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Regular Contributor
Joe77
Posts: 218
Registered: ‎07-29-2007

Re: Got a GREAT mortgage!!!!



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.



They're also trying to put me out of work.  And I'm one of the honest ones.
From BK to 700 FICOs in 4.5 yrs.
Frequent Contributor
cfstr1
Posts: 436
Registered: ‎06-15-2007

Re: Got a GREAT mortgage!!!!

Congratulations Profit!!!

I am so happy for you.

Many blessings,

Cecilia
Established Member
Jinx
Posts: 10
Registered: ‎08-10-2007

Re: Got a GREAT mortgage!!!!

I just finished a 4 hour NACA workshop and let me tell you, it was VERY eye opening. We were on the verge of signing another ARM to refi with the promise we could refi out of that one next year. With a 3% origination fee and then some.

Ugh.

NACA is offering home buyers 5.87 today. No fees. No closing costs. They are not Santa Claus - you have to demonstrate some financial responsibility and show you can actually afford the mortgage you are trying to get, and that might take time - but they won't stick you into something you will lose.

We need to refi and are talking to them about that process. They don't do a cash back type refi, but will put us into the same rate as above (with the option to buy down) to get us out of our nasty ARM and into a fixed rate 30 year we can afford to pay. Which means we won't lose our house.

The education about the mortgage industry and lending practices was astonishing, and they document it all so you don't have to take their word for it.

I bet mortgage brokers hate them with a passion.

They should. I can name three who no longer have a shot at taking advantage of us financially so they can get a bloated fee.
Regular Contributor
flyers
Posts: 216
Registered: ‎04-19-2007

Re: Got a GREAT mortgage!!!!

I read their website briefly. Interesting program. Seems there are benefits and disadvantages to the program.  The low below market fixed rate is an obvious advantage. As well as their ability to help people get out of difficult mortgages.  
    They do require a monthly membership fee included in your payment for every month of your loan for 5 - 10 years, plus an annual member fee of $20.  

      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.  

Established Member
Jinx
Posts: 10
Registered: ‎08-10-2007

Re: Got a GREAT mortgage!!!!

The monthly membership fee doesn't bother us at all.

Try this:

155,000 owed on our house currently at 8.8 about to jump to 11.8

Naca offers a refi at 5.87 today with an option to buy down.

We can buy down 2 points.

We go from 1570 per month to 788 (728 plus the 50 dollar membership)

The money goes into their account and is used to help other members who might fall into hardship - job loss, etc. where they need their mortgage covered a few months (which they have to pay back).

We save 800 per month. I think we can live with that.
Contributor
Profit
Posts: 100
Registered: ‎06-14-2007

Re: Got a GREAT mortgage!!!!

[ Edited ]
I agree. I read the details very thoroughly and the fees nor the 5 participation activites bother me at all. I'm saving a TON of money. A little sacarfice is expected.


Message Edited by Profit on 08-20-2007 08:07 AM
Regular Contributor
daytona18
Posts: 205
Registered: ‎06-20-2007

Re: Got a GREAT mortgage!!!!

Apparently they don't service my area. 
Regular Contributor
ronq
Posts: 158
Registered: ‎07-16-2007

Re: Got a GREAT mortgage!!!!

They don't service my area either. It sure would be nice to compare them to other mortgage quotes.
EX. 780 TU 794.

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