What next?

[JackNapier]

@Tara585 thanks. It took a lot of prayer and patience. Trust me, I was going to give up hope if we had not closed before the end of November. This forum helped tremendously.

@2BLESSED we most certainly will. Thanks

[Viperml]

Jack, I am glad you were able to close. First, let me say that the people that handle NACA loans at BofA probably are backed up with the sheer volume coming from NACA but if you were to do a normal conforming loan with 5 percent down or normal FHA loan with 3.5 percent down it would not typically take you 2 to 3 months to close if you called BofA on the phone and took application over the phone. I previously worked for BofA for 10 years and they will staff up when they need to for their normal loans. The delay with NACA appears to be different. I do not know anything about that relationship. I like that NACA is doing things that it can do to address the closing issues like having an escalation area.

[Nelsont]

@Viperml

I think you can provide some good insight into the inner workings at BOA. What you said though goes against everything in my experience. My agent had never worked with NACA before and he said he hates dealing with BOA and advises against it if possible because his entire office has never had a BOA loan close on time. Then there’s my neighbor who bought their new house through BOA and they were given 3 separate delays in closing for no apparent reason other than it seemed to be low priority for them. Do you think things changed for the worse since you left? Maybe you should go back lol.

[Viperml]

Nelson, I guarantee if someone called BofA on the phone and took a normal conforming or fha purchase loan it would not take longer than 60 days unless there is something wrong with the applicants file. In todays market conforming purchase loans are not taking 60 days with any mortgage lender. Most are probably in 30 to 45 days. In fact conforming loans are easy. Freddie Mac only requires most recent paystub, most recent w2 for w2 wage earners. Freddie only requires most recent 1 month bank statement for asset accounts. Fannie Mae requires the same except Fannie requires 2 month account statements for all asset accounts. Even fha only requires most recent paystub, 1 month bank statement. Fha does require 2 years w2’s. For self employment usually fannie will require 2 years tax returns but freddie will accept 1 year if applicant has owned business for 5 years or more. Now refinances are probably taking longer because everyone is refinancing now with lower rates. Mortgage companies will always put a purchase closing ahead of a refinance

[Nelsont]

I agree with that. I have purchased 3 houses. My first house was FHA. Then I upgraded and put 30% down for a conventional/conforming loan. At that time 6% was outrageously low! I went through some hardships and have since purchased through naca. All I can say is what I have seen and experienced.

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