I was originally submitted to Qualifications on August 26 & Denied on September 3,2020. Addressed those concerns. Submitted again on Sept. 4 and “Not Qualified on Sept. 12. Due to Conditions. Addressed those conditions and was re-submitted on September 14. Not qualified again on Sept. 20.
The first Condition was – more LOEs needed and Student loan letter showing I’m current.
The second Condition was — ANOTHER student loan letter showing I’m 12 months current.
The 3rd Condition needed was more information about Address & bank statements. (which I have already submitted & written LOEs addressing my concern.)
I was re-submitted again on September 24 and now waiting again. I’ve been sitting in “Qualifications” for a month. I’ve been very proactive in sending in my documents and making sure I have the money saved. Has this happened to anyone else before?
Yes. It is not uncommon. The naca qualification underwriting process is one of the most thorough and difficult to get through, much more thorough than through any bank’s traditional loan application. The reason is because naca wants to almost guarantee you will not be denied a home loan due to your financial picture once you actually get to the home buying process. Keep in mind naca is double checking and triple checking before you buy a house whereas banks outside of naca will only single check and then not even let you know there’s a problem until you are under contract which jeopardizes the sale.
The naca process is not easy nor is it swift so if you absolutely cannot wait to buy a house naca might not be for you but, if you continue to provide exactly what the underwriters want you will eventually be in a better position than the majority of prospective home buyers.
I’m aware the process isn’t easy, but if its documents that were already submitted then I feel like there’s a bigger problem. I appreciate the double checking from, the banks. Everyone process is different. Very different. I’m aware. but I know 2 people that have closed and didn’t sit in Qualifications for a month.
The same happened to me I kept getting conditions 4 different times before it went through but it will finally cleared. Be sure to continue submitting or resubmitting everything that they want. Your keys will the the prize in the end!!!