New Member
walkerakl
Posts: 4
Registered: ‎06-20-2012
Re: The Official NACA mortgage thread

Hello all,

I’m new to the myfico forums, but I've been reading this NACA thread for a few days -- man that's a lot of pages!  Here's my status so far:

 

I attended workshop on 5/19, intake appointment on 6/8,  I went in to volunteer at my local office on 6/18 and was able to ask some questions and update info at that time.  I’m hoping to be submitted to underwriting this Monday the 25th.

 

I wondered if anyone had any information on the new construction process.  I’m sure it’s different than buying a resale.  From what I know, I’ll be submitted for underwriting and hopefully become Naca Approved.  I’ll attend the purchase workshop.  At the workshop I will receive the qualification letter with my Max PITI.  From there I can price out my new home and negotiate the terms with my NACA realtor and hopefully go into contract at that time.


That’s all I’ve got — what happens after that?  Do I just wait and twiddle my thumbs while the house is being built?  Do I close on the loan in that time?  I was told by the builder that it will take 4 months to build, so that’s longer than I can stay NACA approved, so will I have to get re-approved? 

 

Any help you can provide would be wonderful.  Thank you all!