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NACA

New Contributor

Re: NACA

Wow Champ, I hope I share your experience! I went in last Thursday afternoon so I'm hoping thats why I haven't been approved yet. My job just faxed over my employment verification so I'm praying that I get the call on Thursday. Smiley Wink The house I REALLY wanted just went off the market, so I'm not looking anymore until I get my pre-approval.
07/28/2008: EQ: 588, TU: 586, EX: 583
08/21/2008: EQ: 654, TU: 664, EX: 652
02/10/2009: EQ: 687, TU: ?, EX: 780
Message 31 of 36
Regular Contributor

Re: NACA

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?
Message 32 of 36
New Contributor

Re: NACA



teton wrote:
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?


Any home in their approved area.
07/28/2008: EQ: 588, TU: 586, EX: 583
08/21/2008: EQ: 654, TU: 664, EX: 652
02/10/2009: EQ: 687, TU: ?, EX: 780
Message 33 of 36
Contributor

Re: NACA

I attended seminar on July 12.  I think that people who did not sign up attended.  There were well over 400+ people there and I did not get a book.  I drove over 200 miles round trip to attend the seminar.  I have called the office twice for a book but they will not send out, even though, I live over 100 miles away.  I received a call that my appt is Sept. 28 but I had to decline because I had asked to go to an office that is about 75 miles away.  I have not heard from the other office.  This is fine with me since I am working on paying some CO's off to increase my utilization.  I know that they do not go by credit score solely but I want to increase my score in case I do not use NACA.
 
I went to my local Credit Union, just in case I do use NACA and was told that they only check EQ and my score must be in 600's with all collections, CO's paid and 10% down due to my credit woes and foreclosure.  So, I may have to go NACA.
 
 
2/12/11 FICO EQ 663
12/09 FICO EQ 646 EX: TU:657 EX 647 (Mortgage broker pulled)
03/08 FICO EX:523 TU:558 EQ:561
Homeowner 2/3/10
Message 34 of 36
leb
New Visitor

Re: NACA

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.  

Message 35 of 36
Highlighted
Contributor

Re: NACA

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?

_____________________________________
TU: 705 [10/20/10]
EX: ???
EQ: 705 [10/18/10]
CK: 700 [11/03/10]
Message 36 of 36