Forum Replies Created
February 7, 2018 at 12:48 pm in reply to: My NACA journey (plus extras) and D R Horton experience #40355
I sent you a message on FB messenger… Maybe you cant see it because we are not connected, I will just send you a friend request if that is okay with you?February 7, 2018 at 11:18 am in reply to: My NACA journey (plus extras) and D R Horton experience #40350February 5, 2018 at 4:21 pm in reply to: My NACA journey (plus extras) and D R Horton experience #40314
GREAT ADVICE!!! that is what I read multiple places, I just didnt know anyone who actually went thru the process personally. Thank you so much, I look forward to speaking soon!February 5, 2018 at 3:11 pm in reply to: My NACA journey (plus extras) and D R Horton experience #40311
@pratik THANK YOU SO MUCH FOR RESPONDING!!!
I have not signed the contract yet…. I am scheduled to meet and do that next week, but when I received conflicting information from 2 different sales agents I was thrown for a loop.
I have done some extensive research on it (including your advice) but I wanted to get some more details from you before proceeding.
The home will not be completed until July/August, so I would hope this wouldn’t delay closing that is so far in advance… when would I need to switch the lender to NACA?
@BleuBleu I waited on the DC office and decided to got o Baltimore as well. I currently live closer to Baltimore than I do DC, so it wasn’t an inconvenience, I am purchasing in the PG county area as well.
I think you need to go ahead and see if you can get an appointment there.
Good luck!!February 5, 2018 at 2:10 pm in reply to: My NACA journey (plus extras) and D R Horton experience #40301
I am dealing with a similar issue (with another builder) and it is driving me crazy! They initially told me I would still get the 12k in closing costs with NACA, now I am hearing another story. Would you mind helping me figure out the best way to go about this? I have done all the math and this 12k in closing makes a difference… especially with the interest rates rising so quickly.
I know I cannot post my email here, so if we could exchange via Tim, any help you could give me would be greatly appreciated!
THANK YOU SO MUCH for this clarification! I will see my MC today actually, so I will definitely let him know!
Appreciate the quick response!!
@DM you said it has been a frustrating 5-6 months with the Baltimore Office… did it take you that long to get qualified? I originally wanted to work with the DC office since I am buying in the DC area, but now I am thinking about going to the Baltimore office (closer to where I live currently).
Would you recommend them, or should I wait for the DC Office?
Hey Tim, Happy New Year!!
Thanks again for the tips, really appreciate all your help! I am sure people are probably not comfortable providing their personal monthly bank statements, as they show detailed information of purchases which they may want to keep private… The letter would strictly provide financial information to serve as proof that the account and the funds have been seasoned and satisfy the anti-money laundering laws. I mean, I am sure if my dad had a secret hobby I would not want to know about it LOL!!
Anyway, after I explained to him (AGAIN) what I needed and why in greater detail, he told me he is okay with providing these account statements because the account has only been accruing interest over years, he does not use it for personal or business reasons. So hopefully I will be good to go!!!
@Ttrumble Thank for the response!
I understand the point of the Anti-Money Laundering, this is why I mentioned the bank providing a certified letter from the bank stating how long the account has been opened and the balances, etc.
If the lender is asking for bank statements (let’s say three months), and the funds have been there for all three statement periods, that satisfies the requirements. But how does the lender know the money wasn’t laundered 4-5 months ago?? Meanwhile, if the bank can provide a letter certifying when the account was opened and that the money has grown over a certain amount of time LEGITIMATELY, why wouldn’t that be proof enough?
My MC agreed with my idea of having my Dad give the funds to my sister and having her gift it to me since she is willing to provide her bank statements, BUT this would seem like that would be more suspicious activity than just having my dad provide the money to me from his already established bank account that has grown over the years.
I am not trying to get around the rules, I am simply trying to make my process easier without inconveniencing my elderly dad who is graciously willing to help me.
So I will be getting a gift from my dad to help me with my home buying. I talked with him about the process with NACA and he is NOT willing to share his bank statements, BUT has a separate account he has been saving for me in the event of his passing, He said he can use the money from that account instead of his personal checking/savings account.
He said he will obtain a cashier’s check from the bank made out to me. Since a Cashier’s check is a check guaranteed by a bank, drawn from its own funds and signed by a cashier or teller, that would be proof the funds were available. Also, I read you can obtain an official letter from the bank certifying the funds were available and for how long they have been available. Would this be sufficient?
If not, because he is in another state (4 hours from me), he does not have access to a fax AND his health doesn’t allot him the opportunity to do much commuting (back and forth to the bank)… would NACA be able to deal with the bank directly?
If I need to, I can plan travel to his state and go with him to the bank and obtain all the information I need in one day.
@Ttrumble thank you again for the detailed response. If I am looking at a check for Christmas, I sure hope I can convince him to give up his bank information, he’s an old stubborn man!
If not, I am thinking to ask him to write the check out to my sister and have her provide me with the gift in 30 days, I know for sure she will be willing to give me the information needed for the process.
Thanks again Tim!
@Ttrumble Thank you so much for that!
I already searched through my emails and found two emails from the management company where they indicated they were having issues with the online payment portal.
I do not have proof that I tried to pay on time, because at that time I did not think to take screenshots of my online login attempts. Hopefully with a very detailed letter of the series of events and the emails from the management company showing they were having issues, I will be forgiven. I have been there tow years and have NEVER been late, so this would suck if it held me back!
Wish me luck! I will keep you posted. Thanks again!!
Oh I forgot to mention. I am looking for a completion/closing date in August, September or October 2018.
Currently, the builders are selling for delivery dates in April/May 2018.
November 29, 2017 at 9:31 pm in reply to: My NACA journey (plus extras) and D R Horton experience #39528
- This reply was modified 4 years, 5 months ago by Pearl609.
LOL! I think you knew exactly where I was going with that! I feel like I have done all the work myself finding a new construction and the realtor’s % seems ridiculous to me, especially if I have to end up paying some of that out of pocket!! But since NACA requires it, guess I’m stuck 🙁