Re: The Official NACA mortgage thread[ Edited ]
10-11-2012 04:56 AM - edited 10-11-2012 04:57 AM
My situation was different because I bought new construction but here's my take...
First, are you using a NACA savvy buyers' broker? That could be helpful, but if you already have a buyers' broker you're probably stuck. But your buyer's broker should be advising you and handling negotiations with the seller through the seller's agent.
Don't get too emotionally wrapped up in one property. Convey to the seller the facts that you are at the maximum you can afford and you will walk if they don't cover the repairs. This is still a buyers' market and unless there's something truly unique going on the seller should make the repairs, they will have to for any other buyer.
If you can't get the seller to cover the repairs, you'll have to have the funds proven to be available in addition to your other required funds. You'll probably have to have bids from NACA approved contractors to support the amount of funds you say will be needed. Those funds will be in escrow the same way funds from the mortgage would be escrowed. HAND will release payments to the contractor(s) after the work is done and inspected.
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 4/2/2011 EQ 682 1/14/2011 TU 665
Current Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Goal Score: EQ 700 TU 700
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