Disadvantage with NACA's 45 days to closing? and other question...

[Anonymous]

Hi all,

Ever since we looked at 55 homes since early July. We have made offer on few of them EVEN offering more money due to Sacramento's hot market. What I have noticed is once we made an offer, the seller's agent tend to contact my realtor about NACA's program and asking why 45 days? It sounded like they are spooked about unfamilar with NACA program but we felt that sellers rather have 30 days to close than 45 days which is understandable but it does put NACA members at disadvantage!

What can NACA do about 45 days to close? I recall somewhere on NACA website that they try to close in 28 days, what came out of this? If NACA still try 28 days to close, how can we make it to 28 days to close?

Second question: Last July and recently last week, my wife gave me $500 cash each time, these are from some cash back at grocery stores but most are from selling such as Garage/Yard sales which obviosuly we can't make buyer sign a paper stating they paid X amount for what for NACA's purpose. (At that time we didn't know we had to document EVERY SINGLE thing. Not sure how this will affect $1,000 that we put in our savings? Can we write LOE for this and would underwriter may allow that? We have some more garage sale to get rid of useless-to-us stuff. I mean that's America's favorite thing to shop Garage/Yard sell, eh?

Hoping someone can answer if Tim Trumble is not available to answer.

Cheers!

CAMailman

[Anonymous]

...to add, We're almost end of 90 days qualification that was approved early July and we're in process for re-qualification while in middle of house hunting.

[StartingOver10]

Your Realtor should be able to clearly explain the 45 day closing and NACA financing to the listing agent.  Have your Realtor speak to your LO so s/he can be more prepared and confident when presenting an offer with a 45 day close.

Believe it or not, there are sellers that would welcome the 45 day close - as long as they are certain you have the ability to close. It gives them extra time to pack and move. And, if they haven't found a house to move to yet, it gives them two extra weeks to find one. 

[KBincali]

I can attest to this. Being in the same process, my realtor has been great about just keeping the seller updated and educated on NACA. He had never heard of them before either. He also seemed to appreciate the fact that we didn't haggle on the price, made him more amiable when it came to required repairs, which I knew there would be.

[NC_Mtg_Loaner]

Well, I'm not Tim Trumble and I did not sleep in a Holiday Inn Express last night either, but you should research the opportunity to 'enhance your approval' by seeing if there is any way to request that your lender provide you with a full UW pre-approval.   Most lenders offer these today in order to allow their buyers' offers to compete better in today's market place.

An LOX (letter of Explanation) should suffice for those large deposits, but you certainly ought to look to refrain from those types of transactions in order to avoid having to do that extra "reporting work" for your own peace of mind (and the peace of mind of your LO).   google the USA Patriot Act if you have not already been advised to do so or had it explained to you at this point of the process and it'll possibly allow you to sleep better. 

[KBincali]

Just realized I didn't address your second question on cash deposits. Yes, you can write an LOE. I have multiple deposits each month in cash, anywhere from $400-$1000.

This was something that was looked at repeatedly. In the end they also made me do a complete breakdown of my 1 checking account that I use for everything.
As an example: (classifications, their choice
October
-One time expenditure: 10/7/17 $450 Home inspector.
-Periodic expenditure: 10/16/17 $115 Bulk meat purchase.
-Cash: 10/4/17 $650 Tip income
10/11/17 $590 Tip income
-Investment: 10/20/17 $150 Vanguard IRA

They do get VERY picky and seem to not read. The $150 transaction is clearly marked in the statement as INVESTMENT with the group's name and the underwriter still came back with "What's this $150??? I had to do this for the past 3 months of statements. With each month on a separate page. I pulled out any transaction over $10 to be sure. Haven't gotten any more questions on the cash or any transaction.