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I just had my insurance carrier input enough information to generate the quote and get it as close to my loan amount as they could and provide me with coverage that was close to what I needed.
So I purchased my policy in advance, and set a future effective date based on what the builder stated would be the possible closing date. Once the Certificate of occupancy was issued and the house was about done, I then did an effective date change to get it closer to what I thought it would be.The challenge came when I was waiting on he appraisal and NACA to set the closing date. I got the final date 2 days prior submitted to my Insurance company got a LOE sent it to NACA but because they had the old dec page with the wrong date they were going to reschedule it but luckily I was able to get it changed on my closing day, and get an updated dec page with the right date.March 14, 2020 at 10:37 pm in reply to: Using a different lender to secure home before NACA qualification #66266
We did the same thing with True Homes, went with their lender and switched it after going to the design center. Because we could show we put down 8000k which was more the our MRF we were good to have the difference for buy down.
@kristijay Just closed on Wednesday now the fun begins. Best piece of advice make sure you have your homeowners insurance setup properly. We almost didn’t close on our day because I had to get proof that I changed the effective date to my closing date.
Thank you NACA!
Good luck with the process I will let you know how my situation goes tentative closing date 3/4. Still waiting on the Certificate of Occupancy. Which floor plan are you thinking about?
I am building with True Homes and I hope that I won’t have to deal with that 10 day issue. My paperwork is up to date and I am working closely with all parties. Waiting on the appraisal to be ordered.