Submitted to Underwriter!! Follow our NACA Journey

Home Forums Purchase Program Submitted to Underwriter!! Follow our NACA Journey

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  • #32848
    #32850
    dreamhomeDMV
    Member

    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

    #32857
    TTrumble
    Member

    Hello dreamhome8588,

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

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #32868
    DeeCee
    Member

    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

    #32869
    DeeCee
    Member

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

    #32871
    dreamhomeDMV
    Member

    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 🙂

    #32872
    DeeCee
    Member

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

    #32887
    dreamhomeDMV
    Member

    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!! 🙂

    #32891
    TTrumble
    Member

    Hello dreamhome8588,

    Congratulations! Please continue to keep us updated.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #32925
    dreamhomeDMV
    Member

    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?

    #32982
    dreamhomeDMV
    Member

    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

    #32998
    TTrumble
    Member

    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

    #33009
    dreamhomeDMV
    Member

    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

    #33011

    @dreamhome8588 did you get a good interest rate?

    #33016
    dreamhomeDMV
    Member

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

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