Hello All! I currently have a home that I will be selling in May and then need to purchase a new home. I would love to use NACA since my wife will no longer be working in the area we are moving to and I would qualify on my own. We will be paying off all our credit cards once we close and use leftover funds for buy-downs and the MRF. Can I get qualified while in this process or will I have to wait until after I sell my home? I would like to start the process, sell my home, pay off my credit cards/loans immediately and then submit a bank app so I can put an offer on a new home. I have an intake meeting this week and I wonder if I should even bother or if I should wait until next month. My timeline is to put up our home to sell in May(close around mid-june), put an offer on a home by late-June and move into our new home in late July.
My wife and I are in the same situation. We currently own a home and got NACA qualified but we knew we had to have a purchase and sales agreement (offer/contract) on our current home to be approved for credit access which is the next step after you have found another home to purchase. You sound like you have a good plan and are on the right track. Get NACA qualified, sell your current home then move forward with the NACA process.
Always start with NACA as soon as possible even if you know you won’t be ready for a while. Unless you go a ATD event they will not qualify you on the spot and as someone who is already preapproved via another bank you will still have to wait a month or 3 before you get an intake appointment and may not be qualified for another month or 2 after that. So get the process started. I do believe you can get qualified while owning the home. You cannot close through naca before having the transfer of title hard copy of your current house in hand.
Thanks, I appreciate the reply. So from Naca’s timeline, it sounds like I would go through intake, NACA qualification, purchase workshop & housing search, purchase & sale contract, property condition, hopefully have my house sold, and then step 7 Naca credit access & bank application?
I just wanted to be sure that sounds right and that I can get naca qualified with the stipulation of the house being sold prior to credit access. Thanks again!