(update 1/7/14) CLOSING TODAY - NACA JOURNEY

[RJA]

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@toi34 wrote:

RJA~

I am working with the NACA Oakland office too. Glad to read about your successes! What city did you find your home in...that's a great price for the square footage. I ave been pre-qualified for $280,000, but am hard pressed to find anything move-in ready and decent in that price range. I'm looking in Hayward mostly, but am open to other cities in the immediate Bay Area -- not Stockton, Sacramento, or Antioch.

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The home I'm buying is in Plumas Lake, south of Marysville and 1 hour north of Sacramento.

[RJA]

11/5/13 - received signed contract and dropping off EMD to title company

11/6/13 - home inspection scheduled for 1:00

After wasting 4 1/2  months of dealing with two different lenders to get approved without success - the NACA process has been relatively easy for me.  I am on top of the world and feel like shouting that NACA is the best there it.  I feel blessed that it has been so easy for me and I attribute this to my MC.  She has been wonderful.  I will be singing her praises to anyone that will listen.  

When I first read about NACA most posts were about the long and tedious process.  You had to have patience to get through it.  Being well prepared is key here.  You have to be the proactive one  and resposible for getting your loan pushed through the piplelines.  Patience is one thing I was NOT blessed with.  I felt like I was stalking my MC - she was great and took it all in great stride.    I don't know if you are able to choose your MC with NACA Oakland office but if you can, definitely choose mine.  If you want her name, PM me.  IMO she is the best there is.  I truley attribute my success to her.  The MCs are the ones that can make your process as easy or difficult as possible and are the lifeline to your loan!! 

I really hope getting through the HAND department will be as easy.  Crossing my fingers (and toes)!!

Sorry to ramble on and if you read this far - thank you.  I can't say enough positive things about NACA. 

[toi34]

Congrats! ...post pics of your new home soon! 

[RJA]

11/6/13 - home inspection completed - no major issues

11/12/13 - home inspection report uploaded to NACA lynx

11/12/13 - pest inspection completed - no problems - still waiting on report

11/13/13 - email from HAND stating that cannot provide "repair list" without the pest inspection report

11/14/13 - pest inspection report faxed to NACA

11/14/13 - email from MC stating she is preparing my file for Credit Access

Request list from MC:

bank transcript from 10/31/13 through today - Done

transcript copy of loan paydown leaving less than 10 payments.  This to allow the loan to not be included in my DTI.-  Done

I'm feeling pretty anxious right now.  I don't know much about this process and keep getting nervous that I will be denied somehow.  I just want everything to go smooth without any hiccups.  I'm hoping to close at or near the 30 day mark  (12/5/13), but the way things seem to be going will be closer to the 45 day mark (12/20/13).  I really don't want to move just before Christmas.  Keeping my fingers crosses for 30 days!!

[RJA]

Waiting to hear back from MC if I am approved for Credit Access.  If approved I will need to drive to Oakland tonight to sign bank application.   I live in Marysville, a good 2.5 hours away and with holiday traffic make that 4 hours.  My MC said she would stay late if I am approved today. 

The Credit Access portion I have to say has been the most stressful part of this process.

I have been going round and round with the underwriter regarding my 401(k).  I finally decided to forego my 401(k) and just use what I already have in savings.   One other problem has been the gift letter from my mom.  They want it now and she can't get it until next week.

The other problem I have is getting estimates from contractors for the HAND portion.  Without getting into the home to actually see what is needed they are having a problem with providing an accurate estimate if  one at all.   A couple still have not responded at all.

So I am sitting here, keeping my fingers crossed that I will receive my APPROVAL email from my MC. 

[RJA]

After waiting since last Wednesday, I finally heard back from my MC that I was approved for a higher amount and for Credit Access.

I signed my bank application last night.  My interest rate will be 3.5%.  Now the stressful part of waiting on the appraisal.  Hoping that it will appraise for the $210k.  Keeping my fingers crossed.

[RJA]

Just received email from MC that lender approved me.  Now just waiting on appraisal. 

Still need to get bids to HAND department.  That's been a nightmare.  Trying to coordinate with seller and get contractor out to the house. 

Hopefully I will close on time.  So far so good according to MC.  Keeping fingers crossed!!

[swtneka]

Your NACA journey gives me hope....

[RJA]

Appraisal came in at $17k over contract amount!!! 

Still having issues with getting the bids submitted though.  The contractor had issues with registering on the NACA website.  Definitely not user friendly.  It required internet explorer 7 or above with a landline.  Then had to have the approval from NACA.  Then they need to fax in their insurance information.  Still waiting for the contractor to be able to submit the bid.  Not done yet.  Needs to be done soon though or will delay closing.

[toi34]

Congrats RJA...I'm rooting for ya!

I just checked my electronic file and my status is " SUBMITTED TO UW" ...so we'll see.