The Official NACA mortgage thread

[chasmith]

Yes, it's $20 a year for membership.  Then $50 a month when you have your loan, that goes to the Neighborhood Stabilization Fund and lasts for between 5 and 10 years depending on the amount of the loan. 

The NSF money lets NACA help people who get into trouble and is sort of a replacement for PMI.  The focus is on helping keep folks in their homes, PMI protects the lender not the homeowner.

[NeedsHelp23]

Although I was unable to purchase my home through NACA due to mortgage counselor not following through with my builder, I do recall that there is no longer the $50.00 monthly fee for NACA loans.  At least, this was the case with the DC office last year this time.

[superdesi]

I have been with NACA since December 2010...........and my problem is NACA's maximum purchase price for a single family home in my area. I am in New York and it is very hard to find decent houses under $360K. So after 2 years later.............I am still trying to buy a house.

[chasmith]

I closed last April (just about 13 months ago) and I pay the $50 monthly.  When I was ready to close my counselor questioned whether I needed to but I went ahead and closed.  So I know there was discussion of ending that NSF fee but never found out what happened.

[NeedsHelp23]

When we locked our rate in last March, we were told Citi was doing away with it.

[Chris3k2]

from what I gathered, there are quite a few different "big names" that were/are partnering with NACA. I know the 2 big ones were citigroup and BoA. but i also came across chase, and wellsfargo amoung a few others. They seemed to have some issues with chase though so not sure how that's playing out.

[chasmith]

NACA has two programs - Home Save and Home Buyer.

For Home Save NACA has contracts with many lenders, relating to modifications to make loans more affordable.

Unless it has changed, funding for the Home Buyer program is Citibank or BOA, it's based on geography.

[Chris3k2]

ok. that's probably what I saw especially since it had something to do with refinancing through chase. So me being a new home buyer I would either get citi or BoA and i'm about 99% sure i'll get BoA since we don't seem to have any citi banks in Columbia.

Also do you know whether me and my fiance have to each do a sign-up or is it enough that I did one and we both can go since it'll be us both on the application?

[NyssaHoney]

At what step do you lock in your rate?

[swtneka]

Chris if you and your fiance are getting the loann together u only have to do one workshop