I submitted an addendum to my new construction contract to my MC about 2 weeks ago which increased my purchase price by a marginal amount (still within my pre-approved max). My realtor has reached out a couple of times to see if there is anything else needed on our end, but we haven’t received any word back. Does anyone have experience with a COC and what if anything we can expect? My house is scheduled to start construction soon and I want to avoid any delays.
To be honest, it’s hard to expect anything in this process.
I had to submit a change of circumstance to include my rehab funds into my loan. It was submitted by NACA processing last Friday. No one consulted me about it. It was just submitted. My MC seemed to not know that it was submitted.
My loan was updated by the following Monday when I received the initial closing disclosure (which is auto generated). I’m still actually waiting for my new appraisal.
I wish I could give you a clearer picture, but due to the “character based” lending aspect of this process, no one file or timeline is the same.
I have read some conflicting information regarding the need to include a boyfriend in the process, if I can qualify on my own. My issue is that we currently don’t cohabitate, and we have our separate rental apartments but would like to eventually move in the house together before or after getting married.
I read in an older thread, that NACA doesn’t care about getting married after the qualification process is complete. But then I have also read, all potential household member should also be included to incorporate their debt and not their income.
Under my income, I am a priority member..but i am not if we include his income.
My question is simple…If I go through the process alone and he either moves in quickly after closing …or if we get married with the next month after purchasing the home …then does this cause any issues with the NACA program or mortgage?