Buying in a Different state but being told I have to move first

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  • #74711
    AndrewMartin1906
    Participant

    Hello

    My wife and I live in New York City and are currently going through the NACA process. We are relocating to Los Angeles and have been upfront about that at 2 ATD events that we have attended. We did our ATD event and was transferred to the LA office where our MC told us that we can not continue with the process because we are not in LA yet and we have to live in LA for 6 months before she would qualify us. Does anyone know if this is correct or is there another way around this? It doesn’t make sense to me that NACA wants us to move to another rental for 6 months when we are ready now. My wife and I are both on the loan and we both work remote full time and are not going back to an office.

    Any help is appreciated.

    #74716
    Nelsont
    Member

    I’m not sure about the 6 month rule. What is necessary though is proof of income in the new state. That will either come from working while living there or a letter from your employer on company letterhead (no email) that location doesn’t matter.

    #74724
    Thegame
    Participant

    That is a great question. As a Remote worker you are able to reside any where most times. Who is answering the questions officially on this forum ??
    It makes no sense for you to move 2x and the cost to do that is not a small amount of $$$$.

    #74725
    TTrumble
    Member

    Hello AndrewMartin1906,

    The requirement to move first and establish employment and residency history is correct.

    NACA policy states, “Members seeking to relocate to a different city or state must be counseled to get familiar with the area and document income stability in the new location prior to NACA Qualification. This includes Members able to maintain the same job or income (i.e., work remote), Members earning fixed income or Members who are being transferred by their employers to another state to work”.

    NACA is first and foremost an community advocacy organization, not just a mortgage application process. If you are going to move, we need to make sure that you are established and stable in your new city to insure that you will be able to do the same in the home you plan to buy.

    Tim Trumble
    Online Operations, NACA

    #74747
    AndrewMartin1906
    Participant

    @TTrumble

    We lived in LA before and are now moving back with our children.We are familiar with the area and my wife and I both have letters from our employers stating that we are permanent full time remote and the move does not affect our employment with our respective companies.

    Is this enough documentation to not slow down the process? Is there anything else that we need to show to our counselor? We are fully financially ready and want to make sure we have everything covered as we move through the process.

    Thanks for all the assistance in advance.

    #74771
    TTrumble
    Member

    Hello AndrewMartin1906,

    Not being a smart-aleck here, but I’m not the one to make the determination. You need to get those letters into the file and in front of your counselor to see if they are sufficient to do the job.

    However, if those letters meet what Nelsont wrote and the policy I quoted, then you have a pretty good chance of being able to proceed. The only way to find out for sure is to give it a shot.

    Please keep me updated.

    Tim Trumble
    Online Operations, NACA

    #75649
    nanii
    Participant

    Andrew, do you have an update on if the MC flexed on this “requirement”? I’m currently in NJ and want to move down to GA because:
    1. I’ll get way more house for my money
    2. I can either be relocated to a job down there and/or work 100% remotely in my current job
    3. I have tons of family in that area and my mom also plans on moving down there soon (no with me though)
    4. I would have been with my current job and have a record of stable income for well over 6 months

    My intake meeting isn’t until Feb. 2022 and I don’t want to do all this prep (I plan on being qualification ready by my first meeting) and then be disqualified because I don’t yet live in GA. I’m assuming my best bet is to land a new job with a physical location in that area but I love my job 🙁

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