The Official NACA mortgage thread

[Anonymous]

Hello Texasgirl1,

I certainly understand your concern regarding payment shock.  Under circumstances such as yours where the member is not paying rent, your payment shock will in fact be your full desired house payment amount.  You will need to discuss this with your counselor to determine specifics.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

I will contribute my experience with NACA: My family's dream became a reality through NACA. Two years ago, a friend of mine told me about NACA and how easy it was to qualify for credit for a house through them. simply, they had to check my history on paying rent,work,income and since I had no credit history, they asked me for three alternative lines of credit (bills of power, car insurance,water,cell phone,etc.). Now we are living in a three bedroom house with two bathrooms,garage for two cars and a big back yard. I am paying less than what I was paying for rent in an apartment. My mortgage was $171000,my interest rate after down buying points is 0.81%. My monthly payments with home insurance and taxes is $665.00

[shannonsto]

Thanks Hector, and congratulations!  Did you go resale or new build? I read that NACA  has limited buy downs to 7 points. I hope that's not the case, because my plan hinges on buying down to less than 1%.

i have my workshop on 6/27.

[Anonymous]

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@Anonymous wrote:

I will contribute my experience with NACA: My family's dream became a reality through NACA. Two years ago, a friend of mine told me about NACA and how easy it was to qualify for credit for a house through them. simply, they had to check my history on paying rent,work,income and since I had no credit history, they asked me for three alternative lines of credit (bills of power, car insurance,water,cell phone,etc.). Now we are living in a three bedroom house with two bathrooms,garage for two cars and a big back yard. I am paying less than what I was paying for rent in an apartment. My mortgage was $171000,my interest rate after down buying points is 0.81%. My monthly payments with home insurance and taxes is $665.00

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Congrats on your home purchase and welcome to MYFICO.

[keepwhattime]

Hello,

I am from Rebuilding My Credit side of the forum. Got all my scores up to 750, now ready to buy. Happen to find out about NACA from the rebuilding side, and ready to give it a try. 

I am purchasing my condo that I am presently renting, it is a great deal could not pass up 75k, my landlord brought it for 150k 5 years ago. My credit union required 30k as a down payment which I was going to do until I found about NACA. 

My workshop is tomorrow. I am really excited.

[Anonymous]

My husband and I had been married for about 9 months when we began our journey with NACA. Someone in our church had told us about NACA and recommended that we try and use it to buy our first home. We went to the workshop not long after and were slightly overwhelmed with the process but we agreed to give it a shot.

Since NACA needs two years of payment history, credit history, etc... to effectively process your file, we ran into many issues. We hadn't been married for two years and my husband didn't yet have any credit. Once we were finally approved to start looking for a house, we ended up making an offer on a foreclosure which made the process even longer.

Due to our circumstances, the process took WAY longer than we had anticipated/expected; we got pregnant and had our daughter before we closed a house through NACA. However, even though it took SO long and was very stressful at the time (getting them documents and proving that we would pay the mortgage back) we now have a great interest rate and were able to save so much money in closing costs and fees. We are using that extra money to remodel a bit. So I would say that it was worth the wait. 

[Anonymous]

So far so good we were fortunate enough to get a really helpful counselor April.  She was made aware of our concerns and urgency and addressed them all.  She was friendly and along with the program made it easy for us to get the proper documents out and processed in a timely manner.  We were told many great things about the program before starting and are excited to be working with such a helpful group of people! 

Reco & Kisha

[Anonymous]

I will be attending the Naca seminar next weekend and I cannot wait... so excited to be going through program to purchase my first home.  I pray it works out for me.

[Tanya007]

Wmscredit... Congrats on taking the first step! It's a process but so worth it. Anything worth having never comes easy. Stay connected on here and I highly recommend the forum on Naca's site. Many Blessings!

[Anonymous]

NACA helped me attain my dream house! I started the process of ownership over a year ago with the NACA program.  Once my credit report and income was at place that it needed to be, about 2 months after my first meeting with a NACA counselor, I was able to get my pre-approval letter and start looking for a house.  It took me about 6 months and 17 offers, due to crazy market conditions here in the Houston area, but I was FINALLY able to get an offer accepted with my NACA loan. If you stay on top of your loan file and are serious about home ownership, this program will work for you.  It took me about 60 days to close on my house.  NACA offers a Conventional loan with NO PMI and an amazing interest rate that cannot be beat.  It is a great program for first time home buyers such as myself. Just make sure you stay on top of everyone, be your own advocate, and it will work for you too.  Nothing good ever comes easy.  NACA is here to help, just be patient and have faith.  The program works!