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And on top of this, I literally haven’t heard from HAND in three weeks. I think that’s equally as (if not more) frustrating. I never knew what was needed to be HAND cleared or if I had submitted the correct documents. The sellers got very frustrated with some of the documentation needed, and I kept asking them to redo things because I was worried it wouldn’t be accepted by HAND. I live in a pretty small area and most of the agents know each other. NACA didn’t have the best reputation, but I was determined that everyone would walk away and say “that wasn’t so bad, I would definitely accept offers from NACA again”, but I’m worried I have also failed on that side. I’m still hoping and praying for a miracle! HAND especially!
I have almost zero debt (YAY!!!). I believe the issue is that NACA underwriting went based on my pay increase set for August 15 per my contract. I received a promotion at my work and thus a new contract. Because of that, I received a pay increase that goes into effect August 15 (and since I wouldn’t have a mortgage payment due until September, it made complete sense). However, for some reason NACA and BOA are now saying that isn’t acceptable. I have the signed letter from my CFO and it was used to calculate my approval amount at the beginning of June. I’m glad I’ll get the earnest money back! I hate that I have now caused two families to have to walk away from their deals as well. The sellers were set to close on their new home July 16 and same with the family they were purchasing from. I’m just so frustrated and devastated it go to the week of closing before I’m finding out my financing is the issue.
I don’t have a clear idea. I was approved June 1 and went under contract June 4. I work for a school district, so I’m under a yearly contract, so my finances haven’t changed at all. I am getting a pay increase next year, starting August 15. They asked to see it on the contract or a letter, both of which I’ve given them. I wasn’t told anything about not being able to buy down more than 5 points. I asked specifically and my MC and office director both reassured me I could buy down as much as I needed. The five points would DEFINITELY be an issue at this point, but I am supposed to close FRIDAY and I am hearing nothing from anyone!!!!June 29, 2020 at 11:14 am in reply to: Anyone else experiencing zero communication through HAND? #69833
How can I find out my RS email? I am supposed to be working with Mr. Gracia, but I haven’t heard anything from him. I have my repair list, but am needing information on a few waiver requests AND my final inspections are the beginning of next week.
Wow! That would be an answered prayer. I asked my MC if I should attend the next event on June 4, to see if I could get through UW quicker. She said she didn’t think there was any reason to do that, but I don’t see why/how it would hurt? If it could get me approved the same day, I think that’s a huge benefit instead of waiting. But I also don’t want to disrespect her and her expertise (she’s been amazing, but I know UW is completely out of her control)!!!
UGH! I was hoping that since I’ve already been qualified, but just not at the higher amount that it might go more quickly, since literally all they have to check is the additional month of payment shock 🙁
I am nannying over the summer and make $60 a day, but I only do it about 2 days a week. So I’m wondering if I’ll need to explain those deposits.
I didn’t realize I would need the additional until I really starting looking at home prices. Would a print out of the transaction history be sufficient? My statement doesn’t become available until the 21st of the month.
I anticipate underwriting needing additional documentation (per everyone’s stories), I was just hoping to hear from them by Friday (or Monday) at the latest so that I could begin rounding up the additional documents they would need. If it’s three business days, that’s great! I have a follow up meeting with my counselor for May 15, and she was optimistic I could be qualified by then. But since I haven’t heard back from underwriting, I didn’t want to get my hopes up!
Is the first underwriting process for NACA or BOA? How long is it taking people to hear back from the underwriters (the first set of underwriting)!
Thank you so much for your insight! Is there a place I can look up what kinds of breaks the seller might get if they choose to go with a NACA offer? I’m educating myself and also my VERY hesitant agent. I know I will have to do the majority of the leg work because she is so hesitant and negative. I’m also going to email the Real Estate Department to see if I can get a list of NACA trained agents in my area!
How is their commission effected with NACA?
Do you think they’ll need six+ months of rental history consecutively? I certainly have a rental history, I just took a break for January and February to wait on this rental property to be available! But, I have years of rental experience (and a mortgage I got through NACA) as proof of my payment and commitment to timely payments.
It definitely helps! Thank you! I know NACA prides themselves on case-by-case situations, do you think there’s a chance I could qualify before the full six months payment shock has been saved, but not close yet? Also, do you know how quickly I may be able to get an intake session since they are all virtual now? I’m located in Columbia, SC! I did the HBW yesterday! And I have already purchased one home through NACA several years ago, but I had to relocate for a job!
Thanks for your response and help! LAST Question– I promise– Since it appears I still need to save the payment shock for at least four months, is there any chance NACA can give me an estimate of what they think I’ll be approved for mortgage wise? Four months is a long time to wait to even qualify, but if they are willing to tell me what they think I”ll qualify for, it might outweigh the waiting! Hope that makes sense!