NACA Journey_Be Encouraged

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  • #39547
    ggof3
    Member

    Long but necessary post. I previously shared that I’ve started the NACA journey. Today I had my intake meeting. Here’s my journey so far:
    Oct. 28th – attended workshop
    Nov. 30th – intake meeting
    What I thought prior to intake meeting:
    – I had ok credit
    – I had too much debt to income (credit cards)
    – I need to save a huge amount of money
    – I was terrified of my NACA budget (I learned how much money I waste on “stuff”)
    What I learned at intake meeting:
    – I have A1 credit (counselor’s words…who knew LOL)
    – I have high 700 credit score (again..who knew)
    – My debt to income ratio is fine (while I wasn’t told I need to pay down any specific card, I do plan to aggressively pay down highest balance)
    – If not for my current lease & needing to save payment shock, my counselor would have qualified me today?
    BIG thank you to all who’ve shared about NACA!!
    Don’t sweat the small stuff….

    #39548
    Swtneka3
    Member

    Hi my fellow Dcer! Welcome.

    #39549
    ggof3
    Member

    Hey Swtneka3!!! Good to know another DCer is here!!! I forgot to mention in my DC post that my NACA counselor used to be a DCer!!!

    #39559
    TTrumble
    Member

    Hello ggof3,

    Great update! Please continue sharing your journey.

    The only thing I can add are really just for informational purposes:

    As for the A1 credit and 700 score, you could have actually known beforehand. Under federal law, you are entitled to one free pull of your own credit report each year. Just go to http://www.annualcreditreport.com to get the information. (Please note that http://www.annualcreditreport.com is the one and only official site for complying with the law that allows the free report.)

    If you are going to pay down/pay off your credit cards, it’s generally considered a better move to pay off the one with the smallest balance first. It’s actually a pretty strong motivator to pay off the smallest one and see it disappear completely from your monthly obligations, then the next smallest, and so on.

    Keep it up! Next step, qualification and house hunting!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 4 years, 10 months ago by TTrumble.
    #42194
    ggof3
    Member

    Hello Everyone,
    I haven’t posted for awhile so here’s my current status:

    – APRIL 26th – NACA Qualified (YAY ME!) – since this was a Thursday, I was able to attend the Purchase Workshop the same evening (I was the only person in attendance)

    – APRIL 29th – met a realtor at an open house; told her about NACA program; she was interested enough to attend the realtor webinar and become my realtor.

    -APRIL 30 – MAY 10TH – researched homes online; made a list of properties I was interested in; continued to go to open houses; Realtor completed webinar May 9th. Started looking at homes with realtor.

    – MAY 20th – scheduled to view a few properties with realtor; asked if I could add a property that just became available today – after inquiring, realtor said sellers do not want any Sunday showings; 1st available showing Tuesday, May 22nd.

    -MAY 22ND – met with realtor to view home from Sunday; first I want to say, how gracious the sellers were to allow me to view their home as the wife had fallen and was on bed rest. From the moment I walked in, I felt at home. I knew I wanted to make an offer on this home because it would not remain on the market long.
    – Met with my realtor to complete offer paperwork; since we drove in separate cars, my realtor contacted the seller’s realtor to tell him about me making an offer and my financing program. Now here’s where everything could have fallen apart — the Seller’s Agent DID NOT want to recommend his clients to work with a NACA buyer due to 5 previous “bad” experiences. My realtor asked how long ago did these “bad” experiences occur, response was 2 years ago; she encouraged him to give NACA (me) an opportunity to show that NACA has evolved since then. He agreed.

    – MAY 23RD – notified Seller’s wife rushed to the hospital; paperwork on hold.

    – MAY 25TH – notified Seller’s accepted offer; paperwork coming soon

    – MAY 28TH – signed paperwork

    – MAY 29TH – due to the age/health of sellers, waiting for response on best time of day to schedule inspection

    **I see on some members timeline they include Radon inspection, but I don’t think I’ve seen that in the workbook as being mandatory. Can someone help me out with this so I know to add this to the inspection. Thanks in advance.

    #42196
    futurehomeowner15
    Participant

    Great update!

    #43122
    ggof3
    Member

    ****SEE BELOW FOR LATEST UPDATE****
    Hello Everyone,
    I haven’t posted for awhile so here’s my current status:
    – APRIL 26th – NACA Qualified (YAY ME!) – since this was a Thursday, I was able to attend the Purchase Workshop the same evening (I was the only person in attendance)
    – APRIL 29th – met a realtor at an open house; told her about NACA program; she was interested enough to attend the realtor webinar and become my realtor.
    -APRIL 30 – MAY 10TH – researched homes online; made a list of properties I was interested in; continued to go to open houses; Realtor completed webinar May 9th. Started looking at homes with realtor.
    – MAY 20th – scheduled to view a few properties with realtor; asked if I could add a property that just became available today – after inquiring, realtor said sellers do not want any Sunday showings; 1st available showing Tuesday, May 22nd.
    -MAY 22ND – met with realtor to view home from Sunday; first I want to say, how gracious the sellers were to allow me to view their home as the wife had fallen and was on bed rest. From the moment I walked in, I felt at home. I knew I wanted to make an offer on this home because it would not remain on the market long.
    – Met with my realtor to complete offer paperwork; since we drove in separate cars, my realtor contacted the seller’s realtor to tell him about me making an offer and my financing program. Now here’s where everything could have fallen apart — the Seller’s Agent DID NOT want to recommend his clients to work with a NACA buyer due to 5 previous “bad” experiences. My realtor asked how long ago did these “bad” experiences occur, response was 2 years ago; she encouraged him to give NACA (me) an opportunity to show that NACA has evolved since then. He agreed.
    – MAY 23RD – notified Seller’s wife rushed to the hospital; paperwork on hold.
    – MAY 25TH – notified Seller’s accepted offer; paperwork coming soon
    – MAY 28TH – signed paperwork
    – MAY 29TH – due to the age/health of sellers, waiting for response on best time of day to schedule inspection
    ****LATEST UDATE BEGINS HERE*****
    – MAY 30TH – inspection/pest inspection completed – report uploaded to NACA same day (a few minor repairs)
    -JUNE 1ST – received NACA HAND required repairs- sellers offer to deposit funds in escrow for repairs after closing
    -JUNE 5TH – completed paperwork for Credit Access at NACA office
    -JUNE 6TH – received text alert from NACA “CONGRATULATIONS CREDIT ACCESS – REQUEST”
    -JUNE 7TH – completed Bank Application at NACA office
    -JUNE 7TH – received text alert from NACA “CONGRATULATIONS! CREDIT ACCESS – APPROVED” & “CONGRATULATIONS! Your new status: MORTGAGE PROCESS
    -JUNE 8TH – Capital One credit report alert – CORELOGIC pulled credit report
    -JUNE 13TH – Appraisal completed
    -JUNE 14TH – Appraisal came in 26K less than asking price
    -JUNE 14TH – Came to the Forum to ask for assistance — @dangela21 was extremely helpful – NACA has a formal appraisal dispute process – my realtor completed paperwork; I gave up 2% buydown funds, home warranty & escrow funds for repairs
    -JUNE 18TH – Sellers agree to wait for 2nd appraisal information
    -JUNE 29TH – Original P&S closing date
    -JULY 2ND – Sellers agree to lower appraisal price
    -JULY 3RD (my birthday) – Mr. Hernandez from HAND gave me the best birthday present — I can waive repairs!!! Signed & emailed paperwork back to HAND
    /spoke with Closing Counselor – given a tentative closing date of July 13th – asked if we could change it to July 16th (the whole Friday the 13th thing lol) ok’d by Closing Counselor
    -JULY 5TH – purchased homeowner’s insurance /emailed documentation to my MC
    -JULY 6TH – received/signed/emailed Change of Circumstance (COC)
    -JULY 7TH – cleared by HAND
    -JULY 9TH – NACA status changed to Processing
    -JULY 13TH – Have not received any conditions; called Closing Counselor to get an update; not closing on the 16th – says I have a condition that I need to address; even while on the phone with counselor, I am unable to see any conditions. The condition revolves around my wanting to close in July although my current lease does not expire until August 31st -Lender wants to make sure I’m not breaking my lease. Submitted LOE that I’d like to close in July and utilize the month of August to have updates completed without having to move furniture around pulling up carpet & painting. ***SIDE NOTE*** No one can explain to me why I am unable to see Lender Conditions in my web-file — extremely frustrating.
    -JULY 16TH – Contacted Closing Counselor for update on any new conditions; no new conditions, but while viewing my file, he saw an update for UW -CTC. 20 minutes later I login to my file and it now says CTC-Final…..
    I’ll update again when I receive my closing date.

    #43193
    lmarieb73
    Member

    Thanks for all this detail! Sounds like you’re almost there!!

    #43195
    ggof3
    Member

    @lmarieb73, Yes!! Thanks for commenting, I forgot to update with closing date.

    #43196
    ggof3
    Member

    ***SEE BELOW FOR LATEST UPDATE****
    Hello Everyone,
    I haven’t posted for awhile so here’s my current status:
    – APRIL 26th – NACA Qualified (YAY ME!) – since this was a Thursday, I was able to attend the Purchase Workshop the same evening (I was the only person in attendance)
    – APRIL 29th – met a realtor at an open house; told her about NACA program; she was interested enough to attend the realtor webinar and become my realtor.
    -APRIL 30 – MAY 10TH – researched homes online; made a list of properties I was interested in; continued to go to open houses; Realtor completed webinar May 9th. Started looking at homes with realtor.
    – MAY 20th – scheduled to view a few properties with realtor; asked if I could add a property that just became available today – after inquiring, realtor said sellers do not want any Sunday showings; 1st available showing Tuesday, May 22nd.
    -MAY 22ND – met with realtor to view home from Sunday; first I want to say, how gracious the sellers were to allow me to view their home as the wife had fallen and was on bed rest. From the moment I walked in, I felt at home. I knew I wanted to make an offer on this home because it would not remain on the market long.
    – Met with my realtor to complete offer paperwork; since we drove in separate cars, my realtor contacted the seller’s realtor to tell him about me making an offer and my financing program. Now here’s where everything could have fallen apart — the Seller’s Agent DID NOT want to recommend his clients to work with a NACA buyer due to 5 previous “bad” experiences. My realtor asked how long ago did these “bad” experiences occur, response was 2 years ago; she encouraged him to give NACA (me) an opportunity to show that NACA has evolved since then. He agreed.
    – MAY 23RD – notified Seller’s wife rushed to the hospital; paperwork on hold.
    – MAY 25TH – notified Seller’s accepted offer; paperwork coming soon
    – MAY 28TH – signed paperwork
    – MAY 29TH – due to the age/health of sellers, waiting for response on best time of day to schedule inspection
    ****LATEST UDATE BEGINS HERE*****
    – MAY 30TH – inspection/pest inspection completed – report uploaded to NACA same day (a few minor repairs)
    -JUNE 1ST – received NACA HAND required repairs- sellers offer to deposit funds in escrow for repairs after closing
    -JUNE 5TH – completed paperwork for Credit Access at NACA office
    -JUNE 6TH – received text alert from NACA “CONGRATULATIONS CREDIT ACCESS – REQUEST”
    -JUNE 7TH – completed Bank Application at NACA office
    -JUNE 7TH – received text alert from NACA “CONGRATULATIONS! CREDIT ACCESS – APPROVED” & “CONGRATULATIONS! Your new status: MORTGAGE PROCESS
    -JUNE 8TH – Capital One credit report alert – CORELOGIC pulled credit report
    -JUNE 13TH – Appraisal completed
    -JUNE 14TH – Appraisal came in 26K less than asking price
    -JUNE 14TH – Came to the Forum to ask for assistance — @dangela21 was extremely helpful – NACA has a formal appraisal dispute process – my realtor completed paperwork; I gave up 2% buydown funds, home warranty & escrow funds for repairs
    -JUNE 18TH – Sellers agree to wait for 2nd appraisal information
    -June 28TH – 2nd appraisal – no change /sellers ask for the weekend to decide
    – JUNE 29TH – Original P&S closing date
    -JULY 2ND – Sellers agree to lower appraisal price
    -JULY 3RD (my birthday) – Mr. Hernandez from HAND gave me the best birthday present — I can waive repairs!!! Signed & emailed paperwork back to HAND
    /spoke with Closing Counselor – given a tentative closing date of July 13th – asked if we could change it to July 16th (the whole Friday the 13th thing lol) ok’d by Closing Counselor
    -JULY 5TH – purchased homeowner’s insurance /emailed documentation to my MC
    -JULY 6TH – received/signed/emailed Change of Circumstance (COC)
    -JULY 7TH – cleared by HAND
    -JULY 9TH – NACA status changed to Processing
    -JULY 13TH – Have not received any conditions; called Closing Counselor to get an update; not closing on the 16th – says I have a condition that I need to address; even while on the phone with counselor, I am unable to see any conditions. The condition revolves around my wanting to close in July although my current lease does not expire until August 31st -Lender wants to make sure I’m not breaking my lease. Submitted LOE that I’d like to close in July and utilize the month of August to have updates completed without having to move furniture around pulling up carpet & painting. ***SIDE NOTE*** No one can explain to me why I am unable to see Lender Conditions in my web-file — extremely frustrating.
    -JULY 16TH – Contacted Closing Counselor for update on any new conditions; no new conditions, but while viewing my file, he saw an update for UW -CTC. 20 minutes later I login to my file and it now says CTC-Final…..
    I’ll update again when I receive my closing date.

    *****CLOSING DATE —MONDAY, JULY 23RD*****

    • This reply was modified 4 years, 2 months ago by ggof3.
    #43220
    MzSheaD
    Member

    Hi ggof,

    Was there any specific reason why it took 5 months to get NACA qualified? I may have missed an earlier post.

    CONGRATS ON GETTING YOUR CLOSING DATE!!! Just a few more days!

    #43230
    ggof3
    Member

    Hi @whitknee,
    Thank you!! To be perfectly transparent here, I could’ve been qualified sooner however I procrastinated on completing the NACA budget. Completing the budget was such an eye-opener for me, I couldn’t believe how much money I wasted every month. I can now say thanks to the NACA budget, I’m a FORMER cigarette smoker!!

    #43239
    MzSheaD
    Member

    @ggof3 WOW this has just be a great year of changes and improvements. Congrats on quitting smoking. I think the budget was the easiest part for me to complete because I have 3 kids so I live every day on a budget lol. I dont drink, smoke, gamble and I love to cook. I’m pretty boring lol.

    #43267
    kirkan1981
    Member

    I LOVE this update. Sounds like things moved right along for you! Congrats and just a few more days!

    #43309
    ggof3
    Member

    ***UPDATE*** NOT closing on Monday.
    I received the closing disclosure (CD) yesterday. I saw that the numbers were incorrect for property tax & notified the settlement agent. The sellers receive a homestead credit for which I am not eligible but those were the numbers used for the CD. Now I’m in a holding pattern for a Lender Change of Circumstance and not certain of when closing will happen.

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