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17 October 2008

And now the waiting begins Eggshell time! We had our (hopefully) final NACA meeting today, our caseworker said everything looks to be in order, and is... presenting it to the underwriter for approval.[More:]
Worst case they come back and say "not yet, show us you can do X for three months," where X is save a specific amount, or pay a specific bill on time, or something.
From what I've read, the NACA folks don't actually present everything until they're pretty sure it'll get the OK, anyways.

I'll know at some point "in the next two weeks."
Yay, everything in order! I hope it all continues to go well, Kelly.
posted by box 17 October | 20:24
Good luck, kellydamnit. Let us know what happens.
posted by LoriFLA 18 October | 09:40
Will do! I also decided to throw something together on blogger, too, since I had a really hard time finding actual info on NACA. I found ONE blog from people who used NACA. All the other results were news articles for and against, and their own official site. Crazy how little info is out there.

Figured it might be of use to someone down the line doing insane amounts of google searches for real info on NACA. (also hoping it can count as one of our "actions" for this year [1]).

[1]NACA, for those who don't know, will give people like me, with crap credit, a mortgage so long as they can prove they can afford it. They also give a point below prime on a thirty year fixed. In exchange, you're asked to complete five actions a year- they could be putting out a lawn sign, passing out fliers, referring people, speaking at one of their intro seminars, etc.
posted by kellydamnit 18 October | 15:05
Congratulations on your approvals so far! A house would be a hell of a Christmas present to give yourself...

For whatever it's worth, since you sort-of ask on your blog:

We did a conforming mortgage (well, mostly, it's an 80/20) through USAA and it took something like 3 days to a week between the initial online application and being emailed a formal approval PDF we could show sellers.

The weirdest thing in our process was that because it's all electronic, we didn't actually sign our "real" mortgage application until the closing.
posted by ROU Xenophobe 18 October | 15:47
I would be fall-off-my-chair astounded if we closed by Christmas. It's been like four months so far, I don't think the speed will improve.
It would sure be nice, though.
posted by kellydamnit 18 October | 16:15
But it's still Christmas until Epiphany!
posted by ROU Xenophobe 18 October | 17:34
My internet was down for four days, what did I miss? || But do it at a distance.