank account and started paying our rent via checks)
10/6/15-First appointment with Counselor, documents scanned to file, action plan given, credit report checked
11/17/15- Second appointment with Counselor, documents scanned to file, action plan given, MRF amount given
3/15/16- Third appointment with Counselor, documents scanned to file (including all 2015 tax documents), Updated MRF and Payment Shock amount given, credit report checked
5/24/16- Fourth appointment with Counselor, documents scanned to file, action plan given with documents due by 6/1/16, Counselor informed us that once the documents were received and reviewed we would be submitted to underwriter, paid for credit reports since a new one will be due in June 2016
5/26/16- All requested documents submitted to Counselor via e-mail
6/7/16- Checked online file- no update and no email received from counselor regarding submission to underwriters, called member services and was told that we had not been submitted yet, e-mailed counselor to ask for an update on file or if additional documents were needed
6/8/16- Checked online file and is says “Submitted to Underwriter”

• This topic was modified 4 years, 7 months ago by dreamhomeDMV.

[dreamhomeDMV]

Just clarified that we were actually submitted to underwriters on 6/7/16 at 2pm

Also, we completed volunteer activities on 1/30/16 and 2/13/16 (greeters and speakers at the homebuyer workshop), we will be completing more once we are qualified and attend the purchase workshop

[TTrumble]

Hello dreamhome8588,

Thanks for sharing the timeline. Please continue to keep us updated on your progress.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

[DeeCee]

Our timeline is the following:

3/5/16 – Heard from a friend about a ‘too good to be true’ program she couldn’t remember the name of

3/19/16 – Went to NACA Workshop after deep googling

5/19/16 – Went to 1st intake appt – some documents scanned to file, action plan given, credit report checked, payment shock deemed to be met, mrf deemed to be met, scanner didn’t work, scheduled a follow up despite hearing, “you should be approved in a few days”. Emailed all contacts letting them know to expect verification forms.

5/31/16 – Went to 2nd intake appt – more documents scanned to file which underwriters asked for, realized verification forms hadn’t been properly sent, got them sent, asked counselor our outstanding questions re: mortgages

6/8/16 – Learned all verifications received & file being submitted to underwriting today though it would be nice to see the online file change!

This Saturday will volunteer with our local office a a housing expo!

DeeCee in DC

[DeeCee]

Thanks for sharing your process, @dreamhome. Looks like yo’ve been diligent!

[dreamhomeDMV]

Thanks @DeeCee !! We have definitely made NACA our number one priority for the past several months. Our current lease ends in September 2016, so we’ve been spacing things out. Now it seems like we are in the beginning of the home stretch! Just waiting for either conditions to come back or notification that we are qualified.

I was surprised that my online file updated to show that we had been submitted, I wasn’t expecting that, but it was a pleasant surprise! It seems like we are both entering this new phase together. Keep us updated!

I am a member of the DC office as well 🙂

[DeeCee]

And our lease is also ending in September! We’ll see if this gives us enough time. We’re patiently waiting.

[dreamhomeDMV]

Update:

6/8/16- We were QUALIFIED, we have now reached out to our counselor about attending the Purchase Workshop. Once again our on-line file updated to show the status.

I’m so happy! Things are moving so quickly!! 🙂

[TTrumble]

Hello dreamhome8588,

Congratulations! Please continue to keep us updated.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

[dreamhomeDMV]

Hi Tim, I have a few questions for you regarding new construction and p&s contracts, we are hoping to submit an offer this week:

1. Whenever the contract is being prepared who gives the seller the title company information and the mortgage company/NACA’s settlement agent info to put in the contract? If it’s the buyer, where do I get that information from? My mortgage counselor?

2. Buyers names should be listed on the contract with full first, middle and last names correct?

3. Is it okay to pay Earnest Money Deposit with a personal check or does it need to be certified? Also, does this check go directly to the seller at contract signing to be held in escrow until closing or to someone else? How do we know that the seller is holding the check in escrow? Is the escrow that is used chosen by the seller? Do they give the check back at closing? (sorry this part is really confusing to me)

4. I know that sellers can electronically sign the contract, but is it possible for the buyers to electronically sign it (required by seller, they only use DocuSign) and then to print it and sign it below the electronic signature by pen and hand as required for NACA?

5. For new construction, do the sellers have to be present in a NACA office on closing day, are there any other alternatives?

[dreamhomeDMV]

update-

6/9/16- attended purchase workshop
6/10/16- realtor sent counselor the MLS for a property we were interested in
6/10/16- counselor sent Property Specific Qualification Letter
6/12/16- submitted offer on home, ACCEPTED
6/13/16- signed contract
6/15/16- received ratified contract
6/16/17- contacted inspector to schedule inspections
6/17/16- home inspection and termite inspection completed and uploaded to NACA
6/17/16- submitted updated info to counselor (LOEs for addresses on credit report, rent verification, transaction histories for all bank accounts, updated membership agreement, signed SSA-89s)
6/17/16- counselor submitted us to underwriting for credit access/bank app, also received loan estimate disclosure

[TTrumble]

Hello dreamhome8588,

Thanks for the update. My apologies for not responding to your prior post. For some reason I didn’t see it until just now.

Most likely your real estate agent will give the information on the closing agent.

Middle initials are okay for the names on the P&S Agreement.

Earnest Money should ALWAYS be paid with a Certified Check. In fact, in many cases they won’t accept anything else.

Physical signatures are required by NACA, so printouts of electronically signed documents that are then physically signed are okay. In most cases nowadays, our members do exactly that with their electronically filed tax returns.

Presence of the seller at closing can vary with state law, but typically they do not have to be there. Check with your local office. They will make sure that the closing is handled properly regardless, so I’m not really sure why you are even asking that question since it’s something you don’t have to worry about.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

[dreamhomeDMV]

6/21/16- Credit Access Approved
6/21/16- Received Welcome Letter from HAND Dept and one condition
6/22/16- Bank app submitted, interest rate locked, appraisal ordered, started researching Homeowners Insurance Quotes, told that we will receive loan packet in the mail in 3 days
6/22/16- Realtor notified us that Appraisal has been scheduled for Monday, 6/27/16 notified builder, counselor requested verification that Earnest Money Deposit has been cashed

[determined1227]

@dreamhome8588 did you get a good interest rate?

• This reply was modified 4 years, 7 months ago by determined1227.
• This reply was modified 4 years, 7 months ago by determined1227.

[dreamhomeDMV]

We were able to lock in at 2.188% for 30 years.

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