How long does it normally take to get a quote

ShoppingJane - I've seen some quote requests get responses in minutes. Others look loike they'll take a few days to attract multiple quotes. There seem to be quite a few loan originators working today - why not try it out!

Jane,

It takes a little time, yes, however, if someone knows the market and works in it daily, they generally can give you a viable quote.  The issue is with disclosure, and is your mortgage professional available evenings and weekends?  I am an independent broker, and make myself available when the clients necessitate it on evenings and weekends, especially when dealing with military transferring from overseas. 

Another thing, unless the mortgage professional knows your debt to income ratio, credit scores, are there any judgements or liens against you, when was bankruptcy if any, can we verify reserves, your gross income, etc. it is only going to be an estimate.  My suggestion is to find a mortgage professional either that you click with or that is referred to you as having a good service history by someone you trust.  DO NOT let everyone and their brother pull your credit.  I have to have a letter explaining all credit inquiries prior to closing for my clients per the underwriters.  DO NOT buy a car, open new credit, etc. 

Also, be certain the mortgage professional you choose is savvy in FHA, VA, conventional, and guaranteed rural housing.  This will insure you receive the best loan for you, and not what is best for the mortgage professional.

Good luck!

Ericka

Got one quote and it wasn't very good.  Maybe NACA is the way to go for us.  Our quote with them is 4.875 with a small buydown and zero closing.  As to shopping around, only looking at retail shops. It really looks like wholesale has been priced out of the business.

Zero closing costs because the seller is paying them via the loan, or the lender is covering them from the yield spread premium?  Is this a 15 year or a 30 year, and is it fixed for the entirety of the loan, or is it an ARM product?  Is the buydown for the life of the loan, or only for a short specified amount of time?  These are all questions that if you haven't asked, you need to.  Every loan has closing costs, and lenders don't work for free....

I had never heard of NACA until your post.  Interesting information.  I looked them up on the web.  An organization that builds in a membership fee as a mandatory $50 a month as part of your mortgage.  They are not in Washington State, which is where I am located, so, I wouldn't have heard of them before.  My MI on my FHA is $41 monthly, no big deal.  Is this part of the Community Reinvestment program?

SHopping Jane - i compete regularily with some small credit unions; and they offer a residential mortgage with a 5 year balloon; given that rates are still VERY reasonable; please make sure that you don;t get into a loan that might require that you refinance  at a time when rates are not as attractive as they are now unless you don;t have any options.

My quote from NACA is for 4.875% on a 100%, no closing costs. With seller contribution applied, it goes down to a low 4s% with a buydown.  First time buyers, FIVA, O/O, FICO, 765 combo, 12 months seasoning, both wage earners employed long-term by the state. 

Property in 95695 between 220k to 250k (shopping the loan before the home as it were). Sole debt is a student loan with a monthly of $135. Our golal is a overall DTI of no more then 29%. You'd think a bank would be jumping through hoops for a loan that solid.

NACA's version of PMI is a flat 50 a month. Great rate to be sure but they are really restrictive on DTI and they take a long time to get through the system. I don't mind since I'd never agree to a DTI higher then 33% for all of my debt but it does put off a lot of people who really want to stretch into a bigger loan.

BTW, my CU is Golden One and their rates were significantly worse.

Oh  that is a 30 yr fixed. No PPP. We're considering going to a 15 yr.

How long is the Loan Process with NACA?

NACA is not some free for all program. It does NOT give out 100% financing at 4.875% to everyone nor does it do no closing cost loans at 4.875% .

According to ShoppingJane, NACA makes every single lender in the united states look like a total JOKE

So why dont all the banks just go out of business, because NACA will give folks a 30 yr fixed 4.875% no closing cost loan.  100% financing to boot with only 50 bucks pmi .

There was NO deal like this during the HOUSING BOOM let alone now.

Agree with infoseeking.  Rates in CA for 100% financing is either FHA at the 5.50% range or CalHFA if it is in declining market at rates in the 6% to 6.5% with a silent second and third. 

I would ask fantasy land mortgage one more time to send you a copy of your lock agreement and final good faith.  mortgageplanner@247refi.com

LOL thanks for the imput. By your anger I'm guessing no one here is going to give me better so I'll take this.

Shopping Jane,

You have left out some details abou NACA.

1. they have a purchase price limit around my area Boston it is $362,790.  If the Purchase price of the home is above that it is ineligible.

2. You need to be a NACA member in good Standing, attend counseling.

3. You cannot have ownership interest in any other property.

4.  If you decide to move are relocated you have to refinance you cannot keep a NACA loan if you do not occupy the property.

5. YOu have to participate in 5 activities per year for as long as you have the mortgage.

For some this may work for most the commitment and the requirements are not easy to meet and maintain.  If you have the time to be patient and the time to volunteer on an ongoing basis it is a great option.

I didn't mean to leave out details. They are all on the website if someone wants to go look them up.

Staying in the area at least 15 yrs, no flipping here. I have zero interest in investing in RE, I play with a Forex account if I feel like gambling.

You do have to go through counselling but it wasn't really a hassle, just takes about 3 or more months. My husband used work for a brokerage in Chicago so this was just a formality to us and a chance to get current on some CA restrictions. Maybe if more people slowed down, got counselling and really comprehended the risks and financial liabilities, we wouldn't be in nearly the bad shape the markets are now.

For people wanting something over the old FHA cap, not going to work but then we're only looking at REOs in a declinging market and only as a primary residence. If we relocate (which has about the same chance as an icestorm in Cuba), the house gets sold and we take our lumps.  That is what cash reserves are for. The bank is your bank, not the house.

I have zero problem with helping an organization that helps and encourages responsible home ownership. I guess the question is why would anyone not support it.

As to NACA's fairly restrictive process making a mockery of other lenders, well I'm glad someone said it for me >; )

I guess, then, the only other question I have, is how quickly can you close once you are approved, how long is your quote good for/locked?  Is there a floatdown situation available?  Will the REO's work with NACA?  I closed an REO, and sometimes they have their own restrictions on financing.  Keep us posted!

You need a lot of time they are a non profit organazation.  If you have the time to take in getting a loan and the time to invest in the organazation you will not beat the rates or terms. 

The loan limits themselves will exclude the program for most a good number of purchases and the time commitment will eliminate it as an option for another group of folks.  It is what it is, I wish you the best of luck. 

Thanks Andrew,

You have succinct answers and good advice.  For the most part, I see a lot of that on these boards.  Since it is not a program I have seen here in Washington State, it is good to be aware of it if I am asked about it.  It sounds as though it may be a good program if someone is buying a property from a landlord or family member and time is not so pressing.

They definately have a hurry up and wait mentality. You have to just expect that or you will go nuts. We started the process last summer and we're almost done now. We could have gone almost anywhere and gotten a comfortable fixed so I imagine the process for people with less then perfect portfolios will be worse. 

They definately work with REOs. That's pretty much all that's moving out here in the central valley. They also have a version of the FHA rehab program which they call HAND.

Since the market is what it is, there was no rush. We had a conforming prequal last year that we just let expire because the banks weren't prepared for price discovery. We figured there was plenty of time to go looking for bargain while prices deflated. We're happy renters and the mortgage markets are terrible. Still, it's nice to have this approval locked if something good comes along.