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  • #63092
    outrenthome
    Member

    My NACA Timeline, we are in Dallas, Texas:

    6/10/2019 – My belief that I would never be able to buy a house changed when I learned about NACA from a friend who works for Bank of America and bought a house through NACA
    7/20/2019 – Attended Workshop.
    9/12/2019 – First Appointment (with mortgage counselor Andrea)
    11/01/2019 – Changed Mortgage Counselor to Mickie after Andrea was terminated
    12/11/2019 – Application submitted by Mickie to NACA Underwriter

    How long is it supposed to take now until we will receive a response from the NACA underwriter? We still don’t know how much of a loan we are qualified for, yet. Are we supposed to already know? By the way, lots of kudos to Mickie, she works really hard and she’s really good, she works with appointments until 5pm and then she still stays in the office to work on people’s paperwork until late in the evening. She’s a true diamond in the rough! Andrea wouldn’t even answer my emails after two weeks, but Mickie responds almost immediately every time!

    Thanks!

    • This topic was modified 2 years, 5 months ago by outrenthome.
    #63101
    Peapod0609
    Member

    You should have a pretty good idea on what you will be qualified for monthly payment wise, was this never discussed at your intake meeting? Typically they will go over your DTI ratio and all of that and tell you what your maximum monthly payment should be.

    After getting qualified you will definitely find out for sure, though. I would expect to wait a few days even up to a week or more to hear back from underwriting. If you don’t hear back by next week, follow up with your MC.

    #63103

    Congratulations on getting so far! I’m at the exact same point you are. UW seems a little swamped, still catching up from the holiday, so I think giving them a week is a good idea. It may be much sooner, or it may not. It sounds like you have a great MC, so they will keep you informed.

    #63104
    outrenthome
    Member

    Peadob0609, I was given a first loan amount of around $379,000 with my first intake, but I had my first intake with the mortgage counselor that was terminated, so it might be too high. The new mortgage counselor was able to work on my paperwork and submit the application via email so I did not need to have a second intake appointment. We’ll see. I am not in a rush to buy a house right now, actually my ideal time would be after the middle of April 2020 so meanwhile I can save some more money from working overtime. I won’t mind waiting another 7-10 days or however many days it may take now to process the underwriting.

    So let me understand, does the application first go through NACA underwriting, then I have to go to the Purchase Workshop and after that it goes through another underwriting with Bank of America before I can look for a house?

    • This reply was modified 2 years, 5 months ago by outrenthome.
    #63109
    Nelsont
    Member

    Bank of America underwriters don’t come into play until you sign your bank app.

    Once you are qualified you go to the purchase workshop and that’s it until you find your house. You put a contract in go through credit access with naca underwriters the once credit access approved you sign your bank app then go through boa underwriters.

    #63110
    Nelsont
    Member

    Your purchase amount is a guideline only because there are too many factors. Your monthly payment amount is what you go by. A county with higher taxes will get you a cheaper house for the same monthly payment. A neighborhood with hoa fees will get you a cheaper house for the same monthly payment. A well and and septic tank will get you a more expensive house for the same monthly payment because the taxes are lower. Buying the interest rate down will get you a house up to about 100k more than what you can afford than without buying the interest rate down. Living in a high crime neighborhood will increase your insurance which will decrease the amount of house you can buy. So go by your monthly payment which should be 31% of your gross monthly income unless you have a lot of debt.

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