Profit wrote:My Fico scores at the time of app. was TU 605, EX 607, and EQ 639. They are really not concerned with credit more that your savings and spending habits. They approved another applicant w/ a 525 Credit score, but she had saved $7K. Got $215k mortgage including rehab!I just attended the 4 hr orientation, and met w/ a counselor a few days later. Because I came to my appointment w/ all the necessary paperwork, I was able to get a decision in a few days. They are really great! They will even pay your mortgage for 6 months if you loose your job, or have any other situation that will prevent you from making your payments.They are an activist organization, so they are really fighting to end predatory lending practices and promote neighborhood stabalization. I still can't believe that I got this great deal. I encourage anyone who does not already own property, or who wants to refinance to look into them.
NSF/Membership: $50 per month for 5-10 years.
(Neighborhood Stabilization Fund)
That's $3000-$6000 in fees. Also there are occupancy restrictions, possible difficulty in getting a 2nd mortgage ever on the program, property ownership restrictions and their Participation Pledge requires you to participate in at least five activities a year.
Just like a lot of people in trouble from 2003-2005 ARM, IO ARM, etc. mortgages who didn't read the loan details completely or ask enough questions, I would make sure with NACA or any program to read everything & ask every question possible to 100% know what you are getting yourself into for the short-term and the long-term.