My Journey to ownership!!! Timeline

Home Forums Purchase Program My Journey to ownership!!! Timeline

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  • #50256
    lamassla
    Member

    I know that is a lot of of these out there but figured the more experiences there are the better understanding it will give to others who are new in the process. Also, I live in New York (Nassau County) and do not see a lot of experiences for those that live out here. Ok so here is my timeline.

    A little history — went through a home buying process on my own – through commercial mortgage company — was for a short sale — was in process for a year — mortgage got sold to another bank twice, a new appraisal was done (because the market went up) and they wanted to increase the asking price. In between that time the mortgage company I was going with decided that I no longer met their percentages and canceled their commitment and I had to find another mortgage company. After all was said and done, I ended up canceled contract. So started off very discouraged and disgusted with the whole home buying process

    Was told about NACA form 7 people who had already gone through the process

    October 2017 — Attended NACA home buyers workshop. Wasn’t interested with going through the process again, but was interested so I went to get the information and get my NACA ID

    May 9, 2019 — Intake appointment. Received Action Plan. Next appointment set to 7/25/2019 Status updated to: Action Plan

    July 12, 2019 — My appointment is canceled due to the ATD. New appointment set for Oct 1, 2019. Called to see if I can get anything closer, nothing available.

    July 28, 2019 — Attended ATD and qualified. Status updated to: Qualification Pending to Qualified

    July 28, 2019 — Attended Purchase Workshop and received my preapproval paperwork. Status Updated to: Housing Search

    July 29, 2019 — Sent e-mail to Naca Red team – to connect me with an agent in the area I am looking to buy (Suffolk County, NY). Also began looking at timelines for grants in my area and prepping applications.

    The best advice I can give — is Be Prepared. I have a binder that is sectioned out with everything that they will ask for. There is a hard copy and an electronic copy so that during any session they say they need something I can pull it from my phone and email it to my NACA email. During my counseling session at ATD, I had to give copies of docs to them that they didn’t ask for at any other time during the process. Also be prepared that some calculations may have been done incorrectly. In my case my original coordinator did not take in to account my business loss, which decreased my total monthly mortgage payment. Lastly, don’t get discouraged. It’s a process that is intense and the pressure will be on you, but you got this.

    I’ll keep you posted with my progress.

    Happy Journey everyone.

    #50257
    Nelsont
    Member

    Good luck! Be prepared is my best advice too. Not having everything, dilly dallying and not taking an active role – just waiting for things to happen will only delay the process.

    I do have 2 questions for you. Do you mind explaining why it took nearly 2 years for you get an intake appointment? Also, unless you are not concerned with timing, do you need to wait for NACA to contact you with an agent? I know I probably shouldn’t be saying don’t use a NACA agent but, there are only a few, and in my case, only 1 in the local office. If you get an agent that is willing to go through the NACA process that may be very beneficial to you.

    #50262
    lamassla
    Member

    @Nelsont – there is an agent that I worked with previously – and she was really nice — but in retrospect with what I know now – she wasn’t the best fit as she was more afraid of the seller than being an advocate for me. I’m open on the realtor but not sure where else to look for an outside realtor who is willing to work with NACA.

    On the appointment time – I was very Jaded on the whole home buying situation. And I didn’t want to look at another house or even deal with anything regarding real estate. Also, I wanted to be more knowledgable about just home buying in general, as my first mistake was not looking to see what benefits were afforded to me as a first time home buyer. I did not do any real research other than shopping houses and was under a lot of other personal pressures with family which kind of guided the main reason why I was going to buy a home.

    #50265
    spanishvita
    Member

    congrats, now the real fun begins lol!

    #50268
    Nelsont
    Member

    Many of these online brokerages like Redfin, Trulia and Zillow will match you up with an agent. I bought through Redfin. I simply looked at a particular listing on the Redfin site, scheduled a tour for a time that met my schedule and in the comment box stated I was NACA qualified and needed to work with a NACA licensed agent. I got a phone call later that day from an agent who had not worked with NACA before but his coworker had and he said was willing to become a NACA agent and do whatever it takes to get me into a house.

    #50270
    lamassla
    Member

    @Nelsont — that’s awesome! I will try that

    #50296
    Ej954
    Member

    Hi…im a section 8 tenant. I lived in my apartment for 9 years. I just got a vacate notification from my landlord indicating that i must vacate the premises by December 1st, 2019 because he is selling the property. Im at my wits end. I have been working as a Paraprofessional for 4 years at an elementary school. Prior to all of this, my co worker told me about naca. I believe it was meant for her to tell me about this program however my income and credit sucks. Will i be able to qualify asap? Inquiry mind wants to know

    #50300
    Nelsont
    Member

    Asap is not in the naca dictionary. You can probably qualify. Credit and income doesn’t matter however you have to show you are on the track to rebuilding your credit. You can have horrible credit as long as you have no recent charge offs evictions bankruptcies etc. Don’t open any new credit cards bank accounts or loans. Have 1 to 2 years without missing payments on anything. Have 2 years of solid work history with no gaps. A bank will still deny you because your credit isn’t repaired yet but naca will qualify you because the above shows good character. Now with your income that’s a different story. You will be qualified but only for what your current income can support. They don’t take location into account much. If you live in Manhattan and make $9/hr you will get qualified but we all know you can’t buy a house in Manhattan on $9/hr.

    Realistically speaking plan 6 months if you are currently in position to be approved for a home loan through traditional methods. Plan 2 months to get qualified. You need to attend a workshop and sign up for an intake appointment. That appointment might be a month out. Once you have your intake you need to volunteer at a naca event twice before you get qualified. Upon qualification you attend another workshop where you get your qualification letter which is like the pre approval letter. Then you can look for houses. Once you enter into a contract plan 60 days minimum to close. Hope this helps.

    #50306
    Ej954
    Member

    The thing is…i am schedule to attend to a workshop in September and have to be out of my place in December 1st..how is all this gonna be possible? Im am soooo worried because my landlord gave me a 4 month span to move out which is hectic..

    #50307
    living20057
    Member

    I think if your ready now. You have an idea of where you want to buy. It could happen.

    You be eligible, no lates in past 2 years. You will need money saved up enough to cover 1-2 months mortgage payment, 3 months of property taxes, homeowners insurance 12-14 months worth, and prepaid interest. On the low side I would say you 5k in your bank account before they will approve you.

    Now with section 8 you pay a subsidy payment, your mortgage probably will be higher. You need to show that you’ve been saving the difference between your current rent and mortgage payment for 3-6 months.

    I also thought Sec 8 will help buy a house. What type of resources do they have available?

    #50308
    Nelsont
    Member

    You will more than likely need to find a temporary place to live. This is fine. NACA will work with you on this. You have to remember you are going through a program that will allow you to purchase a home when you might not otherwise even be considered for a loan. That along with the fact they are providing loans through Bank of America that do not include the required down payment or closing costs associated with most other loans. NACA wants to make sure up front you are worthy of such a good opportunity and more so that you can maintain your worthiness once qualified.

    If you want to buy a house you have to follow the rules of the program or institution providing the loan. For people like you and me our options are limited. I was very discouraged when I started because of the timelines but, this allowed me to reflect on what I wanted instead of making a rash decision and I ended up in a much better situation because of it. Trust the process. I hope it works out for you!

    #50309
    southflorida
    Member

    @Ej954 If you think about it, 4 months is a very good advance notice that you got from your landlord. Most people get something like 2 weeks or 30 days. Find out if there is a workshop sooner and just go so you can start the process ASAP. However, you will probably have to wait at least 1 or 2 months for an appointment with a counselor, and then to get qualified, finding a house, getting to close, etc, may take around 6 months being realistic, specially if you are saying that you have issues with your finances. My personal opinion is that It will probably be a good idea to find a good place to rent for 1 year and use that year to achieve the goal of homeownership through NACA, or if you are really determined to buy a house very soon, you can ask a family member or friend to be open to the idea of letting you stay there after December for a couple of months while you finish the process.

    After you attend the workshop and get your NACA ID, call your local office to make an appointment with a counselor, after you get your date, call once or twice a week to find out if there have been any cancellation so you can go sooner, read the workbook so you learn the guidelines of the program, you can find the workbook on the NACA purchase, you can do it

    #50311
    Nelsont
    Member

    @southflorida has a really good point. Unless you are 12 months into rebuilding your credit there is a chance you won’t qualify and what better way to show you are a good candidate than to have a year’s worth of on time rent payments on the books? Remember it takes is 1 late payment for any obligation (rent, car, cell phone, utility, cable/internet or any other loan including student loans) in the last 12 months and that will present issues. Use that year of your new lease to start the program and learn as much as you can about buying a house, what you want and like in a house, the property of the house, the neighborhood, loan options, all the legalese, research agents and brokerage firms. Then by the time you actually are ready the process will be as smooth as possible. Otherwise you might get discouraged – but don’t. We are all here in support.

    #50322
    lamassla
    Member

    @ej954 -did you notify the section 8 office with vacate notice? If section 8 is paying the bulk of your rent you just have to make sure you’ve been on time with your portion. The next ATD is in Maryland aug 8 -12. If you are able to go there on the weekend, you can fast pace your appointment and then figure out what you need if you do not qualify.

    #58666
    firmeh89
    Member

    iamassia, how is your process looking, I am also looking to buy in Long Island and rarely see someone looking in the same areas, I would appreciate any help or tips to help with my process and if you have a awesome realtor please share so that maybe I can use them as well.

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