First, you need to go to a 4 hour conversation. Lets think the this conversation will be next saturday. Then, if you ar lucky, 15 days later a metting with a NACA loan officer will happen. If all the documents are correct and it seems that you will qualify, all the paper work will be sent to "Corporate" for a NACA pre approval. An answer will take about 15 to 20 days. Are you counting the days? Then, lets say you already fund the home and right away submit the offer to your NACA office. NACA office, will review the documents and in 2 to 5 days will call you to set up an appointment again, please birng updated documents with you. Metting will take place about 10 to 20 days later. In the time, you will do a required inspection and a termite inspection.
Once you met with the NACA consuelor, all the paper work will be review and hopefully a BANK application will be taken and appraisal order with a Bank file submition. Inspector will uplead the inspection to the HAND (rehabilitation) department for review. If there is any item they think it must be fixed, you could negotiate with the seller , if seller does not want to fix it, then, you will met with a NACA approved contractor who will provide a Quote. (This quote will be added to the mortgage amount) Then 5 to 7 days later, NACA .
Did I mention that HAND review might take 10 -12 days? I don't think so.
Well, this is about half of the proces.
The question is, woud the seller wait for you all tis time?
Any thoughts on if I closed with lender A and immediately refinanced?