Llmathews18,
Thanks so much for your informative post. You brought up some great "watch outs" that I too wish I had known about before beginning the program.
So glad things seemed to work out for you. I'm in a similar situation. I have already found the community that I want to move into as well as the floorplan I want (my realtor, who has attended the NACA workshop, recommended that we do that because the NACA process is so slow). The community is almost complete, and they only have around 9 lots left. To give you an idea of where I currently am, my file has been sent to U/W three times (my first counselor was horrible, he ended up changing roles in the organization and my file got picked up by a much better counselor - each time the file came back there were new docs that I needed to send in that I didn't know about or had never been uploaded by my initial counselor). My new MC sent it in, and the file was just returned this morning. It was not approved due to some late pays on my electric bill account (although I included a LOE, have excellent rental history, paid off a 5 yr car loan with NO late pays, excellent letter or credit from my phone company, make very nice salary, etc.). My MC sent it back again this morning for a "2nd Level review' which she said means that a head underwriter reviews the file. She also stated that she included notes letting him/her know what the situation was. I was really hoping to attend the buyers workshop today, but it appears that will not happen. Has anyone dealt with a 2nd Level review?
I have debated whether or not I should go ahead and proceed with putting an offer together on the lot and home or if I should just wait. I know that is a gamble, but I have looked at a million homes/communities it seems, and have finally figured out where I want to live. I would hate to miss out due to the process being so slow. I'm thinking that it's better if I wait though. I won't be in town for the next two Thursdays due to travel, so I wouldn't be able to even attend the workshop until 3 weeks from now. I guess just knowing that I am approved, I can still move forward with the offer.
So, I understand, after you receive U/W approval, you attend the workshop and get your letter, you can then start making offers. At what point does the bank app phase come in? Are you finding that it is like U/W all over again? Any insight would be great, as I want to be ahead of the game.
Can you also explain what else is different in the new construction process? Thanks for the help!
