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Registered: ‎05-26-2010
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Re: The Official NACA mortgage thread

[ Edited ]

I am soooo close to closing on new construction.  My home was already under construction, and I received my NACA approval January 15.  Filed a signed contract a few days later, then had a new round of things to submit.

 

It took about two weeks to make the bank application, partly because the Baltimore office has no licensed person and I had to drive to Washjington, DC  to make the application.  The MC in DC had everything ready, I was in and out in less than half an hour.

 

Check your web file on the NACA website, there's a new section that will track what's needed for the mortgage.  Be careful to submit anything that's requested promptly and give exactly what's asked for.

 

I got a whole further list (over 20) of items, many duplicating what I had done before, and a couple of contract addendums because new construction tends not to be on a standard contract but a builder's contract.  My appraisal came in $17K over purchase price.

 

I have a commitment letter and GFE.  My original target closing of March 15 is going to slip because our local electric / gas monopoly won't hook up the feed and mains promptly.  I hope to close last week of March or first week of April.

 

I can't get the inspection until the Usage and Occupancy certificate (called Occupancy Permit in other states) is issued.  I found one of the NACA inspectors who is also highly rated on Angie's list, they say they can inspect almost immediately, get me the report same dayt or next day, and as soon as I acknowledge receipt send it to NACA.  This is a big difference from an existing home where NACA wants your inspection right away to see if the contract needs renegotiation.

 

I have bound  and paid for homeowners insurance already with an effective date of March 15, the original closing target.  I can update that this week to a new target date.  I'm with USAA who are amazingly good to work with and charged about half what NACA estimated.  From what I can see you need an insurance policy, effective on the closing date, naming the lender (CitiBank in my case) and loan number, and a paid receipt for closing.  I wouldn't think you need that before a couple of weeks before closing but ask your MC.  Any reputable insurer should work with you to update coverage to start on your closing date if it moves.

 

Given that it's going to take a while for your new home to be built maintain your savings pattern and plan to have all the statements and paystubs to keep updating your file.  Congratulations!

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
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Goal Score: EQ 740 EX 740 TU 740
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Re: The Official NACA mortgage thread

Good for you and I have a good feeling you'll be in the closer's club real soon.


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Re: The Official NACA mortgage thread

Tanya007


How did your intake appt go?  I'm curious, as I will be attending my 1st appt in June.

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Re: The Official NACA mortgage thread

Hello Msrarebeauty! Sorry for the delay in response. My intake appt. went well. Everything seemed promising. She said we may be approved by April! I was thrilled. I have a follow up appt via phone this Friday. Now the issue... I was able to ALMOST complete my task list with the exception of alternate credit. I do not have much under my name, I need 3 Lines Of credit. I got vonage to fax me a letter, not sure it'll be accepted. The water is under my name, too many lates and my cable, they do not provide such a letter. Don't have anything else. I'm bummed as this looks like it will be the only thing to hold me back. I guess it will remain to be seen. ... Thanks for inquiring. I pray your appt goes well, keep me posted.
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Registered: ‎02-04-2012
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Re: The Official NACA mortgage thread

I really think we should find a way to revive this thread.  It is so helpful, and for those of us just starting out, we could use some answers and input from others in our same situation.  RichRaven, do you have any thoughts on how to recruit new "commenters" to join this thread?  It seems to be dying off.  I would love to keep it going.

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Registered: ‎01-29-2009
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Re: The Official NACA mortgage thread

RachelRachel and Ms. Jade were extremely helpful in responding to my NACA questions.

We based our mortgage on our rental payment, so we did not have to save shock payment.

I'm happy to say at this time, we're in mortgage processing mode. 

 We are going to purchase new construction and our interest rate has been locked in under 3.0%.

Our mortgage payment will be almost $150 less than our rent.

We close end of June.

I'll be the first to admit, I was ready to give up, but patience is a key word with NACA.   It really does work.

To all those just starting out with NACA, best of luck and hang in there!

 

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Posts: 12
Registered: ‎02-04-2012
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Re: The Official NACA mortgage thread

Thank you NeedsHelp23,

I look forward to seeing your timeline and sharing your success story.  To hear someone go through this process and make it to the end (in 2012) is inspirational.

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Registered: ‎05-16-2008
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Re: The Official NACA mortgage thread


NeedsHelp23 wrote:

RachelRachel and Ms. Jade were extremely helpful in responding to my NACA questions.

We based our mortgage on our rental payment, so we did not have to save shock payment.

I'm happy to say at this time, we're in mortgage processing mode. 

 We are going to purchase new construction and our interest rate has been locked in under 3.0%.

Our mortgage payment will be almost $150 less than our rent.

We close end of June.

I'll be the first to admit, I was ready to give up, but patience is a key word with NACA.   It really does work.

To all those just starting out with NACA, best of luck and hang in there!

 


Congrats Debbi!  Were you able to buy down your rate?

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Posts: 6
Registered: ‎12-24-2007
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Re: The Official NACA mortgage thread

I agree with this.  I have read this thread from page one and has been very helpful for me.  I have been preparing to purchase a home since last summer by budgeting and cleaning up my credit and such.  I will try to keep the thread updated as I go through the process.

 

So far:

 

2/4------ Workshop

3/29-------Intake meeting: Intake went well. I think I was over prepared because of this thread lol I had everything printed in my binder as well as my info uploaded online.    The meeting mostly consisted of him asking for basic info (much with i had provided online) and going over my MRF.  He didn't even look at my statements or anything and gave me a task list which included a lot of things that I already provided online and brought with me to the meeting but he said he didn't want to see it at  that moment.  He said we will cover  things like affordability and finances in my follow up meeting on 4/30.  I don't know why he is doing it this way because from reading other experiences it seems that everything is reviewed at the intake.  He said that my file should be fairly easy as I have don't have any biggies on my credit and i have already been showing my payment shock for a few months now. 

 

I'm not looking to be approved until around June so we will see how that goes. In the mean time before my next meeting on 4/30, he told me to continue to save my payment shock and upload my pay stubs and bank statements.

Established Member
Posts: 21
Registered: ‎01-29-2009
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Re: The Official NACA mortgage thread


missjade wrote:

NeedsHelp23 wrote:

RachelRachel and Ms. Jade were extremely helpful in responding to my NACA questions.

We based our mortgage on our rental payment, so we did not have to save shock payment.

I'm happy to say at this time, we're in mortgage processing mode. 

 We are going to purchase new construction and our interest rate has been locked in under 3.0%.

Our mortgage payment will be almost $150 less than our rent.

We close end of June.

I'll be the first to admit, I was ready to give up, but patience is a key word with NACA.   It really does work.

To all those just starting out with NACA, best of luck and hang in there!

 


Congrats Debbi!  Were you able to buy down your rate?


Thank you . . . . yes, the builder I used offered $10,000 in closing costs.  I specifically asked them if they used NACA and are they aware of using those funds towards buydown.   They said yes, no problem.  There are some builders in my area that will not budge in giving the closing costs unless you were using their finance company or not purchasing through NACA.  We were able to get a great deal!  We never thought we would be able to purchase new construction.

 

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