Re: The Official NACA mortgage thread
06-20-2012 06:33 PM
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!