Forum Replies Created
Don’t use NACA. It’s way more stress and trouble than it’s worth.
Just like other areas of NACA. They are slow, inefficient with too heavy of a workload.
I should get participation credits for steering people away. They can’t even handle the workload they have now.
I did for my last draw. Now I’m having to do the same waiting game for the next one. My contractor is understandably frustrated.
I will NOT recommend a rehab. HAND is just so difficult to work with. I’m just ready to be done.
Any insight on this please. Is there someone higher up I can escalate this to (aside from the HAND Director – who doesn’t return my emails)?
You can get partial draws based on completed work. They already received one. They don’t have to wait until everything is completed.
Not every contractor does construction loans. Contractors in my area are usually cash funded. Even certified 203k contractors rely on a consistently funded project and at least with other programs they get it faster.
I just can’t wait to be done. My contractor is moving so quickly and is working despite pay, but there something they cannot do without funds.
I’ve had offers ignored because the seller didn’t want to deal with late closing. However, if they are completely clueless as to what NACA is, your realtor should really be selling and explaining the NACA product to the seller’s agent.
Do you have an in-house or outside agent?
Back when they had in office appointments, my MC had me access my own free report on the work number website. Once I did, she downloaded it and uploaded it to my file for qualification.
@TAdams – then you should be able to get it taken care of. Perhap HAND is missing that point and assume it’s wishlist.
The title clearly states they are trying to buy appliances after close. Not before.
@TAdams – are the appliances listed as a required repair or wishlist?
I ask because NACA would make sure that the required repairs is completed before getting “wishlist” items and appliances.
As NACA members, I don’t think we are eligible for BOA grants offered to the public.
There is automatic 0.5 interest rate reduction from. BOA for NACA members making up to 80% of their MSA. But it’s only in select areas.August 13, 2020 at 9:35 am in reply to: How does NACA expect for contractors to start without a deposit? #71306
I always appreciate your replies. They are insightful. But you can’t believe every contractor who has gripes with NACA HAND department are sour grapes who do not want to follow the rules. The electronic payment may be fast, but the administrative side to process the draw request can be slow. I’ve experienced NACA HAND delays myself.
My prefered contractor is reputable and has an extensive portfolio with investment properties, 203k’s and is NACA approved. His main complaint is Hand’s slowness and I will likely be his last NACA client.August 12, 2020 at 10:24 am in reply to: How does NACA expect for contractors to start without a deposit? #71273
I’m just trying to navigate this all. I ran into several contractors that require a deposit and it’s limiting my options.
I even had contractors from the NACA approved list email me and state that they don’t do NACA because of their slow reimbursements. It’s really a disserve to the members who want to revitalize a home in a neighborhood.August 12, 2020 at 9:50 am in reply to: How does NACA expect for contractors to start without a deposit? #71271
I have. The one I’m interested in working with a 203k contractor.
I’m just curious how this will all work. It was difficult enough trying to find a contractor to work with NACA. Delaying their payment will be the last thing I would like to do.
Did you do a rehab?
Perhaps the MC/underwriter is fearfulthat he will move out and will no longer contribute to the household, thus making your mortgage unaffordable?
If you want to increase your buying power, you could buy down your interest rate.
Remodeling the basement (hasn’t been touch since the 60s). It will include adding a bedroom and bath.
From purchase workbook.
“It is often important to act quickly when writing an offer. If you are unable to wait to obtain a Property
Specific Letter and are at risk of losing a property due to multiple offers being made on a property, you
and your R.E. Agent are encouraged to proceed as necessary. It is recommended that you use the
NACA Mortgage Calculator on NACA’s website to make sure the offer amount does not exceed the
Monthly Mortgage Payment for which you are NACA Qualified. If an interest rate buy-down is required,
you must provide proof of funds above and beyond what was required per the Minimum Required Funds
and any amount paid by the seller. “