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Got a GREAT mortgage!!!!

Contributor

Got a GREAT mortgage!!!!

I'm getting locked in at 3.3% on a $200K mortgage for a 3 flat bldg.!!!!!!! No down payment or closing fees either. Went through this great program called NACA. Bought the interest rate down from 5.86%. Check it out at www.naca.com .
Message 1 of 18
17 REPLIES
Moderator Emeritus

Re: Got a GREAT mortgage!!!!

nice! how did you find out about them?
Message 2 of 18
Established Contributor

Re: Got a GREAT mortgage!!!!

WOW!!!
Message 3 of 18
Regular Contributor

Re: Got a GREAT mortgage!!!!

They completely trash my industry and everyone in it.
 
I had a friend I did a loan for a few years back...best he could do, I did it nearly for free (only made $100 origination on it) and he got in trouble with his bills later on.
 
In the course of refinancing him they basically tried to get him to "implicate" ME for "predatory" practices.  He didn't and told them (rightfully) that I treated him well and all that.
 
They can go to hell as far as I'm concerned.
From BK to 700 FICOs in 4.5 yrs.
Message 4 of 18
Established Member

Re: Got a GREAT mortgage!!!!

Bummer one of the requirements states can't own other property.  This company sounds awesome and I would love to get out of my loan.
Message 5 of 18
Frequent Contributor

Re: Got a GREAT mortgage!!!!

Congrats!!! Would you mind posting your FICO scores from the time of approval?
Message 6 of 18
Established Member

Re: Got a GREAT mortgage!!!!

I am in the process of going through them.  Did you the bank buy down your rate? What is your credit score or what was it when you began?  How long did it take you to go through the program? 
Message 7 of 18
New Contributor

Re: Got a GREAT mortgage!!!!

Wow!! Congratulations!!!
Message 8 of 18
Contributor

Re: Got a GREAT mortgage!!!!

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.
Message 9 of 18
Established Member

Re: Got a GREAT mortgage!!!!

I just made an appointment with them for this Saturday and will share what I learn. We have devastated credit from a past divorce and a nasty ARM. Our best bet right now outside of the NACA program is a refi at 10.1%, so if they really will help us it would be a lifesaver. Will post again soon.
Message 10 of 18