What is the Bank Of America “Loan Estimate” Through NACA and what’s next?

There is a federal law that states the bank has 3 business days to postmark a loan estimate from the time they receive your loan application. What you receive will be duplicate copies of your application. NACA members do not need to fill anything out. This is a standard boilerplate package they send to everyone. Boa has an internal timeline of about 18 days from this point but that’s if there are no delays which there almost always are. The next step is to call the mortgage processing center to see if you have conditions. You will need to satisfy lender conditions 100% of the tine. Your NACA counselor will help you identify the conditions. They will probably be very similar to the conditions you had at qualification and credit access.

Pro tip: when calling them, after about a minute or so if nobody picks up they will automatically forward you to Member Services. I suggest hanging up and calling the processing center back and repeating that until you get through. It’s worked for a couple of our clients a few times. Member Services likely won’t be able to help much, so it’s better to just hang up and try again until you get through. Explain your situation and ask what to do next. There may be a condition that for some reason isn’t showing up on your file (happens sometimes). They are pretty good about updating you.

Once your conditions are met you will receive a CD (closing disclosure) with a tentative close date. Then roughly about a week later you will get an underwriting clear to close, and shortly after that a final clear to close with a final closing disclosure with actual close date that may or may not be different from what you got a week earlier. Then you will receive a clear to close final probably a day before closing. The day before or morning of your title company will tell you the exact amount to bring to closing. Some title companies will accept a personal check at the closing, some may require you to wire over the funds.

Kristopher Fraley , Realtor

A few years ago a serendipitous event(purchasing a home through the NACA program with a 0% 30 year fixed interest rate) inspired me to become a licensed real estate agent in the DC, Maryland & Virginia area, and I love it! There is nothing greater than giving back and its a fantastic process that I feel lucky to participate in. With so many money hungry sharks preying on innocent people in the real estate industry, I feel honored when people trust my team to help them obtain the best terms on a mortgage possible. I can be reached by emailing kris@no-downpayment.com