Welcome singlemommadreamsbig,

I know how you feel about being uncomfortable but, It's worth it.  To save your MRF and make sure your bills are paid on time its worth being squished with the ones you love!   Where are you posting from?  As soon as you get you NACA ID# Start bundling up your bank statements, check stubs credit card statements or any bills you pay monthly and on time and start sending them to your file.

You have to be totally divorced in order to go to the underwriters.  The view everyone as a couple unless the marriage is legally disolved.  ( I was recently divorced but when I started I was just in the process)  Don't let this hinder you.  Make sure everything is in order so when your papers come thru you will be ready to proceed.

Stay on the thread and keep us informed.  Peace & Blessings

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Starting Score: 685
Current Score: 685
Goal Score: 750

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brighterday wrote:

GREAT NEWS!  I just received notification from my counselor that we are clear to close!!! We are currently scheduled to close on 6/11 according to our contract, but NACA says we can close as soon as this Wednesday (6/3).  Can you believe it? It only took three weeks from the submission of the bank application (5/12).

 

I know it's a tedious and stressful process at times, but I strongly feel the benefits are worthwhile. (Remember, you can't have a testimony without a test.)  Thanks to contributions from the seller (new construction), our rate is 2.375% on a home that we love in a great community with excellent schools.  I know it's tough at times, but please hang in there if you can.

 

I'll keep you posted.

 

Many blessings

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Could you please explain how you got the buy down from new construction?

Congrats brighterday

Prayer works. Could you tell us how much did you need to buy your interest rate down to what its at now. And what did the builder throw in

Thanks and congregations again. Keep us in the loop

Thanks to all for the congrats.

Our HAND experience was pleasant and uneventful.  After the initial inspection the inspector uploaded his report into HAND's system.  The following day, we received the inspection report from HAND stating what had to be repaired.  The seller agreed to repair all so we notated that on the report, signed it and faxed it back to HAND.  The re-inspection process was about the same.  The inspector sent the report to HAND on Thursday and on Friday I received an email from the HAND dept stating we were clear to close no sooner than 3 - 4 days as long as there were no bank restrictions.

NOTE: NACA provided a list of approved home inspectors at the purchase workshop.  I sent a blanket email to all of the inspectors on the list (bcc'd) and asked them to reply with their total yrs of experience, yrs of experience w/ NACA, inspection fee and re-inspection fee.  As they replied, I logged the info in a spreadsheet.  This was done prior to selecting a house, but it made the process a lot easier after we went under contract.

The following Monday (yesterday), I received an email from my counselor stating that we were clear to close on Wednesday or later.  Today, I received a call from the closing attorney to schedule the closing for later this week (a week earlier than scheduled).  Unfortunately, I have to wait until next week b/c I'm travelling for work this week and we haven't completed the walk-throughs at the house.  No worries, b/c my lease expires on 6/30 and rent had to be paid for the entire month.  So we are on for next Thursday morning.  Praise Him!!!!

Re: buying down the rate - We only looked at new constructions b/c we felt builders would be in a better position to offer more substantial buy down $$$ than individual sellers.  After looking at each home, we asked the onsite salesperson if they were familiar with NACA and if they worked with the program.  Lucky for us, we were able to find a few in the area that already had a relationship with NACA.  Our 1st and 2nd home preferences were in the same community.  Our agent (non-NACA) submitted an offer on our 1st choice below asking price and requesting ~$28 for buydowns.  For various reasons it was a no go, but the builder told us they could be more generous if we were interested in our 2nd choice (which we were).  We offered the asking price ($235k), requested ~$20k for buydowns, and a few extras (frig, garage door opener, blinds, & washer/dryer).  It may seem like a bit much to some but you never know unless you ask.  We went under contract w/ the price, buydowns, and two of the extras.  Thanks to the sellers contribution we were able to get below are max. payment and are not contributing to the buy down.  We'll use our $$$ to purchase needed items.  Again, God is good.

Our intake appointment was in October.  I have another post detailing our experience from then until now.

Many blessings!

From our experience buydowns with new construction goes as follows: Mind you this isn't NACA policy just what we've observed.

Say a house is listed at 200K, your agent will submit an offer to the builder / seller saying that you'll pay the 200K for the house but would like X amount of dollars for buydown money. To the seller it doesn't matter what the money is used for. Most sellers are already throwing in 3% closing costs, and upgrade money so..... Usually you're asking for a little more than what they planned to give but a freshly built house cost them money just sitting there so if what you're asking is cheaper than the cost to have the house sit vacant, then they deal.

A little trick the agent can do is submit the offer for the appraisal price. So a 200K house that appraises for 210K, you'd submit for 210K with 20K buydown. The extra 10K you use for buydown, then the seller throws in 10K. They were probably already putting in 3% so that's only another 4K for them. Now your buydown money is 20K. Someone here commented that this method is frowned on by NACA but I don't see why they would.

There may be other ways to get buydown money on new construction but those are what I've seen so far. You can also use some of your own money or use monetary "gifts" from family or non-profits.

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Congratulations brighterday23!!!!  I pray I will soon be in the same boat.  I have just a few questions for you if you don't mind, since you also work with the Atlanta office.  Did you work with a Naca or outside agent?  Also who was your counselor?