NACA Qualified, Time Expired, Need to Hold this House

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  • #69525
    chucknacaman
    Participant

    Hello everyone, hope all is well! So I was NACA qualified at the top of 2020, but never found a house in the 90 Day Period, so I had to start looking again. On 6/10/20, I had a phone meeting with my MC to get re-qualified. I uploaded (and he received) all my docs, he ran my credit, I paid the fee and he said I was in good shape…but he will need to contact me the following night so that we can discuss my new approval numbers. He went “MIA” after mentioning that a NACA event was coming up. On 6/13/20 I decided to ride around a particular subdivision that I’ve always had my eye on. They had only TWO final homes to build before they close new construction for good. I contacted the site’s agent and found that one of the homes was in my price range. I still couldn’t reach my MC. I completed the app with their preferred lender, got approved and now I’m sitting here with an unsigned contract in my email, earnest money in the hands of the builder and not sure what moves to make next. It’s a new construction and the home will not be ready until Dec 2020/Jan 2021 (when my apartment lease expires). My plan is to switch to NACA before closing (if possible), but how can I strategically pull this off? My next appointment with the MC is supposed to be 7/7/20, and I’m hoping he is not ‘MIA’ then, or worse case scenario, I have to go with the site’s preferred lender. Any help or tips would be greatly appreciated! Thanks and God bless.

    #69527
    stellanooga2020
    Participant

    Wow, I hope you get what you’re looking for, Chuck. Is the builder/lender requiring you to stick with their lender? I can’t imagine either of them balking if you found a better rate/term before you close. Also, why is the contract still unsigned?

    #69529
    chucknacaman
    Participant

    Thanks so much for the response Stella (if that’s your name *lol*)! The builder is ‘recommending’ we use their lender for the incentives ($5500 towards closing, new blinds and new stainless steel appliances). But my realtor discussed (with the builders) possibly changing lenders eventually and was told that I’ll probably keep the appliances/blinds, but not get the closing costs. And the contract is unsigned because I just received it today (hence me posting on this forum *lol*). But I assume I can sign the contract now in order to ‘reserve’ the home, then wait until closing to do everything else, right?

    #69530
    TTrumble
    Member

    Hello chucknacaman,

    I don’t mean to be critical, but if it has been five days, why haven’t you asked for help in contacting your counselor? NACA Member Services, our social media platforms and this Forum are all here to help. What has me scratching my head is that even in your post here, you’re trying to figure out some sort of alternative strategy in dealing with the builder instead of a simple “I need some help reaching my counselor”.

    Let’s try the simple solution first. Please email me with your name, NACA ID number and Forum screen name and I’ll see if I can ‘t get you connected so you can get a Property Specific Letter.

    BTW, don’t give up on getting the full incentive package from the builder. That $5,500 will do nice things to help buy down your interest rate. Don’t be afraid to go over the local sales rep’s head. The fewer incentives they give you, the more commission they make. So don’t sign the contract yet.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #69531
    chucknacaman
    Participant

    Thanks so much for the response Tim (it’s an honor to hear back from you)! I’ll send an email now.

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