Figured I may as well post this here too, since this is where my journey began... I want to thank ALL of you for this thread, it was VERY helpful...
Okay, my journey started in February... was qualified in a month, maybe 38 days max.. went through underwriting TWICE trying to get qualified... needed 2 forms of alternative credit, as I only had 1 credit card.. Anyways, started looking for homes after I attended the meeting where they give you your numbers... Started looking for homes seriously in April, found one I like in early May.. went under contract with a tentative close date of June 13th.. did inspection.. termite... got contractor bids.. got up to appraisal.. house is listed for about 27K more than it appraised for.. seller (VA) agreed to come down 14K, but that still leaves me 13K over... no deal... I walk away from that home.. pretty disappointing after spending all that time searching, spending money on inspections and wasting time with multiple contractors... My frustration took me out of the hunt for about a month after that... I said that I was through with NACA... even though it wasn't NACA's fault...
Had the better mind to continue my search after my 4th of July vacation... I spent a bunch of money on vacations making myself feel better... I went to Vegas, the Dominican Republic, and down to New Orleans... I was over the whole house thing..
Got home and decided that I wanted a house again.. started back looking around July 8th.. contacted my realtor and asked him to send me some homes to look at.. He did later that day, sent me around 10 and we looked at maybe 4 of them.. I saw nothing that jumped out at me... waited another week, and asked for more... we looked at maybe 6 more this time, and expanded my search area a bit... I saw maybe 1 I liked, but they were asking way too much for it, primarily based on location...
Finally, in August I find 2 that I like and want to put offers on.. I get into a multiple bid situation (highest and best) and I believe the listing agent on 1 of the properties was doing some shady tactics, so I let them have that one.. I put a bid in on my other option and ended up winning... August 7th, I went under contract... It was a foreclosure, so it's bank owned... I ran into a few issues initially, because the listing agent didn't want to have the water turned on in their name... with it being a foreclosure, I had to get the electricity and gas service cut on in MY name, but the water is a little different.. The Water Dept won't turn the water on in anyone's name but the owner, or the listing agent if a home is listed for sale, so that became a nightmare.. We went back and forth about this for almost two weeks, until I finally got a name over at the bank (via shady tactics of my own) and contacted them with a very sternly written email and a voicemail message.. I basically told them that they were about to lose a buyer because the listing agent refused to have service activated in their name, so that I could complete inspection of the home.. The bank replied back to my email, and I guess tore the agent a new one, because the home got another listing agent the week later, and I had to sign a new contract (same price and terms), just a new agent.. There's goes his commission... Idiot!!
August 26th, I sign the new contract with a close date of October 10th, water service is activated in the new listing agents name a week after that, and we're off to the races... inspection... termite... appraisal... I start lining up contractors for bids... bad news... appraisal comes back about 4K less than bid price... my agent calls listing agent.. listing agent calls bank... back and forth, back and forth... I've seen this movie before, so I get worried... I shouldn't have, the bank finally lowers to appraisal price... okay, we're good there....
Now comes the NACA side of my problems... they are dragging their feet.. the October 10th date comes, we have to ask for an extension, but at a cost of $350 ($25 per day) to me.. and it's only for 15 days... not business days, days PERIOD... so I have until the 25th... the 24th comes... still no clear to close... file another extention, another $350, another 15 days...
FINALLY... about 4 days after that, on the 28th, I get my clear to close.. I'm excited...
on the 28th, I get a call from the closing attorney and an email.. My closing is scheduled for October 6th... I have wired the funds today, and we're a GO..
My NACA journey has been a bit trivial, but if you keep good documentation trails, don't have a problem updating your files, and have a little patience, NACA is the best thing going...
My initial rate was 3.75%, but I bought it down to 1.75%...
Starting Score: EQ - 639, TU - 647, EXP - 656 -- 1/14/14I am officially closed!!
