Submitted to Underwriter!! Follow our NACA Journey

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  • #33018

    Did you buy down the interest rate @dreamhome8588

    #33019
    dreamhomeDMV
    Member

    Yes, we bought down a little over 2 and a half points with our own money and seller contribution. The starting interest rate was 2.875%

    #33067
    dreamhomeDMV
    Member

    6/23/16- HAND cleared our file
    6/24/16- Loan number received, initial lender conditions requested and sent in to our counselor the same day (sign disclosures, appraisal report waiver, send HOI info with replacement cost coverage, mortgagee clause and loan number included, and provide realtor and builder contact info)
    6/24/16- Lender: file to underwriting for initial review
    6/27/16- Appraisal conducted
    6/27/16- Received CITI info in the mail (told by counselor that it is for our records only, no action required)
    6/27/16- Lender: Appointment set

    **At this point we are just anxious to see what happens next. Not quite sure how much is left of the process.**

    #33077
    TTrumble
    Member

    Hello dreamhomeDMV,

    Based on the target timeline and taking the holiday Monday into account, I’m guessing you’ll have the Clear to Close before the weekend and close on Tuesday or Wednesday next week.

    (Extra reason for fireworks this weekend!)

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #33079
    dreamhomeDMV
    Member

    Thanks Tim!! How exciting!! I’ve been looking at the 28 day timeline and we seem to be moving very quickly.

    I know that the bank is waiting for the appraisal report to come in. I think the bank has requested our tax returns (not sure) and I know they verify funds for closing and conduct verification of employment at the very end. We are also waiting for the title commitment, which shouldn’t take long as it’s new construction. Hopefully no conditions come back from underwriting.

    It would be amazing to receive the CTC this week or next week!

    #33111

    Update

    October 2015-Attended NACA Home Buyer Workshop
    October 2015-Submitted All Documents as informed at the Workshop
    November 2015-Update Paystubs and Bank Statements
    December 2015-Update Paystubs and Bank Statements
    January 2016-Update PS and BS
    February 2016-Update PS and BS
    March 2016-Update PS and BS
    April 2016-Update PS and BS
    May 2016-NACA Phone Counseling Session
    June 3 2016-Updated info and submtted any required documents as per Counselor
    June 17 2016-Finally spoke with Counselor after resubmitting info an additonal request for PS sent
    June 29, 2016-Received Affordability and informed when sent back then file will be submitted to Underwriting
    June 30, 2016-Waiting for update from Counselor
    June 30, 2016-Emailed to

    #33123
    dreamhomeDMV
    Member

    7/1/16- received 2nd round of lender conditions (LOEs, bank statements, proof of Earnest Money Deposit, documents to sign) submitted to counselor same day
    7/1/16- received Loan Commitment letter!!! (c and i commitment letter), additional conditions rider, 1008 transmittal summary
    7/1/16- still waiting on title commitment, icpl, wire instructions and appraisal report to be sent in to lender

    **At this point we are just playing the waiting game and checking our file constantly. We can tell that the bank is anxious to receive the appraisal report as well. They requested a delivery date of the report from the appraiser on Tuesday and the appraiser came back on Wednesday and said that the report would be in on Thursday, and then on Thursday said he needed PUD information to complete the report and then today (Friday) the lender left an urgent message requesting the status and an update on the order today.**

    #33124
    DeeCee
    Member

    Hi @dreamhomeDMV,

    You’re buying new construction right? Were you buying one that was already built? Did they try to make you apply through their in house lender?

    DeeCee

    #33125
    dreamhomeDMV
    Member

    Yes we are buying new construction that is standing inventory meaning the house is already built. We went into the meeting with the sales agent and our realtor and immediately informed her that we were using our own mortgage company/lender/settlement company. She did not try to persuade us to go through their lender. She had not heard of NACA before but her Supervisors had. She said that they told her that NACA loans close, but it just takes a veryyy longgg time. I immediately told her we have the best loan counselor, which I think we do 😉 and that we don’t foresee there being any issues. Honestly, in our contract we had very strict dates to abide by which I was very nervous about. We had to submit bank app in 7 days and get loan approval in 21 days and we are supposed to close on or before July 29, 2016. The one thing that she said was since we weren’t going with one of their in house lenders, we would not get the seller’s contribution of $10,000. However, with all of the benefits of NACA we were fine with that, plus we LOVE the house and it has everything on our wishlist. Ironically, they wanted us to buy bad enough that they ended up buying us out of our lease- so they still ended up giving us seller contributions! We literally put an offer in on the home the same day that we went to see it with our realtor and signed the contract and gave our earnest money deposit the very next day.

    #33132

    @dreamhomedmv with this being a new construction home did you guys buy the home for the asking price or did you negotiate down some since there were eager to sell ?

    #33133
    dreamhomeDMV
    Member

    @determined1227 We offered list price, because fortunately they had JUST decreased the price by $15k 🙂

    #33151
    dreamhomeDMV
    Member

    7/6/16- appraisal report received, title commitment received, DOR received for 7/19

    **anxiously waiting again, not sure what happens next**

    #33152

    @dreamhomedmv do we have to write LOE’s for any withdrawal of $100 or more how does that work?

    #33154
    dreamhomeDMV
    Member

    @determined1227 They can ask for an LOE for a withdrawal of any amount, however, the typical threshold is anything over $199. We chose not to make any withdrawals at ATMs and only did cash back at major retailers such as Target, that way it just seems like a purchase.

    #33156
    TTrumble
    Member

    Hello determined1227,

    When in doubt, write the letter. Remember it’s always better to have twenty pages too many than one too few in your file.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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