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Frequent Contributor
Posts: 393
Registered: ‎06-26-2015
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NACA questions

My wife and I have telephone appointment with NACA in May. I have uploaded everything except few remaining. We hope to close on a house this summer or early fall. Our apartment lease ends 2nd week of September and we could go month-to-month only for short time if needed.

 

I know NACA has no down payment, no closing fees and especially NO PMI! That works for us perfectly because we don't have alot to put down and the rental prices jumped every year that we decided buying a house is a good way to invest our money rather than throwing 16K or more yearly on rent (UGH!).

 

My question is what is expected from the time we sign the offer to buy to closing day, costwise (ballpark).

 

If you closed with NACA, do tell me your upfront/closing expenses so that we can be prepared.

 

Many thanks in advance!

CAMailman

BK7 Filed 3/15, Discharged 6/15
Starting FICO: 7/05/15: EQ: 490, TU: 497, EX: 477
Current FICO 11/28/16: EQ: 698, TU: 659, EX: 683
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Contributor
Posts: 132
Registered: ‎11-18-2014
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Re: NACA questions

Hello CAMailman,

 

The projected timeline from contract-to-close in the NACA Process is 28 days although there are factors that can cause a delay.  You can see the brekdown of the timeline starting on page 23 of the following slideshow presentation:

 

https://www.naca.com/Scripts/pdfviewer/web/viewer.html?pdffile=/media/1247/nacaoverview.pdf

 

Tim Trumble

Online Operations, NACA

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