The purchase and sale refers to your ratified (buyer and seller agreed to all terms and signed) contract. P&S = contract. Same thing. The clock on the contract and thus the naca closing timeline doesn’t start until your seller signs. The purchase and sale agreement is the contract. It’s the more technically correct term as it a contract between specifically a buyer and seller as opposed to say a contract between employee and employer.
You apply for credit access as soon as you submit your contract to your MC. In most cases they will schedule a credit access appointment for you. If you don’t hear anything within a day then you can call the local office to schedule one yourself. Since the criteria for credit access is making sure you can afford that specific house having a ratified contract is a prerequisite.
Most contracts have a conditional agreement clause pending the inspection results (naca might require this meaning you might be required to sign prior to inspection). With naca you have 7-10 days from the date your contract is ratified to submit the inspection results to the HAND department so they may conduct their analysis of the inspection report. The HAND department will divide the report into 2 categories: “Require Repairs” & “Recommended Repairs”. Waiting until after the inspection can put you in a time crunch especially since credit access is done concurrently and you often need every bit of the 45 to 60 days to close. Right now the Bank of America underwriters are finding it difficult to keep up with the demand for NACA services. Buyers are closing at minimum 45 days, lately in the range of 60-65 days. Unfortunately writing a contract for anything past 45 days will keep you from ratifying a contract, as most conventional loans are 30 days.