Mortgage Loans

[lookingforhome]

Has anyone gotten a mortgage loan through NACA?

[KT]

Yes, I just closed through NACA. My credit is healthier. The process was virtually painless. The rate just wonderful. I've done my homework. Without a doubt, NACA is the best ... BEST ... mortgage loan program in the country. Anyone can go through NACA; not just those whose credit has been damaged or who don't have the money for a down payment. Beware of those who would argue that NACA is less-than-sterling ... just means THEY want your money and don't want you to receive the many benefits of a NACA mortgage. Hope this helps.

[ShanetheMortgageMan]

NACA is good but they have income limitations, so not everyone can use their programs.

[KT]

That is not accurate. NACA does not have income limitations. The only limitations they have are region-specific FMVs for residential properties. Recently, a woman from NYC, whose AGI was well into six figures a year, went through the NACA process and subsequently purchased her home with a NACA loan. Her credit was exemplary; she just knew a great mortgage program when she saw it! www.naca.com ... for more information.

[ShanetheMortgageMan]

My bad, I now realize there are no income limitations... but there are geographic limitations.

[teton]

This is the first I have heard of this program. My daughter's home went into foreclosure when her husband moved out and quit contributing to the mortgage payments and then was uncooperative when my daughter was trying to sell the house. This was about two years ago. Does anyone know if this would keep her from qualifying through NACA? She hates paying $1200 for rent...money out the window.

Thanks

[looknforinfo]

NACA has a website:  www.naca.com.  Also, there is a prevous thread here about NACA.  Do a search for NACA and you can get more info about this program.

[Wonderin]

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KT wrote:
That is not accurate. NACA does not have income limitations. The only limitations they have are region-specific FMVs for residential properties. Recently, a woman from NYC, whose AGI was well into six figures a year, went through the NACA process and subsequently purchased her home with a NACA loan. Her credit was exemplary; she just knew a great mortgage program when she saw it! www.naca.com ... for more information.

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How can they offer such low rates???? They seem to be 1-2% lower than anyone else!! o_O

Also, when they say "Perfect credit not needed" does that mean they'd be okay with a couple of recent lates (Dec 07 and April 08)?

I think I'm just terrified about the impact lates would have on a loan approval. :/

In terms of volunteering (as part of the membership), what did you do (if I may ask)? How much of your time did it take? I'm really concerned about making an agreement I might not be able to adhere to, time-wise -- especially if it meant traveling to Jacksonville!!

And lastly, how often did you have to visit their office?? We're in PCB and their closest office is in Jacksonville (about 3-4 hours away). They DO service our area, though and seem to be EXTREMELY generous in the amount they'd lend in our area.

Dallas, Shane, what do YOU guys think about this group? Do they seem legit to YOU????

[poet]

WOW... I wish I had known about this beforehand... I am forwarding NACA's info to my agent right away!

[Miss1975]

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poet wrote:
WOW... I wish I had known about this beforehand... I am forwarding NACA's info to my agent right away!

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It really is a legit company.  I had an appointment on 7/26 but I eventually walked out of the presentation along with 3/4 of the people.  The only reason I chose to leave is because the facilitator made perfectly clear that if you believe this is going to be a quick process it isnt.  That was my cue to excuse myself from the meeting because I did not have the time that they want you to take as far as a mortgage goes.