My Process: (New Construction)

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  • #44720
    Pearl609
    Member

    Hello All,

    When I was finally NACA qualified back in April, I posted my timeline (here’s the post: http://forums.naca.com/?topic=finally-qualified-3), so I wanted to give an update on my current status.

    For quick reference here is my timeline:
    LEARNED ABOUT NACA: July 2017
    NACA WORKSHOP: November 11, 2017
    FIRST INTAKE APPT: January 24, 2018
    NACA QUALIFIED: April 16, 2018
    CREDIT ACCESS APPT: August 29, 2018
    CREDIT ACCESS REQUEST SUBMITTED: September 6, 2018

    I am purchasing a new construction home and I found a Lot that I really wanted, so based on prior NACA member’s experiences, I went under contract in February 2018 (prior to being NACA qualified) and gave my earnest money deposit. The expected delivery date was September 2018, so I knew I had plenty of time to sort things out.

    I kept my MC updated with everything I was doing, I wrote LOE’s for the credit inquires from the other lender stating I was exploring other mortgage options (which is allowed)

    I knew I wanted to save as much money as possible to buy down my interest rate as low as I could, so I did not plan to switch lenders with the builder until I had all the funds I needed.

    Once I had all my funds saved (August 2018), I visited the sales agent and informed them I was switching lenders to NACA and the builder approved my 10k in closing cost with NACA (Citi) as my lender!!
    The sales agent did an Addendum to the contract and sent it to me for signature on August 28 and I went to my NACA office on Wednesday, August 29 for credit access.

    I was well prepared for the meeting, I took all documents on the credit access checklist PLUS MORE just in case, I had LOE’s prepared for anything I thought the UW or Citi would question or ask about. I left with a small list of items to get to my MC:

    New employment verification (I received a raise since April)
    Student loan repayment proof for a loan I co-signed for my little sister (who will be graduating in May!! Whoop whoop)
    LOE for addresses on my credit report (I did this back in April, but my MC caught 2 typos in the addresses on my old LOE)

    My MC asked for all of my leases since 2015 when I moved into my apartment. I have never heard of this being requested when they have proof of payments, BUT I provided the leases I had access to.

    My MC was amazing, when he received my employment verification, he emailed me and confirmed receipt and he asked for status on my other items. I got all the items to him by COB Thursday, August 30th via email and my NACA web-file. He really wanted to get it submitted by Friday since Monday September 3rd was a holiday.

    The only thing about the appointment that left me concerned were the figures he estimated (I wrote a post about this as well: http://forums.naca.com/?topic=buy-down-confusion-3 ) but since we had to estimate, I just waited for the numbers from the title company to come back.

    The Title company took a week to respond to NACA with the information, my MC was very on top of it, calling and emailing the contact person daily. Well come to find out…. The title company works based on priority and since my home isn’t completed yet and I’m not closing soon, my case was not a priority.

    They finally responded on September 6th and when the taxes and fees information came in, my final all inclusive PITI was actually $79 less than what I thought it would be!

    My file was submitted for Credit Access Approval at 4:19pm on September 6th. I will keep you posted as I patiently wait for any conditions and approval!!

    Feel free to ask any questions!!

    #44721
    southflorida
    Member

    congratulations on your process so far. What builder are you buying from? and what estimate did the title company use? Since it’s New construction I assume they must have used an estimate, is it a percentage of the purchase price?

    #44722
    pmathewr
    Member

    This is great news! May it spill over onto us all. Congrats!

    #44733
    Pearl609
    Member

    @southflorida my builder is Dan Ryan Builders. The community has been around for about 3 years and a home a few doors down from me sold last month, so I assume the estimate came from those factors.

    #44755
    VI2dbone
    Member

    Hi Pearl609. I too am interested in a new construction with Dan Ryan Builders. Can you tell me step by step what you did to get them to help with down payment.They have been sending me emails about using their lender to get help with down payment or other perks. Thank you.

    #44758
    Pearl609
    Member

    Hello @VI2dbone

    Well, right off the bat the sales agent said Dan Ryan works with NACA and that they didnt penalize buyers for using NACA and still gave the closing assistance.

    So because I didnt want to lose out on the lot, I went ahead and did a pre approval with their preferred lender because I knew I would qualify based on my credit.

    Once I was NACA qualified and ready to submit my file for credit access, i advised the sales agent I was switching lenders and they did an addendum to the contract.

    #44784
    Pearl609
    Member

    UPDATE: Okay so my credit access was submitted on Friday, September 7 at 4:19pm and early Saturday afternoon I received an email stating my credit access was PENDING with THREE conditions (see post here: http://forums.naca.com/?topic=credit-access-conditions-2). I uploaded the required documents for two of the conditions (one was a duplicate) and emailed my MC with questions about the third condition.

    My MC hadn’t replied to my emails so I went to the NACA office Monday (09/10/18) afternoon to make sure my MC received my documents and all three of my conditions were addressed. He submitted all the information (around 2pm) and contacted the underwriter, but she indicated she could not complete my case by COB, so he made an apt for me today, Tuesday 9/11/18 at 5pm.

    Well, I got the notification about an hour ago that CREDIT ACCESS IS APPROVED!!!!!

    I am so excited! Going to sign and submit my bank app today after work!! Wish me luck!

    • This reply was modified 3 years, 8 months ago by Pearl609.
    #44871
    lrivon
    Member

    Congrats!!! I hope all goes as planned. Keep us posted.

    #44881
    VI2dbone
    Member

    So happy for you!!! Thank you for sharing your information on your journey.

    #44887
    Pearl609
    Member

    @Irivon @Vi2dbone Thank you both! The bank app has been submitted, so now I am just waiting on any conditions from Citi

    #44891
    lrivon
    Member

    @Pearl609, that’s great news! Sounds like you’re almost there. I’m attending the ATD event in ATL this weekend. I would have to be a Non-Priority member so I’m somewhat nervous as to what will be available to me.

    #45274
    Pearl609
    Member

    Just wanted to give a quick update:

    I received two emails on September 13th at 5:40pm telling me to log in to my NACA web file to see the lender conditions and to view my appraisal.

    Obviously I couldn’t see them due to the webfile changes, so I drove to the NACA office since I knew they were there late for the workshop. My MC looked into my file and was able to help me address two of the conditions in the office and he put me in contact with my closing coordinator.

    I signed two forms (SSA-89 and Settlement Services Disclosure) in the office and my MC sent them to my CC and copied me. My other conditions were proof of HOA and HOI showing 100% replacement cost. I emailed my CC the HOA documents on 09/15 and received an out of office reply until 09/25 BUT at least my CC provided a backup person.

    I resent the HOA information to the backup CC and once I received my HOI policy from the insurance company (09/17), I forwarded that to the back up CC and copied my CC, my MC, and my Naca email. I had not gotten any feedback from the backup CC so I began to call and of course, no answer. Called member services to see if the documents were received and sent to the bank, they told me they can’t tell me anything because they are JUST CUSTOMER SERVICE.

    Finally on 09/17 the backup CC emailed me confirming the documents were received and sent to the bank. Today is 09/24 and I have not heard anything else. My CC is scheduled to be back in the office tomorrow, I hope to hear something by at least Thursday!

    #69618
    MDPeach22
    Participant

    @Pearl609 I know this was a bit ago but wondering how did you avoid any charges from the builder for delayed closing while you were waiting for your bank application and conditions to be fulfilled. How did Dan Ryan accomodate you? Also still wondering how you got the builders incentives. I’m also looking to get a new home through Dan Ryan in Maryland and they don’t seem the least bit interested in working with me b/c I’m NACA qualified or offering me closing cost assistance (which I would plan to use towards buy-down). How is your new house treating you. I’m assuming everything worked out ok?!

    #69621
    2BLESSED
    Member

    congratulations!

    #69628
    virgozbest
    Participant

    @pearl609
    I just read your post about Dan Ryan in MD and I too am looking for new construction property but 1 of my issues is we’re Non Priority members so were limited to housing options (non priority member are members whose combined income fall between the median and/or higher income, which means we can only purchase homes in the priority areas. With that being said since Dan Ryan has new construction in MD do you know what their median income % is?

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