09-16-2008 03:31 PM
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09-17-2008 04:49 AM
09-17-2008 07:23 AM
I went to a NACA workshop at the end of July. I met with my counselor the first week of August. I left my meeting with NO task, and my counselor said I would probably be her fastest approval to date. My counselor sent the file to the underwriter the second week of August. The underwriter requested that I send in payment history documents on my student loans. I sent them to her, and I haven't heard so much as a peep since!!! If I don't receive an approval tomorrow, I'm going FHA. To get through the program you have to either A. have an insurmountable amount of patience or B. don’t have any other options. This is what I’ve discovered; NACA is really all about the money. FHA pays them to have workshops, and to counsel people on credit and paying their bills. So every week they hold a workshop for hundreds of people and there are only 5-10 counselors in each office. You have to pay $20 before they will even sit down with you, so just think of all the money they’re making off people who they know don’t have a chance in hell of getting a loan. They just want to get money for counseling people.
My co-worker got approved through their program, attempted to purchase 2 different homes, and after spending hundreds of dollars and not getting through NACA's red tape has just renewed her lease. I walked in the door with NO credit card debt, a documented savings pattern, and every document and then some that they requested and tomorrow is 6 weeks and I'm STILL not approved! Good luck to you...
09-17-2008 04:37 PM
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