Credit Access- 10 Day Deadline

[ShanMarie55]

So we are waiting for credit access. On 9/6, I spent 6 hours at the local NACA office preparing credit access submittion. Was suppose to meet with my MC, Monday 9/10, but there was no decision. Rescheduled for Tues 9/11, came back with conditions but my MC said I didn’t need to come in because the conditions were an oversight on the underwriters part. Credit Access was resubmitted same day. Now we have an appointment scheduled Tomorrow 9/13 in anticipation we will receive credit access approval. I am constantly checking the Web File for updates and emails. Status still says Credit Access-requested. I am freaking out because tomorrow is day 9, and we heard bank app has to be submitted by day 10. Has anyone else heard about this 10 day rule?

[Butterfly123]

I have heard about the timeline. Is it 10 business days or 10 days? My file was submitted yesterday for Credit Access and I haven’t heard anything yet. I got an email saying to sign in and view my appraisal but there was nothing for me to view. My contract was signed 8/30.

[ShanMarie55]

My MC counted the weekends and mentioned tomorrow would be day 9. We signed our contract 8/31, got the inspection done 9/4, applied for credit access 9/6, and received the inspection report 9/7. We addressed repairs over the weekend and submitted the addendum 9/11, Recieved and accepted the bank estimate discourse 9/10, but we have not heard anything about an appraisal. I am on edge with this credit access.

[Butterfly123]

If they are counting weekends then I’m definitely past my 10 day mark. I got a text late last night that my status changed to “Credit Access Pending.” My Naca agent said he would get the appraisal and send it to me since I couldn’t see it in my file. Of course I am hoping to hear something today.

[Pearl609]

@ShanMarie55 and @Butterfly123,

My contract date for NACA purposes (I am doing a new construction and did an Addendum) was Tuesday, 08/28 and I submitted my documents for Credit Access on Wednesday 08/29. I submitted all docs requested by Thursday 08/30 and Credit Access was submitted on Friday, 08/31.

The title company took a week to respond with required information so I was past my 10 days, but it did not affect my bank application. From what I understand, that is a NACA policy for internal workflow (possibly auditing) purposes. My Credit Access was approved Tuesday, 09/11 and I did my bank app that same day.

[Butterfly123]

Thanks @Pearl609. I’m just hoping the the wheels are turning and moving in the right direction.

[TTrumble]

Hello ShanMarie55,

Our objective is 10 calendar days between P&S Agrement and applicaion, although 10 business days is more realistic. (BTW, by today’s standards, business days are every day except Sundays and holidays.)

If you do go past ten days, it won’t hurt you. You aren’t disqualified or anything of the sort, it’s just taking longer than it should. Contact your office manager if it goes past ten business dyas.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

• This reply was modified 3 years, 2 months ago by TTrumble.

[Butterfly123]

UDDATE- My file came back with 2 conditions this afternoon. I addressed both and my file has been resubmitted.

[southflorida]

Were you able to see the conditions on your webfile?

[Butterfly123]

No @southflorida. My MC emailed me.

[jesscageorger]

Couple questions about student loans and credit

Hello, my name is Jessica, I am 25 now and will be finishing school now..

Couple questions about student loans and credit.

So, do they affect the credit score?

I don’t have any job right now, and I am constantly looking, how much time will I have to start paying them off?

I will have around $40,000 total of debt and just want to see how it will affect my credit because I plan on buying a home in the next 3 years.

Do student loans will hurt my credit?

Will I need to hire a a credit repair company so I have a score of 700 at least?

Lets say I find a job at 80k, how much should I pay them off?

Not sure what the interest is.

Anyway, thanks! and I hope I am in the right category!

[Butterfly123]

@jesscageorger Naca isn’t concerned with your credit score. What’s on your credit report matters. Judgements, liens, collections, payment history and debt to income. Your student loans will play a part in your debt to income ratio. Also they will need paystubs to show steady income and employment. I would suggest looking into attending a Naca workshop in your area.

[JHarris981]

@jesscageorger you’ll need to be employed for a least a year to be eligible for NACA. You can defer your loan payments right now, but your debt will affect your qualification. Your total debt, including your mortgage, cannot be great than 40% of your gross income. If you make $80k, then it’s really up to you as to how soon you pay them off. Personally, if I made $80k, I’d live off of $40k and pay the student loan off in a year. That’s just me, though. Loan re-payment plans are based on income. You can always pay more than the minimum requirement if you’re able to do so. It is not required that you have your loan paid off before being NACA-qualified. They will just factor in your loan payment as part of your debt, and as long as it, plus your mortgage, do not exceed 40% of your gross income, you should be good to go (that is if you don’t have any late payments on your credit cards or late rent payments). As @Butterfly123 mentioned, attend a workshop just to learn more about NACA. You’ll need to be at your job for a least a year to get the ball rolling. You’ll also want to save for buy down and MRF (minimum required funds). Congrats to you for already doing the research to become a homeowner!

[determined1227]

@butterfly123 my file still says credit access -pending and I haven’t moved all week it will sure be past my 10 days as well and I’m still waiting

[Butterfly123]

@determined1227… I guess it all depends on the office. My file was resubmitted yesterday for Credit Access after I addressed the conditions and I got a text alert last night the my status updates to “Credit access Approved” They asked me to come in and sign my bank application today. The office is an hour away from me so I took a half day at work to go to the office. My status has now changed to “Mortgage Process” My MC kept saying Wow, your file has been moving fast. I told him I hope it keeps rolling. He did inform me that my CC is in charge of 4 states so…We’ll see how this goes.

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