Submitted to Underwriter!! Follow our NACA Journey

Home Forums Purchase Program Submitted to Underwriter!! Follow our NACA Journey

Viewing 15 posts - 31 through 45 (of 52 total)
  • Author
    Posts
  • #33170
    dreamhomeDMV
    Member

    7/7/16- Citi website says that closing has been scheduled for 7/19/16 (originally scheduled for 7/29/16 in our contract)
    7/7/16- Citi called our insurance agent directly and requested a new Declarations page with the new closing date
    7/8/16- Pre walk through scheduled with builder for this upcoming Monday, final walk through scheduled with builder on day of settlement
    7/8/16- online Naca file says that file is in underwriting (I’m guessing this is for final approval)

    **we are just anxiously waiting for the loan to be cleared and to receive our closing disclosure, and final clear to close (CTC). Considering that our closing has been moved up 10 days we are just waiting to see how this will all play out**

    #33175
    dreamhomeDMV
    Member

    7/8/16- NACA webfile- Lender: commitment letter, additional conditions rider, 1008 transmittal summary, underwriting clear preclose to begin
    7/8/16- Logged into Citi website and it says mortgage approved, commitment letter mailed 🙂 🙂 🙂 🙂

    *I think these are the final loan documents, because we received the first three documents before but it was for the conditional approval*
    Looks like we are actually on track to close EARLY with NACA! WOW!!! 🙂 Way to start the weekend!

    • This reply was modified 5 years, 3 months ago by dreamhomeDMV.
    • This reply was modified 5 years, 3 months ago by dreamhomeDMV.
    #33211
    dreamhomeDMV
    Member

    7/11/16- Pre walk through with builder completed to create punch list
    7/12/16- Lender: clear to close pending….verification of employment
    7/12/16- NACA processor sent a Change of Circumstances notice for us to sign off on to correct the loan amount on the application, signed and sent to counselor

    *as you could imagine, we are a week from closing, extremely anxious and just ready for everything to fall in place, not sure if they will check our credit again or how they will verify closing funds (possibly by requesting the transaction history of bank accounts?), thinking that we can’t turn on utilities until given CTC- but need more guidance on that, waiting for closing disclosure to be delivered, wondering how soon we can go get our certified check for closing (possibly right after receiving the closing disclosure, when we know the exact amount or the day of closing?)*

    #33213
    dreamhomeDMV
    Member

    Trying not to become a member of the “closing crazies” as Tim calls them! LOL. Perhaps you can assist with some of the questions above, Tim?

    #33214
    TTrumble
    Member

    Hello dreamhomeDMV,

    Based on the 28-day contract-to-close timeline you are somewhere between 4 and 10 days from closing. Sorry I can’t be more specific. Normally, the verbal VOR means you are at Day 24 and the CTC would be issued tomorrow. However, that Change of Circumstance means a setback because of a required reissue of the Closing Disclosure.

    The bank does do their own pull of your credit file, but that has happened by now.

    Wait till you get the CTC to get utilities turned on. The law requires three days between CTC and closing, so you’ll have plenty of time.

    Your counselor should be in touch with you with the final figure on how much to bring to the closing table the day of or day after the CTC.

    I don’t think it’s going to be the whole ten days. My best GUESS… that’s GUESS… (did I say GUESS?) is you are six or seven days from signing on the dotted line and jingling those keys! Early next week you get the most enjoyable case of writer’s cramp you’ll ever have! 🙂

    Keep us updated!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 5 years, 3 months ago by TTrumble.
    • This reply was modified 5 years, 3 months ago by TTrumble.
    #33229
    FirstTimeHO
    Member

    dreamhomeDMV, All I can say, you are extremely lucky.

    My appraisal was done in early June, 2.5 weeks before yours. And we still don’t have it from the bank.
    I call every day every 20 minutes for the last 5 weeks (all conditions are addressed).

    No progress with the appraisal yet. And it is not clear whether any progress will be ever.

    #33230
    dreamhomeDMV
    Member

    @FirstTimeHO I can only imagine how you feel. We have been told that our process is moving quicker than usual, but there have been moments of some serious stress and worry. We had an issue with our appraisal report as well. It was conducted on a Monday, I made sure I was present for it so that I could meet the appraiser. It was not submitted until the following Wednesday, so a week and a half delay. We were extremely frustrated and the bank was continuously contacting the appraiser as well to submit the report. I finally called my realtor and asked her to give me the contact info for the appraiser (he called her to set up the appointment). I called him and asked when the report was going to be submitted and he said he was extremely busy and blah blah blah. Needless to say the appraisal was submitted shortly after. I understand your frustration. This is definitely an eye opening experience. People say “calm down, don’t stress, your worrying for nothing, it will all work itself out” but because it’s such a big purchase you can’t help but to…especially when there is THOUSAND’s of dollars on the line of YOUR personal income. The workbook and the counselor’s try to prepare you the best they can, but there are some questions that just go unanswered for days at a time, and that is probably the most frustrating part. That is why I’m committed to sharing our story, so that other members can see what the process is like (albeit a short one) and how we were feeling at that moment. I try to follow the contract timeline, but it would be helpful if there was more info given. I attended the purchase workshop and while the info given was good, I am definitely thankful for the NACA forum and Google search is my best friend.

    I sincerely hope you get some answers soon.

    #33268
    dreamhomeDMV
    Member

    7/14/16 11:49am- Lender: loan is clear to close

    *at this point we are just waiting for the Closing Disclosure, hopefully we will have it soon*

    #33270

    Hi @firsttimeho who is your lender? I am also waiting on my appraisal report since July 8th. My lender is BOA.

    #33271
    nicole_2015
    Member

    Hi @dreamhomeDMV did you buy a new construction in DC as well? May I ask what the name of the property is? Congrats at locking in at 2.188! That is awesome!

    #33272
    dreamhomeDMV
    Member

    Hello @nicole_2015 We actually are purchasing in Northern Virginia. Thanks.. we are excited!!

    #33273
    nicole_2015
    Member

    Congrats! I love to hear the DMV stories in particular!=)

    #33284
    dreamhomeDMV
    Member

    7/14/16 6:33pm- Notified via email that CITI overnighted the Closing Disclosure via UPS. Tracking info provided
    7/15/16- Set utilities up for closing day (electric, gas, water, cable/internet)
    7/15/16 9:49am- UPS delivered the Closing Disclosure
    7/15/16- Paid Homeowners insurance 1st year premium and provided receipt to escrow agent and mortgage counselor

    *Some figures/info were incorrect on our closing disclosure but the escrow agent and lender are still trying to balance the amount, at this point we are just ready to go get our Cashier’s check and close Tuesday!*

    #33292
    cwilliams
    Member

    Question about Closing Disclosure:

    So I received my closing disclosure 2 Friday’s ago & the title company confirmed a date/time for that Tuesday. Monday came and we never received the clear to close and then of nowhere there were all these conditions so we had to reschedule the closing date. On Citi website they have a closing date, what are the odds of this happening?

    #33301
    TTrumble
    Member

    Hello cwilliams,

    As I noted on one of your other posts, you cannot go by what you see on the Citi website. The only thing that matters is what is in your NACA webfile. Additionally, that date is only an estimated closing date anyway. You can only count on the closing date for certain once you have received the Clear to Close.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

Viewing 15 posts - 31 through 45 (of 52 total)
  • You must be logged in to reply to this topic.