jogearce

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Viewing 15 posts - 1 through 15 (of 68 total)
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  • in reply to: VERY disappointing NACA experience #66425
    jogearce
    Member

    @rashad3000

    please keep us update on what Naca’s response is, if any. Although I was able to close on my home, I also had a bad experience.

    in reply to: Scheduled to close tomorrow but havent gotten final $ amount #65838
    jogearce
    Member

    I received mine an hour before closing.

    in reply to: Unless a Miracle Happens Tonight I will lose my House #63889
    jogearce
    Member

    Im so sorry for what has happened to you Your story resonates with mine (take a look at my post history) and I can 100% relate with what you are going through. My seller actually back out of the deal after almost 3 months. Fortunately, a few days later, out of the blue, i got an email from my lawyer telling me to get ready to close. The seller agreed and everything went well. I dont want to give false hopes but i would really like to advise to try again. I did the math and im saving more than 60k by going with naca.

    in reply to: Aggy! #62492
    jogearce
    Member

    I have no idea what the hold up is but my file got delayed over a month because of the appraisal (first appraisal took ~15 days, the correction took about the same amount of days). Sorry for being the bearer of bad news but I just want you to know this takes time.

    in reply to: Not closing on time #61868
    jogearce
    Member

    Mine took 3 months to close at absolutely no fault of my own. There are things that are out of our control. At the end of the day, this the best mortgage is America and very well worth the unnecessary pain.

    in reply to: Losing out on purchase #61045
    jogearce
    Member

    @vero217 ” The appraisal was completed almost a month ago. We sent our bank application yesterday”

    How was the appraisal completed before submission of the bank application?

    The bank orders the appraisal after you submit the bank application.

    in reply to: Question about interest rate for Nonpriority members #60595
    jogearce
    Member

    I was able to buy my interest down to 0.25% with a 15 year loan. I was told that the maximum amount of points is 4.5 ( I am non-priority btw) . The rest of the points came from sellers contribution.

    in reply to: Appraisal #60451
    jogearce
    Member

    That is correct. At far as it appraised at or over the purchase price, you will be ok.

    in reply to: Appraisal #60445
    jogearce
    Member

    @Peapod0609

    $272,632 is the buy price of the home. The appraisal should not exceed $272,632. I was in the same situation. My house did appraise at over the value however.

    • This reply was modified 2 years, 7 months ago by jogearce.
    in reply to: Appraisal #60127
    jogearce
    Member

    I am sorry this is happening to you. The same thing happened to me, it took the bank 2 weeks from the moment the appraisal was done, to the moment it was uploaded to my web file. Actually, I got the paper based appraisal in the mail a few days after the appraisal was performed. I called everyone I could think of, I even went to my local office. Not one person gave me an answer or helped me expedite the process. All it was said to me was that it was on the banks hands. It almost killed my deal. As an additional note, the appraisal had to be corrected due to a typo and it also took 2+ weeks to get it fixed.

    • This reply was modified 2 years, 8 months ago by jogearce.
    in reply to: Help…buyer is using NACA #58742
    jogearce
    Member

    I did receive my initial CD BEFORE the mortgage commitment letter.

    in reply to: $50 fee. How to pay ? #58584
    jogearce
    Member

    @Peapod0609

    Thank you ! thats about $5k in savings.

    in reply to: $50 fee. How to pay ? #58577
    jogearce
    Member

    From another thread

    The $50 per month fee goes into our Neighborhood Stabilization Fund (NSF) and is part of our Member Assistance Program (MAP). The NSF replaces the far more expensive Personal Mortgage Insurance (PMI). The NSF funds are used to help homeowners who have run into short term problems paying the mortgage they received through NACA. Also, the fee is only charged for the first five to ten years of the loan, based on the amount of the loan. Additionally, while NSF provides direct protection for homeowners who have obtained their mortgage through NACA, the PMI charged by some lenders (especially FHA) is not only much more per month, it also is for the life of the loan, and provides no protection to the homeowner. PMI actually protects the servicer and investor by insuring they will recover their money should the homeowner default.

    in reply to: CTC Final, VOE – About to lose money & house #58465
    jogearce
    Member

    Your stories resonate a lot with mine. There was an issue which I kept bringing up for weeks at no avail. long story short, we closed but, oh boy, was it painful (we event sent the cancelation notice to get our earnest money back).

    Sending good vibes!

    It was all worth it! we got an amazing .25% rate!

    in reply to: Horrible experience – Lost deal on house #50357
    jogearce
    Member

    I just wanted to let everyone now that, after 83 days of signing the P&S agreement, I closed on the house yesterday. I will provide details later. All I can say now, it was a miracle.

    • This reply was modified 2 years, 9 months ago by jogearce.
    • This reply was modified 2 years, 9 months ago by jogearce.
Viewing 15 posts - 1 through 15 (of 68 total)