Established Member
NeedsHelp23
Posts: 21
Registered: ‎01-29-2009
Re: The Official NACA mortgage thread

Good morning. 

 

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.

 

Good luck.