Bank Application Advice

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  • #43350

    Hello all,

    I am in the ‘home search’ step of the NACA Program and like prior members (i.e. @pratik), my situation is with a new construction home that I secured by doing an app with the builder’s preferred lender.

    My next step is to amend my P&S to show NACA as my lender and submit that to NACA for Credit Access so that my Bank Application can be submitted to Citbank. I haven’t submitted the information to NACA yet, because I have a very specific Buy-Down amount that I want to reach.

    The builder gave an estimated closing date of 09-30-2018 and I will reach my buy-down savings goal 08-24-2018 (which gives me 38 days until closing).

    I know that there can be conditions during the credit access process before the bank app is actually signed and submitted so I am wondering if I should apply for credit access before 08-24-2018 (maybe a week before) and this way by the time I am approved for the Bank App, I will have received my normal bi-weekly income and all the funds I need for buy-down will be available in my account for NACA and Citibank to verify.

    (oh, and the funds are not gifts, it is all strictly income from my employers)

    Any advice would be greatly appreciated… especially from @ttrumble LOL



    I just started the Credit Access stage but I would recommend to start the Credit Access possible now since you don’t know what conditions they may give you and how long that’s going to take. Also, the moment that you need to have the funds for the buy down is when your file is submitted to the Bank (bank app stage) and for that you need to go to the NACA office to sign the bank application, so I assume you can get credit access approved as soon as you can and then wait until you have your funds to submit the bank application.

    Also, are you taking into consideration that you will also need about $3,000-$5,000 at closing for prepaids (taxes, insurance, etc)?



    Thanks for the advice! Yes, I have an additional $6,000 set aside for closing

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