I'm Qualified!!

[ImANewbie]

I was just NACA qualified!! As a newbie in this homeowner journey, I was extremely worried about not having all the documents and just the process in general.. I’m currently attending ATD event in Cleveland and got to meet the infamous @timtrumble. I’ll do a separate post for my complete timeline.

My one piece of advice so far is to be patient and be organized!! Good luck to everyone.

[jcleus200]

Thank you , I stated my process in September an got my intake in January 5th, I am getting my 2nd appointment with my mc this week. My only concern here in Atlanta it is very difficult to get sooner appointment only after 2 or 3 months.

what is the difference between pr-qualified and qualified?

So happy for you that you qualified , I hope to buy my house this year.

[kyondary18]

@jcleus22 I am in Atlanta as well, but my MC is in Charlotte. I have (quick) appointments with her via email or text almost weekly. I just started as well. I went to the workshop in November and first intake in Feb. Hopefully, my file will be submitted to UW tomorrow.

I’m super new so I do not have any authority to give advice, but since we have the time it doesn’t hurt to “review” our own records. I’ve been passing the time making sure that I have hard and digital copies of everything I have already or am planning to submit. Fingers crossed I’ll be qualified soon.

Good luck!

[ImANewbie]

@jclues200. I’m not sure about pre-qualified, but being qualified I am now able to begin house searching within an approved price range.

Maybe @ttrumble can shed some light on pre-qualification.

Good Luck @kyondary18!

[jcleus200]

@Kyondary18 So happy for you that your process is is going well. I thought you had to wait to your 2nd appointment after the intake to bring all the requested document that you missing in the intake and the LOE’s. Did you get all this done in the intake since you are waiting to have your file submitted to UW. By the way are you planning to buy In Fulton County? As for me it is Gwinnett.

@ImANewbie in my intake session my MV told me that I was pre-qualified for x amount and thats how my payment shock was calculated. I am new here ,I might got it wrong but this is how I remember it.

[ImANewbie]

Oh I gotcha @jcleus200! No you are correct. You are pre-qualified in the beginning based off what type of payment your looking to have, and how much house your looking to qualify for. You become qualified once your file is sent to Underwriting and they review everything (budget, bank statements, payment shock savings, etc)..and give there stamp of approval. After reviewing your docs, UW can come back and qualify you for less. That’s when and your counselor need to have another conversation.

Sorry about any confusion…I have so many terms going on in my brain they’re all blending together. Lol

[HowardCO]

@ImANewbie Good Morning, when did your file was summited to underwriter? I am waiting for qualification also. Thank You

[ImANewbie]

@HowardCO Good Morning, My file was submitted on last Tuesday! Good Luck!!

[Tuupenette7421]

Good Morning, after such a long journey, my file was finally submitted on March 20th, and there is one item pending, I do know that a 4506-T for 2016-2017 was signed that day, but I have a feeling also another VOR is needed because it’s a new year, Is it possible to become Qualified through my bank statements also, until my landlord submits the verification. Is there a way to see what the pending item is?

Thanks

[HowardCO]

WOW, My file was summited March 7th came back with 4506-T on 19th sent it back the same day, I have not heard back since than.

[Searching4Homes]

Word of advice to all of you in underwriting waiting to get qualified. Call member services DAILY! Ask them if any conditions were sent back from the bank. If you have some, email your MC immediately to find out what they were.

[Searching4Homes]

@Tuupenette7421,

The VOR is valid for a year. As long as the rent is coming out of your bank account you shouldn’t need another one.

[kyondary18]

@jcleus200 My MC requests documents and I email them over to her and the file within the hour. After my first intake session, she gave me an action plan and scheduled our next appt. I read ALL the home purchase entries in the blog for any similar potential issues and try to get ahead of the paperwork. I will hopefully be purchasing in Dekalb and have charted listing prices to sold prices (because i’m a nerd) to see how much housing prices are rising. This is also my way of processing my anxiety. 🙂

[ImANewbie]

Like @Searching4Homes said, please call Member services and check on your file as often as possible.

It definitely can be a stressful process but keep on pushing!!

[almosthomeinarkansas]

Congratulations! I’m hoping to get my qualification this week.

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