Buying a Home is a Headache

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Thread was created in January, if you thought it was a headache then it must be full blown nightmare now

I’m lucky because I have a little bit of wiggle room. I got like 9 months of my rent paid up through this year and a windfall from a grant I was approved for.
“WONT HE DO IT?!”
So I’ve got some time to shop and learn about the process.

The wait is partially my fault too. I have very specific desires for my home and I wanna spend the least money possible. I just gonna keeping learning more. Something will eventually come thru.

I got qualified with naca. Because I make more than the median income I was considered non priority and couldn’t move where I wanted to. I went through three realtors and gave up. I applied traditional and waiting on my conventional commitment letter now. The program is great but where I live naca was trying to have me either in the country with a bunch of racist or the hood in bad school districts. Also I have low debt so I got approved for 50k more with my current lender than what naca qualified me for and the interest rate they gave me on my loan docs is less than what non priority is getting with naca so it’s a no brainer. I’m blessed because I can pay closing cost but naca left a bad taste in my mouth. I would say keep your preapproval that you have now and present it with your offers and then present your contract to naca because sellers aren’t messing with them. There are some builders that don’t mess with them either.

Market is red hot so if you're going the Naca route you are going to need a lot of patience. But you made this thread back in January so

You gonna be dealing with majority of sellers who either are not familiar with the program or even once they understand it still won't have the patience to deal with NACA requirements like the 45 day escrow, when they have other offers coming in hours over asking price with cash in hand. It is a great program but in today's climate it's tough

Cash + close quick NACA

Thanks to both you for this intel. I’ve heard mixed reviews about the program.
Heard it was a good deal, but like you guys mentioned people complained that having to go through all that shyt only be qualified for a mortgage that sellers might not take due to hassle is crazy!
Also seen some agents complaining about NACA because they are less likely to get per diems...I dunno what that stuff means.

This shyt is fascinating. I’ve also found out about pocket listing too where they have a house for sale but only tell a few select buyers about it. It’s always a way to scam.

 

[Orange cream shake]

I’m lucky because I have a little bit of wiggle room. I got like 9 months of my rent paid up through this year and a windfall from a grant I was approved for.
“WONT HE DO IT?!”
So I’ve got some time to shop and learn about the process.

The wait is partially my fault too. I have very specific desires for my home and I wanna spend the least money possible. I just gonna keeping learning more. Something will eventually come thru.


Thanks to both you for this intel. I’ve heard mixed reviews about the program.
Heard it was a good deal, but like you guys mentioned people complained that having to go through all that shyt only be qualified for a mortgage that sellers might not take due to hassle is crazy!
Also seen some agents complaining about NACA because they are less likely to get per diems...I dunno what that stuff means.

This shyt is fascinating. I’ve also found out about pocket listing too where they have a house for sale but only tell a few select buyers about it. It’s always a way to scam.

My old realtor worked for naca she and her broker quit at the same time. She took some of her naca clients with her and they ended up going conventional or government. That was a tell tell sign. I had a great MC but there was nothing he could do to remedy the situation of me not being able to buy in desired areas.

 

[REdefinition]

It's a sellers markert breh. Buyers are taking Ls. Bidding against other buyers like idiots. And dumb mfers from California and Michigan over paying for everything

And things have only gotten way worse since this post.

curious for an update form the OP? @Booksnrain

 

[TRUEST]

We dealing with this right now. We ate good when we sold our house, and we were comfortable living in an apartment until we got what we wanted. Our realtor (my homie) had kept it funky with us; he told us selling our place wouldn't be a problem. It was going to be finding the new crib that would require some patience. So far we've bid on two houses and lost both times because people went way above asking price. We had put in a bid on one last week, but the seller was concerned about what we would do if the house appraised for less than what they were asking. We had indicated we would need to have a conversation about that; we had already offered 10k above asking price. They wound up selling to an investor, which they had said they didn't want to do. It is crazy out here. But we're on the list for new construction in different areas, so right now we're just sitting tight and waiting. I'd rather do the new construction that get into a bidding war with these thirsty people.

Um new construction should have been ur goal all along. And why did y’all sell in the first place only to be looking to buy a home you haven’t secured yet? Were y’all just too overly excited on cashing out once u saw how much ur house grew in value?