Forum Replies Created
UPDATE: Okay so my credit access was submitted on Friday, September 7 at 4:19pm and early Saturday afternoon I received an email stating my credit access was PENDING with THREE conditions (see post here: http://forums.naca.com/?topic=credit-access-conditions-2). I uploaded the required documents for two of the conditions (one was a duplicate) and emailed my MC with questions about the third condition.
My MC hadn’t replied to my emails so I went to the NACA office Monday (09/10/18) afternoon to make sure my MC received my documents and all three of my conditions were addressed. He submitted all the information (around 2pm) and contacted the underwriter, but she indicated she could not complete my case by COB, so he made an apt for me today, Tuesday 9/11/18 at 5pm.
Well, I got the notification about an hour ago that CREDIT ACCESS IS APPROVED!!!!!
I am so excited! Going to sign and submit my bank app today after work!! Wish me luck!
- This reply was modified 3 years, 8 months ago by Pearl609.
Well, right off the bat the sales agent said Dan Ryan works with NACA and that they didnt penalize buyers for using NACA and still gave the closing assistance.
So because I didnt want to lose out on the lot, I went ahead and did a pre approval with their preferred lender because I knew I would qualify based on my credit.
Once I was NACA qualified and ready to submit my file for credit access, i advised the sales agent I was switching lenders and they did an addendum to the contract.
Thank you so much, that makes me feel less nervous!
The email stated the NACA policy is to get the bank app submirted within 10 days of the contract… since the title company took a week to respond, the 10 days already surpassed.
I just hope I can get credit access approved and sign my bank app today
OH…. I responded to the email and cc my MC and my NACA email.
I attached all the documents I uploaded today and asked if I needed to contact my builder in regards to the transmittal summary.
ALSO… I do not have a real estate agent, so I dont know if that’s what they are looking for??
@southflorida my builder is Dan Ryan Builders. The community has been around for about 3 years and a home a few doors down from me sold last month, so I assume the estimate came from those factors.
Just wanted to update everyone that after getting the exact tax information from the title company and going over the numbers with my MC, my final all inclusive payment went from being $43 over what I anticipated to $79 LESS than what I anticipated!!!!!
Thank you to every person who helped me figure this out, I truly appreciate it!!
I’ll create a new post about my credit access experience 🙂
@southflorida, @pratik, @Jharris981 Thank you all for your responses!! I hate math and suck at the numbers thing (English major here lol) so I truly appreciate you all taking the time to crunch the numbers.
The taxes that my MC estimated (15%) is the $470 a month in taxes not per year.
HOA is $125 per month and HOI is $64 per month as well.
@southflorida thank you so much for that breakdown!!!
It is a new construction, builder is giving 10k towards buy down and I am just below 100% of the median income so I am eligible for the bank matching grant.
I have 44k available funds for buy down and princ reduction, so with the builders 10k, that’s a total of 54k.
HOA is 125 and HOI is $64, we estimated the taxes at the highest rate until the title company gets us the exact numbers $470.
There is a lot of confusion on this topic! I thought your rate is locked in the day you submit your bank application… but I would love to know the final correct answer
Still waiting on clarification on this please?
Thanks for the advice! Yes, I have an additional $6,000 set aside for closing
“The deposit (i.e. earnest money) is refunded at the closing since NACA is a true 100% financing program. The money can be directed at your request to go toward the interest buy down…. The funds must however be held by NACA’s closing attorney. The builder should be able to accommodate this without much problem. The bank should pick up The builder fees among the closing costs.”
However, I have been told by my MC that my earnest money deposit is not credited towards my buy-down because it goes towards pre-paid and closing costs.
Also, on page 35 of the Workbook, it states:
“Earnest money is often required by the seller as a deposit to hold the property until inspections can be completed and the loan application is approved. Upon closing, the earnest money is applied toward the required pre-paid expenses.
Maybe I am misinterpreting the information, can you please expand on this and help me understand? My Earnest deposit was significant ($7.500) and those were funds I originally planned to use towards buy-down so it would be helpful to know for sure where that money will go.
I was successful initially when uploading them via the online web file, the layout changed at some point (which I loved) and became much easier to upload documents to each corresponding account. But I noticed in April that all my March documents were still saying pending instead of accepted so I knew the system wasn’t working.
Once I emailed them to my MC he uploaded them and I didn’t have an issue. From this point on I’m going to stick to emailing them.
- This reply was modified 4 years ago by Pearl609.
Thank you @futurehomeowner15!!
OMG @TTrumble thank you so much! This made me smile so much! I am beyond grateful for this forum and to you for all of your help and advise!
I got my email that morning and I attended my workshop last night. It was great and very informative. I learned that your NACA qualification no longer expires in 90 days which is great, I will not feel so pressured and rushed to find a property, even tho I already know where I want to be since I am doing a new construction LOL.
I will definitely update my status and answer as many questions as I can to others!