January 27, 2020 at 3:31 pm #65059
We have spent the last 6 months getting everything in order and now we seem to be stuck getting qualified. Our file was finally sent to UW at the beginning of the month and was told we should hear something within a week or 2. We finally hear back Thursday of last week with Not Qualified – Conditions. 6 conditions. 1 – my primary contact couldn’t be my wife when the options were drop down box and spouse was an option. 2 – I had not listed my kids as dependents with birthdates. 3 – The left side of one of my docs was cut off when I scanned it myself and the entire document was visible. Other 2 were deposits I had to write a LOE for and i uploaded immediately and my MC corrected all the other conditions over the phone. Now we are back to pending with no word from anyone. We are using a NACA realtor and she has “escalated” our file but with MC out of the office we wont know anything til tomorrow. Is anyone else having similar problems?January 27, 2020 at 3:38 pm #65060
This is pretty common. As long as you have taken care of your conditions no matter how small, mundane or unnecessary they may seem you should be fine. With that said typically the UW respond within 72 hours IF there are no delays, issues with paperwork or backlogs. Since you received conditions on Thursday then today would be the absolute earliest you can expect to hit that 72 hour mark and only if you submitted your conditions prior to Thursday afternoon. Just relax. You got this.January 27, 2020 at 5:46 pm #65063
Actually just got Qualification notice!January 27, 2020 at 6:31 pm #65064
Awesome! Good luck house hunting!January 28, 2020 at 5:11 pm #65085
On Jan 6th all of my documents were “supposedly” submitted by my MC. I called Member Services on the 15th looking for an update and Alice w/ MS told me my MC HADN’T EVEN SUBMITTED MY FILE and was basically sitting on it for 10 days. Finally, my file was submitted on the 16th of this month and I STILL have not heard anything.
22 days since I turned everything in, 13 days since it’s been submitted and I can’t get an answer from anyone. I’m incredibly upset as I have a lease expiring in a couple months and God only knows I’m going to need every bit of the 45 day closing window to get closed. I’m unsure what the hold up is but it’s unsettling to say the least.
Congrats on getting your qualification tho! Hoping I hear something soon.January 28, 2020 at 6:42 pm #65088
I know you don’t want to hear this but do you have a contingency plan? It’s inadvisable to plan for your closing and lease end at the same time. Usually it’s a good idea to have a month or two overlap. Leasing companies will almost always work with you if you are buying a house because this is how the mortgage lending industry works. You might get charged a premium but it beats most of the alternatives.January 29, 2020 at 11:17 am #65137
@nelsont Yes, fortunately, I do have contingencies in place for overlap. Still, that would increase my DTI ratio as my rent would increase for any extra time I would have to spend at my current place. I don’t have to be out until mid-May. I’ve allotted 60 days for qualification and home search. If I get under contract by March 1 that will give me 61 days to close by May 1st. These are extreme timelines and, being in the Real Estate industry, I feel like should be more than enough to accommodate even the slowest process. My biggest issue is that I shouldn’t be penalized because my MC took his sweet time on submission.
NACA needs an overhaul from top to bottom. This program does offer great benefits but they’re almost negated by lackadaisical workmanship and no sense of urgency. NACA needs to stop focusing on bringing in anyone and everyone they can get their hands on and set a realistic number of READY applicants per region per year that they can effectively manage…OR bring in admins to their offices to help with the workloads of the MCs. I understand the counseling part of the program but let’s face it…the majority of intakes are people who want someone to tell them what to do, are NOWHERE near ready, and just want to reap the benefits. If NACA would focus more on those who’ve already positioned themselves for success I think they would have a higher approval rating and a much more efficient workflow.
When you have, what seems like, over half of your customers complaining about the same things across the country that should be a huge red flag to the leadership. The first step in helping others is making sure you can first help yourself. MC turnover rate, constant hang ups on files, the amount of similar complaints from NACA members are all astounding.January 29, 2020 at 11:38 am #65138
In order for NACA to align their goals with your proposed goals they would have to change their mission statement created 35 years ago and completely change their identity which is offering everybody the ability to buy a home without discrimination, among other things. NACA is consumer advocacy program that offers counselling to help people obtain mortgage loans. If the requirement to get into naca were to be ready first then how would these people that you say are nowhere near ready even get ready? Just because you are able to figure it out doesn’t mean that someone else is. There are plenty of people who have learned how to pay their bills on time and manage their finances but, still need to be walked through the loan process. I challenge you to take a slightly different perspective on people who don’t necessarily have it all together.
Also just be aware that 45 days to close should be enough and 60 days is an extreme timeline but, even though you may work in the RE industry bank of america has been taking upwards of 3-6 weeks to underwrite AFTER NACA hands the application to them which may be 2-4 weeks after you submit a contract. I would say if you submit a contract in March then expect to close in May if there are no delays.January 29, 2020 at 12:07 pm #65140
The product NACA offers is truly incredible. The process can be frustrating at times but if you ever bought or sold a house before you know this isn’t just NACA. Im currently living with my parents with 2 kids so to say im anxious to get in a house is an understatement. But, if it took me 6 more months to get into a house with NACA I would tough it out. In the long run, what NACA is offering is unheard of and leaves families so much better off going forward. Sometimes you just need to remind yourself of that along the way.January 29, 2020 at 12:10 pm #65141
Don’t get me wrong I’m not saying turn them away – just saying they should get a “rubber stamp” for those who are ready to go go and send them through ASAP to help free up their workload for those who do need the help.
I understand and am probably just venting more than anything. Not trying to be a grouch but my first appointment was over 5 months ago so I’m chomping at the bit as you can imagine.January 30, 2020 at 1:52 pm #65171
Update: Finally received word on my file. 11 conditions all addressed in an hour and MC has resubmitted already. I feel much better knowing that the process is finally starting to move. However, I’m worried about the ADT event from 1/30-2/2 is going to effect hearing back within 72 hours.
At any rate I see the gears turning now and I can breathe a little! Wish me luck.
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