02-21-2017 06:07 AM
Yes, you may change from a 30-year to a 15-year and vice versa before the bank app. As you are aware, it will affect your maximum acquisition cost but will also give you twice the interest trate buy down power.
Online Operations, NACA
03-19-2017 05:38 PM - edited 03-19-2017 05:39 PM
Hello - A couple of questions regarding purchase of a new construction home.
I am qualified and getting ready to go under contract for a home breaking ground next month and scheduled to be complete mid-July. We set a closing date for Aug 4.
The builder wants $6,000 down. This deposit becomes non-refundable after I am approved for a mortgage, and we set that date for April 28. Is this a realistic timeline for bank app and approval if I submit the contract this week (approx 30 days)?
After approval and during construction, will my approval and interest rate expire? Will I need to be approved again? Could my rate change?
Also, how long after completion/certificate of occupancy can I expect to close? Right now the buffer is a couple of weeks. I may be able to push the settlement date out a bit if necessary.
03-20-2017 12:13 PM
The clause that makes your earnest money deposit non-refundable is not acceptable to NACA. Your real estate agent needs to negotiate this out of the Purchase and Sale Contract.
Also, your statement "This deposit becomes non-refundable after I am approved for a mortgage" is a bit confusing since you are already NACA Qualified. Nothing will change regarding approval from this point forward until you are given the Clear to Close.
Your qualification will ahve to be renewed after 90 days, but as long as you have kept you documents up to date and there are no major changes in your circumstances, that will be little more than a technicality. Your interest rate is locked in on the date you submit your Purchase and Sale Agreement, and can be renewed if necessary.
Online Operations, NACA
03-31-2017 07:09 PM
Thank you Tim.
I have another question. I am buying a new construction, closing date set for Aug 18. Rate of 3.5%. Loan estimate says rate is locked until 05/30/17. Can (and will) my rate change if rates increase? Or is this my rate until closing?
Also, I tried to sign up on the official forum but I keep getting this error when I attempt to create a password. Don't know who else to contact to resolve. Have beem trying for a few weeks now.
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