Quick question. With NACA financing, are you limited to purchasing certain homes or can you find any home within your mortgage budget in their approved areas?
Naca is great until you run into an issue that you need to discuss. I purchased my condo through them 4 years ago. They claim to be a life line to keep communities strong, but when there's an issue, there is no one there who you can talk with. They won't respond to letters, emails, and forget the phone. Be careful of their property inspectors who don't do a thorough job. Their property inspector passed my condo with flying colors. Unfortunately the roof is shot, and I have mold problems that I've been trying to resolve for 3 years. Naca claims to have a section that helps with repairs.... Yeah, NO. Now the property has devalued to less then 1/4 of it's value. Strange and dangerous people are moving into the complex. Burned out condo, people moving out, windows broken out, and pedifiles trying to entice my family into their condos. I can't sell because I owe more then the condo is worth, can't rent because NACA has a clause that forbids renting. NACA isn't there to give any direction or solutions. Anyone else have any suggestions? BofA, the mortgage holder can't discuss because I have a NACA mortgage. Just be careful. They are worst then banks if you need to communicate with them.
Sorry to hear of your experience with NACA. I am attending a workshop soon.
Were you not allowed to have the property re-inspected by your own inspector? Secondly, I thought NACA only helps in arranging mortgages through BoA. Why would they help you with repairs on the property?