Tagged: BOA requirements
October 15, 2019 at 11:23 am #61347
I submitted my bank application on 10/11/19, what is the average time to hear from BOA, also I see today on my credit I received an inquiry from CoreLogic Cedco, is this who BOA use? ThanksOctober 15, 2019 at 11:51 am #61350NelsontMember
Typically you hear back in 2 to 3 business days which would be today. You will almost assuredly have conditions and likely very similar to the conditions you may have had for qualification and credit access so just be aware. And yes that would be BOA. Good luck!October 15, 2019 at 12:00 pm #61352
@ Nelsont Thank You!October 21, 2019 at 12:48 am #61560October 21, 2019 at 11:50 am #61573
@cynthesized yes I did get an update on 10/16/19 with conditions that has already been addressed, so now its the waiting game, my closing date is schedule for 10/25/19, we will seeOctober 21, 2019 at 12:49 pm #61576Peapod0609Member
@christianmia it usually takes Bank of America at least 3 weeks once they receive your bank app from what I have heard and seen on here. If you submitted it on 10/11, closing by 10/25 I think is a bit unlikely from what I have seen.
We are signing our bank app today and the close date in our contract is 11/12. That’s a 22 day window and I am not feeling optimistic we can do that without needing another week or two.
Here’s to hoping, though! Keep us updated!October 21, 2019 at 1:15 pm #61582
@Peapod0609 I figured that, I already contacted my realtor for an extension, good luck on your journey!October 21, 2019 at 1:40 pm #61586Tara585Member
I went through credit access to signing bank app in a 24 hour span. Inspection happened on 10/15. My close date is scheduled 11/26. Seems like everyone’s close date is definitely scheduled ahead of mine. Im hoping it occurs sooner. Im stalking my webfile waiting on conditions but really hoping there will not be any. Then again at least it would nean somone has looked at my file. When did you have your appraisal completed? My realtor said it was scheduled for the same day as the inspection but I dont know if it happened and getting through to the mortgage dept. Hasnt happened. I can already see issues with that. Good luck everyone!!!October 22, 2019 at 6:44 am #61608gmarr04Member
Hello, we are selling our current home, closing on November 12th. We are also qualified and going through NACA to purchase our new home. I just learned that the deed needs to be re-recorded ( takes 6-8 weeks) on the house that we are selling before I can buy another home through NACA?? Can someone confirm that please? We will be homeless if we have to wait that long.
We put our home on the market subsequently from attending the NACA event where we were told we would be fine as long as we closed on our current home before closing on our new NACA home. As a matter a fact the speaker said he’s had someone close on their Naca home the same day as they closed on their previous home.
Thank you for any inputOctober 22, 2019 at 8:12 am #61611NelsontMember
From my understanding AND through my experience you must show documented proof that you no longer own the property (and someone else does) before you can submit your bank application for the house you want to buy through naca. This is typically a transfer of title that will be sent to you in the mail after the county/title company/other organizations sign off after closing. I don’t know why what you heard was said. What I heard is mentioned at the workshops I volunteer at.
I had a foreclosure on my record 5 years prior to joining naca. I still had to provide all the documentation that showed the bank went through with the foreclosure, the proceedings did occur and any title and deed documentation that showed my name was taken off.October 22, 2019 at 10:33 am #61617Peapod0609Member
Hello everyone, my wife and I signed our bank app yesterday! Very exciting times. Our close date is 11/12 which I think might be a little tough to hit, but our counselor said it should be doable.
But one other thing he said is a little interesting and this may effect all of us. Everyone in the office was listening to some sort of meeting over the phone and they were giving updates on the NACA program, I believe from a regional director. Our counselor told us that one of the things they said on that call yesterday was that Bank of America is a little backed up at the moment.
Now, hopefully they work through their issues but I’ve seen this before over the summer. For those that were not actively posting this summer, back around July and August or so on this forum many people were posting about this. They were getting word from NACA that the bank was taking a longer time than usual with getting back conditions, and just the whole underwriting process in general.
@TTrumble do you have any additional insight regarding any Bank of America pain points or issues right now? Hopefully it is not as bad as the summertime. That caused a lot of delays for people. I am guessing with the whole advent of this Mortgage Department phone number we can call that might help a little. I plan on utilizing that resource quite frequently the next few weeks!October 22, 2019 at 10:57 am #61619DCL822Member
@Peapod0609 Congrats on signing your bank app! You are officially on the way to getting your keys:) Thanks for the update on BOA. I followed the forum this summer and was horrified at reading about all of the delays and lack of response from BOA. I was hoping the backlog issue would be resolved by now:( I will continue to be positive and just step up my persistence by calling the mortgage department more often.
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