Preparing for intake/ATD

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  • #69455
    sneakerz4me
    Participant

    Hey everyone, again lol

    I’m still preparing for intake session and ATD event.

    Reading the qualification workbook, page 36 under “Prepare for Intake” it says “If you are unable to complete the Web-file intake preparation, please complete the workbook forms stated below…”

    My question is, is there a form within the web file for the budget and member initial assessment information?

    Everything else I have uploaded.

    #69468
    TTrumble
    Member

    Hello sneakerz4me,

    Your counselor will work with you during the intake appointment to make sure the information is input to your file so it can be used as part of determining affordability.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #69494
    sneakerz4me
    Participant

    Thank you.

    #69606
    sneakerz4me
    Participant

    For new construction homes with a build time of 6 months, when do you go to credit access & Bank App with NACA? Would it be before building starts or after building is complete and an inspection has been done?

    #69607
    jasmine1103
    Participant

    I don’t think that has a specific time frame based on the build i think it’s more or so based on where you are in the process. You can still obtain psl for property as if it was built already. So you can go through the process quickly and get to the credit access before the house is done but it depends on you. Hope it helps

    #69608
    sneakerz4me
    Participant

    So I can have them start building and use a few of the months from when they start building to finish saving for buy down money (since buy down is due at bank app stage) and then go to credit access/bank app? Asking cause EMD would take a chunk of my money but I can replenish those funds in a few months during the 6 month building time.

    #69609
    Nelsont
    Member

    Buy down is actually due at the closing table but it needs to be available by credit access at the latest. You will not get credit access approved and be able to sign your bank app until you have funds. You can’t get approved on a plan. You get approved on documented and demonstrated history/evidence. They don’t want you to buy a house that they cannot underwrite and approve you for the day you make an offer.

    Emd is intitally included in your mrf during qualification. Buy down is not. If you plan to buy down then you’re mrf will increase by the buy down amount.

    • This reply was modified 2 years, 1 month ago by Nelsont.
    #69612
    sneakerz4me
    Participant

    Thanks @Nelsont, at what point for new construction process do you do the credit access and bank app? Is it before building starts or after?

    The naca workbook steps state that there is a home inspection and then credit access would take place. would this inspection happen after the building is complete and then go to credit access?

    Sorry if I’m making things confusing

    #69614
    Nelsont
    Member

    I am not 100% on new construction. There are 2 appraisals, one in the beginning that looks at the plans and gives an estimated appraisal and one at 90% completion to verify. I think the inspection for a new construction is optional but to your benefit to make sure the builders are following code (with existing homes it’s required because codes change frequently and owners do things that aren’t up to code such as diy electrical or even ignoring issues). If you choose to do an inspection it wouldn’t be done until close to closing.

    I believe credit access is done as soon as you submit an offer and move onto the bank app just as in an existing home. You will just have to wait until completion for underwriting to be completed.

    #69617
    sneakerz4me
    Participant

    Ok makes sense. Thanks.

    Yea I plan on getting an inspection during the “pre-drywall” walk through as well to get a look at behind the walls.

    #70264
    sneakerz4me
    Participant

    Have an intake appointment scheduled for July 20th.

    For the Monthly Household Budget Form, should I use all my income and expense info from June to complete the form?

    #70795
    sneakerz4me
    Participant

    Office manager did call today, thought she wouldn’t after not hearing from her for a week. She said my MC i was assigned to is no longer there, so she did my intake.

    Got approved for more than I need but bad part is they didn’t average my income so I’m $3k over the median income for the area I want to move in. SUCKS!!! Not sure what I am going to do, the nice areas near me have crazy taxes.

    MRF is a lot lower than i expected which is a blessing.

    She said she will give my file to a counselor to submit for qualification, which should be by Wednesday.

    #70796
    sneakerz4me
    Participant

    Anyone know where the “affordability form” is uploaded to on the webfile?

    #70804
    Bella7
    Participant

    @sneakerz4me, I’m glad you were able to keep your appointment today and your file was viewed. Congratulations on your approval. Hopefully you can find a home in a nice area within your price range. It’s always a blessing when your MRF are lower…lol!

    Do you mind me asking who your counselor was? I have Mr. Davis and I’m hoping it’s not him because I have a appointment tomorrow with him.

    I am not sure where you can upload the affordability form but you can always email it to your file or uploading it under “other documents”. I would still get clarity though.

    Congrats!

    #70805
    sneakerz4me
    Participant

    @bella7 thanks. LOL i feel like she didn’t go through everything or something is missing. She assured me that she had went through my file before calling me and said my process would be quick and simple depending on my house search. She has to submit my file for qualification this week… So i am assuming i am qualified.

    My Counselor was William McGill, but he left. So the office manager Debra White called me and did the intake. Said the team was backed up with the ATD events going on so she’s helping out. Very nice lady. I think the call lasted about 20 minutes.

    As far as the form, she told me that she uploaded it to my webfile, but she didn’t know where or how I can see it. She gave me the numbers and i just wrote them down.

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