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06-07-2012 06:44 AM
Thank you so much for that. I guess I hope it keeps fluctuating at least until our time passes.
Thanks for sharing your intake experience. Which office are you working with? I go for my intake next week and Im so nervous.
Does your fiance have any old letters from the collection agency? Have the items been paid? If they were paid, only then would I even consider asking the CA for some type of notice that it is closed, otherwise Id be afraid to start them up again.
06-07-2012 06:55 AM
We're working with the Atlanta office. I was nervous as well for my intake, but it was smoother than I thought. I really thought we were going to get beat up over all of the problems that we had to address, but I guess since he sees so many cases each day, then he probably has seen worse.
My fiancee has CA that have not been paid. In order for him to avoid paying them, he has to prove that they are over 2 years old. He does have some letters from the CA, so I will find those and try to sort them out according to which ones we need to have proof for. Thank you, I didn't think of that.
06-07-2012 07:02 AM - edited 06-07-2012 07:04 AM
Yea, Id definitely try to find the old letters, because Im not sure how it works, but calling them might bring the account back current.
Im going to the NJ office next week, and hope everything goes smoothly.
I am trying to work with Hervey, because I saw someone else in this thread say that he was very efficient.
06-14-2012 02:58 PM
06-14-2012 05:21 PM - last edited on 06-15-2012 12:09 AM by Lel
Ooh wow congrats Super Desi. Hopefully I'll be there soon. I have no experience, but the NY/NJ HRA (home resource agency) held the workshop I went to. They are completely familiar with naca and work with them. Let me know how it works out. http://www.nj-hra.com/what-we-do-c14453.html
[Edited to remove full names, the posting of which is not permitted on the FICO Forums. - Lel]
06-14-2012 06:40 PM
06-18-2012 05:57 AM
The closest NACA office should have a list, there might be one on the NACA website.
06-18-2012 08:57 AM
06-18-2012 09:15 AM
This sounds different from my experience. Once I was approved I did the Buyer's Workshop. Then got to contract using a Buyers' Agent (like you I had identified an agent who went through NACA's agent seminar).
I submitted a contract, my agent and the selling agent had to submit market analysis (comps) justifying the price. Normally you would order the inspection by a NACA inspector then (I didn't, I was buyingh new construction). Your contyract should have an inspection contingency and allow for time needed to close ny NACA - I think at least 45 days. Remember any "closing help" you negotiate can go to interest rate buydown, be sure that aspect is worded correctly.
Remember, you're approved for a monthly payment, not a mortgage amount. You need to consider principal, interest, taxes, HOA fees, insurance and the Neighborhood Stabilization Fee of $50.00 when ensuring you won't go over your approved monthly payment.
Once the contract, comps and inspection report are in NACA should review the contract package and forward it (and you) to final loan origination. Be patient, you'll asnswer a lot of the same questions and provide the same documentation again because this last step involves the lender's underwriting.