Re: The Official NACA mortgage thread
06-21-2012 06:26 AM
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?
Basically, once you put a contract on new construction, you will go through the Bank App process. Once you get through the bank app process and you have a ratified contract, you pretty much twiddle your thumbs with the exception of updating your checkstubs, bank statements and cancelled rent checks. Although it takes 4 months to build, possibly longer, once you sign your contract, you will not have to get re-approved. You will only need to get re-approved if you cannot find a home within 3 months after your initial approval.