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HI there. I closed 55 days after I did the bank app, but had to get one ten-day extension on my contract with the seller (but settled within 5). Best of luck!
Awesoooome!!!!! Looks like banks are trying to get these files closed before the end of the year. Love it!!!!
You got it Mr. Trumble! Will get a picture of my son and i with keys in hand this weekend :-). Thanks so much for all your encouraging words and assistance. Now, to have Citi tell me how much I’ll need at closing. Wish they would come on with that!
Hi there. I would advise against it, personally. Your agent and MC should guide you every step of the way and shouldn’t let you get into a deal that would put you in a compromising situation (just make sure your contract is contingent upon appraisal :-)). Those lawyer fees would be better spent on the extra funds you may need for closing…or for decorating your new home :-). Good luck!
Yup, that includes your principal, taxes, and insurance (and the $50 monthly NACA fee unless the bank your city works with pays it for you). I was in the same situation – got approved for $1,298 and have been paying $1,525 in rent. (sigh). But congrats on the approval!!!December 11, 2012 at 10:42 pm in reply to: Supposed to close in 9 days – no one returning my calls or emails #4855
Hi. I’m also with the DC office. My MC says she has about ten people awaiting the clear to close. Citi needs to get it together! And your MC should at least give you an update. If you wanna give me his initials I can ask my MC if he’s still there. Naca folks have been known to roll out. TRUST me, lol. I figure we gotta help each other make it through if we can! 🙂
Depends on your situation and timeline for repair completion. For me, I did my bank app October 23rd (contract was ratified on the 14th with inspection done on the 15th). I had a judgment on my credit, which I was TOLD I didn’t have to payoff when I was in the NACA underwriting process, come to find out Citi wanted me to pay it off, so my MC fought to have them accept the payment arrangement. Wish my first MC would have just told me to pay it off to avoid this mess! That held up my life for a few days, and the second appraisal was done on December 4th to verify completion of the repair items. As far as I’m aware, all of my conditions were satisfied as of this past Friday. My contract with the seller expires on the 14th and my rate expires on the 24th so I have to get a contract extension until the 24th. After that, only God knows what I will have to do. I have NO clue what the bottleneck is right now, since everything appears to be satisfied. I wish someone could explain THAT to me. Saying “Citi is backed up” means nothing to me. Backed up doing WHAT!!??? I imagine the closing department is the holdup. Good luck to you!
Oh I’m qualified and supposed to close by next Friday (crossing fingers). My MC just told me it could mean the final appraisal was done.
Thanks Tim! I signed the application revision adjusting the loan amount to remove the wish list funds yesterday and waiting on a payoff letter from a creditor. That’s all I know of for now!
Hi there. Since you’re at your max for the house, you will either have to come out of pocket for all repairs, see if you can get closing help from the sellers to pay down your rate (or pay the rate down yourself) to reduce your monthly payment allowing for repair funds if the seller won’t do them, or MAYBE see if the seller will come down on the price of the home (which i doubt will happen). Good luck!
Congrats to you all! You MC can tell you over email what you are qualified for, but you will get your official letter at the purchase workshop once you confirm you are going. Someone from NACA headquarters may be emailing you shortly to ask for the name of your realtor since that goes on the letter as well (if you have a realtor). Now the REAL fun :-).
Depends on your debt-to-income ratio. And, if I’m not mistaken, there is a certain percentage of your income that can be used for your mortgage. I wanna say it just went down to 30-something percent (but don’t quote me). For me, I was approved for $200 less than what I wanted my mortgage to be (even though i pay the SAME amount in rent right now) because they factored in my student loan payments which aren’t even due for another two years. More important than the purchase amount is the monthly payment. Especially since the monthly amount can vary depending on the amount of annual property taxes. You will end up with a lower monthly payment for a 250K home with $2,000 a year in taxes than a house for 200K with $5,000 in taxes…which is why i had to find a house outisde my ideal county :-/. Good luck!
Hi jhatt. Yup, she can send the contract (once ratified) to your MC and the MC can determine how much funding you have available for wish list items or repairs (should the seller not wish to do them after the inspection). And the inspector will send a copy of the inspection directly to the HAND department after that, and HAND will determine which of the repairs need to be made and send that list back to you. Once all that is done and it’s determined who will do what repairs and sign the repair addendum (if applicable), you will be called in to do the bank application and then come the fabulous list of conditions you have to satisfy! Best of luck and congrats on finding your dream home!
Hi Stephanie. Well, usually they don’t update the task list until you are actually at the office. The one in your webfile just shows what is still pending, so when you go meet with them the next time, they can just call the dcoument up and check things off as you give it to them. i would recommend scanning or faxing your remediation items to your webfile AND taking hard copies into the office the next time you go. Documents like to “disappear” from webfiles :-). And when you have the alternative credit and MRF (or think you are within a week or so of having it), you may want to email your NACA office manager to request an appointment (making an appointment through your webfile does NOT work…TRUST me). Best of luck on your NACA journey!
YES! I see something about a GSA, LDP, and a Corelogic review. But hey, if it doesn’t say “Borrower to” in front, I’m not worried about it!