Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
Re: The Official NACA mortgage thread

I can't say for sure, as I recall NACA describes this process in detail on their website.

 

I believe NACA is seeking rock solid assurance that the repairs will be made (and FHA would do this as well).  This is for your protection.  So they will want to see the bids, contracts and funds for the repairs in order to clear you to close. 

 

HAND monitors the execution of the repairs.  They will expect the follow up inspection showing repairs complete, and HAND approval is needed to release the funds to the contractor.

 

This is all needed where the seller doesn't complete the required repairs before closing, which is what I believe should happen here.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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