Your NACA counselor won’t formally submit your files to the underwriters unless you have everything laid out in your action plan. If you don’t hear back after a couple of weeks then there is likely miscommunication (which is quite common). Either you didn’t send everything or your MC thinks you are missing something. In both cases you have thought your file was submitted but really it’s sitting untouched on your MC’s desk. In order to mitigate that don’t send things in one at a time. Send everything at once unless your MC is very proactive and on top of their game. Then once you do send everything in ask for confirmation of receipt and make sure they don’t want anything else from you. The key here is to be persistent, but also be friendly. The counselors do the best they can.
The underwriters typically have 72 hours to respond. Often they respond within a day or two. This doesn’t mean you will get qualified just because you sent in what was required of you on your action plan. Most of the time the underwriters will have questions and come back with conditions. Such as needing further clarification on specific transactions on your bank statements, or clarification on the different names you may have used that show up in your credit reports. (Quite common).
Now the other thing to keep in mind is your volunteer requirement. If you submit everything and have no conditions you still won’t hear anything until you sign up for volunteering. The most common way to volunteer through the program is by helping others at the NACA workshop. NACA’s foundation has been built from its previous members over the years constantly giving back to their communities.
Unfortunately your timeline is unique to you. If you wanted to put dates on it then I would say 1 to 2 months from intake to qualification is doable if you are on top of your game but, on the short side. I would say 6-12~ months from intake to closing is what most people can expect the entire process to take. That is the more realistic time from people seem to fall within.
Your MC is a certified loan officer. They are legally allowed to give advice. We are not certified loan officers. We are, among other things, familiar with the NACA process and using our experiences to help others out.
For more information, contact us, we’re happy to help.