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Home › Forums › Purchase Program › Final CTC .. seller delay of closing
Tagged: Change of Circumstances, Clear to Close, COC, CTC, voe, VVOE
Hi! Just got our final CTC yesterday (orig. closing date was 11/13). Our seller has advised that the tenants cant leave until 11/30 because of a delay on the closing of their own house.
We got a 1K concession for the delay (since we already had a nearly 60-day escrow period, and now its being pushed to about 80 days).
Title company confirmed our closing is set for Dec. 5. We got an email from NACA saying that since our closing is in Dec., our VVOE will have expired by then and the title will need to be updated. Anyone else have that issue? How long is the VVOE valid for? @ttrumble
Also — this morning, we got COC documents that look a lot like the initial bank app. It reflects the extra $1K in concessions for the delay. Do we need to sign that or no? The docs came as an attachment but no instructions came with it?
I was told that my title expired on 11/24. Not even sure what that even means?
@Renegade I would assume that you have to sign the new documents, there was a change of circumstances, the numbers are changing for sure, with the additional $1K in seller contribution, I am assuming you would be getting a lower interest, However, consult with your NACA counselor
Hey there! Im currently still waiting to close on my home, but I had a final CTC at one point but since the seller took soooo long they took it back and had to resend paper work.Ive been stuck on UW for about a week. They have to do another VVOE FOR SURE.
Hello Renegade,
While the VVOE expires in thirty days and will most likely have to be done, it is hardly anything to be concerned about. It’s simply a phone call to your employer’s HR department or your department head to verify that you still have the same job that you listed on your loan application.
Go ahead and sign the COC and submit it into your file. Other than that, just keep the paystubs and bank statements updated in your file and you will be fine.
Tim Trumble
Online Operations, NACA
ttrumble@naca.com
Hello Renegade,
While the VVOE expires in thirty days and will most likely have to be redone, it is hardly anything to be concerned about. It’s simply a phone call to your employer’s HR department or your department head to verify that you still have the same job that you listed on your loan application.
Go ahead and sign the COC and submit it into your file. Other than that, just keep the paystubs and bank statements updated in your file and you will be fine.
Tim Trumble
Online Operations, NACA
ttrumble@naca.com