Hello everyone I am here to give an update.
As mentioned before my file went to the UW on 9/24.
I know I had a question about this since it was different from the steps in the book so I asked and here is he answer. File needs to go to UW so that I can be NACA approved for NACA Credit Access. This is something like preapproval only it not from the actual lender, also this does not grantee that you will get a loan. Basically it means that you are highly likely to get the loan because NACA has addressed all of your issues.
Okay now back on topic file is at UW on 9/24. I get a call from mortgage consultant on 9/26 file still with UW but he will be in Boston from 9/28-10/3 wants me to call and check on status during that week. Sure no problem. Call local office on 10/1 to check file advised that UW reviewed on 9/30 but there is no update. It is unknown if I am approved or disapproved and no task listed at this time.
Now it is Monday 10/6 get a call from mortgage consultant he is back and so is my file. UW says I have four things wrong:
1) Utility cost on budget seems too low at $170 per month
2) No amount reserved for spending on clothing each month
3) Took out a pay day loan in august need to show 2 months with no payday loans
4) Bank statement should NSF charges.
Now is time to come up with a solution so here is what we come up with.
1) The budget for utilities is correct reflects what I spend each month so I submit copies of bills for my address for the past year. Good thing I pay online those bills were very easy to access.
2) I don't shop for clothes each month I still have clothes from eight years ago that I wear, but you want funds for that fine put in $20-40 per month I shop at goodwill fashion 2u and the dollar store.
3) Okay payday loan was a stupid idea, but taken out for a reasonable cause(helping my mom). It was paid in full on due date. Write letter explaining why I took it out and that is was paid. Oh yeah I will wait until two months bank statements show no payday loans. This means I will not be submitted back to UW until November (banging my head against the wall but I will accept my punishment)
4) Lets take a closer look NSF charges were reversed on the same day because they were bank error. Included that statement in letter and point it out to mortgage consultant - I am willing to highlight bank statement if needed.
So that's my update for now looks like I wont have my success story tell December - I am a believer. Until than hope this is useful for those of you getting ready for your first intake meeting have all your paperwork and write up letters advocating for your self on any little thing that can look like a blemish.
My mortgage consultant Schyl Perry ,with the Oakland,CA ofice,has been great. He is new, that is why he did not catch my little slips before they went to the UW or we could have had the letters of explanation in the first time. Hey, we are all human so I can't fault him. He has already made it clear that he thinks I am ready to be a homeowner and have a realistic budget, he is going to advocate on my behave about everything that he has been informed of. I want to be upset that I have to wait another month before I can resubmit to the UW, but I can't be it was my stupid mistake.
I will repost in November when I hear back from UW. I have told mortgage consultant we will resubmit on 11/05/2008. If anyone has question please ask me I will try my best to get you an answer.
Blessed and Highly Favored.
Thanks for the update ReceivingTP! Sorry to hear about the hickup, but it really doesn't seem like anything that can't be fixed. I am getting all my stuff ready for my appt. on October 30th. Please post any other updatesand I wish you Good luck!
I wish you luck receivingthepromise my wife and I will start the program at the beginning of Jan. to hopefully complete it by Dec. 09. I have many questions and please feel free to answer no matter how long the explanation because this will help us in our quest. I've been to the website but I feel it's better to get advice from someone who's been through the program. Our credit is pretty good so we hope this will eliminate a lot of hassles in the beginning. My questions are:
1. How long does the entire process take?
2. Is it true that at closing certain monies you would normally be paying at closing will be used to buy down your interest rate?
3.At what point do you start looking, and how long do you have to look once approved?
4.Once you find your home can you negotiate with the seller to help buy down your interest rate?
5. Finally can you give me a detailed overview of the process from beginning to end such as what happenened at initial meeting with counselor to the point you're at now in the process?
I know this is a lot to ask but we're commited to the program and I know your experiences will help us tremendously. We need all the help we can get so please all chime in.