Time crunch

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  • #69302
    quietboo
    Participant

    So our file was submitted for qualification at ATD event the end of May. We were not qualified and given conditions. Then we were assigned a new MC. We addressed the conditions and sent all the documents to the new MC. She has not responded to our emails or phone calls for over 2 weeks now. The online naca chat person said the counselor is busy with the ATD and suggested we attend another ATD event to get our file submitted or wait for our new appointment given in October. The next available ATD is now in September. I spoke with member services yesterday and they said they will email the MC to review our file and resubmit for qualification. How long does it usually take for your file to be resubmitted after you have addressed conditions? Another dilemma we have is that our current lease ends in July. We live in North Carolina now and plan to buy in DC, Maryland, Virginia area. My husband works from home so we can live anywhere. We were hoping to have closed by the time our lease ended in July. Since we planned to move out of state we do not plan to renew our lease here. So what do we do now? If we move to Maryland and live with family until we get through the NACA process, how will that affect our verification of rental history? Also if we rent in Maryland instead of living with family, how many months of rent will we have to show to count as rental history before we can be qualified or will the 3 years of rental history we have living in North Carolina still be used? Thanks for all your help.

    #69303
    purdynerdy
    Participant

    It’s hard to say how long it will take for review and re-submission. All MCs nationwide have only 2 days a week to devote to their current caseload. Current caseload meaning possibly hundreds of members at various stages of the process.

    I’m going be honest and say being in a “time crunch” and working with NACA is a recipe for frustration and unmet expectations. I started 1.5 years from my lease ending and it still expired before I closed (I’m hoping to close in the next 2 weeks).

    You have to give yourself about 6 months at the minimum to get through this. And that’s with everything going perfectly. Contract to close is taking nearly 60 days for a lot of members. If you want to continue with NACA, alternative housing arrangements are recommended. YOu mentioned living with family. I believe that ok, they just have to provide a letter. Others can chime in because I don’t know what’s specifically required when you are staying with family (rent-free or not).

    #69307
    quietboo
    Participant

    1.5 years omg hope you get to close in 2 weeks. It has only been 4 months since our first intake appointment and I am already frustrated lol We are considering other loan options but having to pay PMI with less than 20% down on other loans is the only thing now that is leaning us toward staying with naca and seeing it through. Guess I just have to be patient. Living with family might be ideal but we also have kids and don’t want to be a burden on them not knowing how long this naca thing will take. Kids also need to be registered in school by Aug/Sept and school distict we are looking to purchase is not the same as where family lives and it might be hard on kids to adjust to different school once the school year starts. Renting in area we want to buy might be the better option. Rent is also higher in Maryland than what we pay here in North Carolina, so how will that affect our payment shock? Does naca have any problem with breaking your lease if you end up closing on your house before your lease term ends? If we rent we might have to sign a 12 month lease. After we move, how many months of renting will we have to show for verification of rent to be naca qualified? I know before you start the process they want 2rs but after you are already in the process and you move, how much do they require?

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