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The Official NACA mortgage thread

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Anonymous
Not applicable

Re: The Official NACA mortgage thread

Hello cmony787,

 

Yes, you may change from a 30-year to a 15-year and vice versa before the bank app. As you are aware, it will affect your maximum acquisition cost but will also give you twice the interest trate buy down power.

 

Tim Trumble

Online Operations, NACA

Message 4531 of 4,793
baglady215
Established Member

Re: The Official NACA mortgage thread

Hello - A couple of questions regarding purchase of a new construction home.

 

I am qualified and getting ready to go under contract for a home breaking ground next month and scheduled to be complete mid-July. We set a closing date for Aug 4.

 

The builder wants $6,000 down. This deposit becomes non-refundable after I am approved for a mortgage, and we set that date for April 28. Is this a realistic timeline for bank app and approval if I submit the contract this week (approx 30 days)?

 

After approval and during construction, will my approval and interest rate expire? Will I need to be approved again? Could my rate change?

 

Also, how long after completion/certificate of occupancy can I expect to close? Right now the buffer is a couple of weeks. I may be able to push the settlement date out a bit if necessary.

 

Thanks!

Message 4532 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

Hello baglady215,

 

The clause that makes your earnest money deposit non-refundable is not acceptable to NACA. Your real estate agent needs to negotiate this out of the Purchase and Sale Contract.

 

Also, your statement "This deposit becomes non-refundable after I am approved for a mortgage" is a bit confusing since you are already NACA Qualified. Nothing will change regarding approval from this point forward until you are given the Clear to Close.

 

Your qualification will ahve to be renewed after 90 days, but as long as you have kept you documents up to date and there are no major changes in your circumstances, that will be little more than a technicality.  Your interest rate is locked in on the date you submit your Purchase and Sale Agreement, and can be renewed if necessary.

 

Tim Trumble

Online Operations, NACA

Message 4533 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

 
Message 4534 of 4,793
baglady215
Established Member

Re: The Official NACA mortgage thread

Thank you Tim.

 

I have another question. I am buying a new construction, closing date set for Aug 18. Rate of 3.5%. Loan estimate says rate is locked until 05/30/17. Can (and will) my rate change if rates increase? Or is this my rate until closing?

 

Also, I tried to sign up on the official forum but I keep getting this error when I attempt to create a password. Don't know who else to contact to resolve. Have beem trying for a few weeks now.


"Your access to this site has been limited

 

Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)

Reason: Exceeded the maximum number of page requests per minute for humans.?]

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Message 4535 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

Hello baglady215,

 

The rate can be renewed if necessary.  Simply contact your NACA counselor.

 

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

Message 4536 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

I have a question I'm hoping can be answered. We are interested in going through the NACA process. We live in El Paso, and their are no workshops here. The closest is Phoenix, which is fine because we visit a lot. Anyway, can we go to a workshop in PHX and still use a NACA loan in El Paso? How would that work with intake meetings?

 

Also, I am a SAHM and have no income. Can he apply without me if I bring nothing to the table financially? Or do I have to be qualified as well? 

 

Thanks!

Message 4537 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

Hello Piffer28,

 

Yes, you may take the workshop in Phoenix since our workshops are identical nationwide. You can proceed through qualification through our remote counseling process, but after qualifying, you will have to work with one of our three Texas offices for legal reasons.

 

Your name is not required to be on the loan itself unless state law requires it. However, your financial information, however much or little there may be of it, must be included since we require all members of the household 21 and older be considered as part ofthe household financial picture.

 

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

Message 4538 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

Thanks Tim! So, I would need to attend the workshop also? One more question about the maximum loan amt. It is pretty low for where we are looking, but may he able to make it work, but can we put money toward the loan so that we can get a house at a bit of a higher price, but the last an he under the max? Or is that not possible? We will have quite a bit saved by the time we are ready to buy. It's just really hard to find a house for the $164k in a decent neighborhood here.
Message 4539 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

Sorry, didn't edit before I submitted. Can we put money toward the house so the loan is still under the max price?
Message 4540 of 4,793
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