The Official NACA mortgage thread

[Anonymous]

Tim,

Thank you so much for the information.  I am excited and ready to start the process towards home ownership.  I will sign up for the first meeting after the beginning of the new year.

[Anonymous]

Add another close to the list.

I discovered NACA at the end of April (was originally planning on going for an FHA loan in July), went to the purchase workshop mid May, intake meeting first week of June, qualified mid July, under contract end of July, closed 3rd week of September. Other homes going under contract around the same time (my sample size is just every other house I looked at that I liked) also closed within a couple weeks of that (with just 2 closing late August). Most of the delays I encountered were outside of NACA (the appraiser took a week to submit, BoA took forever to review everything)

I ended up with a $365k home, 15yr fixed mortgage at 0.875%. The amount to buy down the interest rate was about the same as the minimum downpayment I was anticipating with FHA. Except I have no PMI and save about $270k in interest. That is staggering. Yes, my monthly PITI is on the high side, but it's well within my budget and I will build equity pretty quickly.

If anything, NACA is too good. Because of that, they get a lot of people moving through their system and it can by highly stressful, since everyone seems to expect the same or better access and personal service to brokers who work with orders of magnitude less clients. Not to mention the program requires proactive members who take initiative and steps to educate themselves on the process - something that a lot of people struggle with - something that even though I took pains to read, re-read, ask quesions, find documentation, etc - I still made a couple mistakes that my MC had to catch.

But, you can't argue with outcome. I got a great mortgage, spending the same or less than thru FHA, within the same timeframe that I'd have taken for FHA, with $270k of savings over the life of the loan (assuming I don't refinance it in a few years to take out equity for something else). Even so, my savings are likely still pretty large - as my only anticipated reason now for that would be to move and I'd be able to rent it out for at least 1.5X PITI.

[Anonymous]

Naca is unbelievable. Truly unbelievable. I come from a backround where there is no financial structure.(Or really any structure at all) I have a pretty small family, and not one of them has ever made a wise financial decision dating all the way back to great grand parents. I grew up on section 8 housing, with alot of adversity, struggle, and pain. Complicated father situation in my life. Budgeting or caring about finances growing up?? Yeah right. Electricity getting cut off, evicitions, begging churches, abusing the welface system, my family has pretty much done it all. Every single woman in my family has had a kid before 20, with none of them college educated. Very few of the fathers ever stayed around. There I was witnessing everything and somehow, someway I managed to develop important skills, values, morals, traits, whatever you want to call it. DETERMINATION!!! I attribute this to surrounding myself with a certain group of friends growing up in the most crucial years of my life. I guess the point I am trying to make is, it doesnt matter where you come from. If you want to succeed in life you have to be extremely determined to do whatever it takes to change/adapt/learn/grow. I am not perfect, I have made my share of mistakes. However I have always looked at the bigger picture. I have always seen the light at the end of the tunnel without even seeing the tunnel yet.

Just wanted to set the tone for my review. I have done quite a few reviews over the months since I have closed(march 12th 2015), but I just stumbled upon this forum and had to chime in.

To the eye I am a pretty common looking person. Solid job, with a gf of 10 years. Turning the 30 mark in just a few months. Kids, marriage coming soon etc. We both make an average salary, nothing crazy. I am extremely greatful I stumbled upon naca when I did 6~ years ago when one of my best friends bought a home through them. I instantly knew that buying a home through naca would be the only way I wanted to buy a home. it was either through naca, or nothing.... seriously. It was that important to me. The benefits are life changing on so many levels if utilized 100%.

Fast forward 6 years later and I have been a homeowner for a few months. Nobody in my entire family has ever accomplished anything like this before. This is what I call "next level" home ownership. Everyone loves numbers, so here they are:

Heres our 30 year .0625% 30 year fixed mortgage details after 4 months:

Purchase price: 405k

Initial balance: $382,941
after 4 months: $378,725.10

Paid year to date: $7,536.12(Principle, interest, taxes, insurance)
interest: $91.82
Escrow: $3,228.40(Initial Escrow deposit was $1,726.04 for prepaid taxes/insurance)

$91 of interest for FOUR months of payments on a 383k loan.

paid 25k~ to the bank to lower the rate from approx 3.25% to 1.5-1.75%(I forget). Then put 22k~ into principle of the loan which the bank matched dollar for dollar in further reducing the rate to the lowest rate allowed by law of 1/16th of 1% which is 0.0625%. Had to bring $1700 to the table for initial escrow deposit.

So all in all had to come to the table with 49k~and only lost 25k of that to get a fraction of a percent interest rate.

Those numbers are INSANE.  I repeat, they are INSANE!!!!!! I am literally paying 3k~ interest over the next 30 years. Naca compared to a normal conventional loan savings is over 300k! I cannot describe the feeling I get when the mortgage bill comes in the mail.

You must be patient, persistent, and determined throughout the naca process. You must want it BAD!!!!!!!! I know I DID!!! I AM A REAL PERSON!!! This is not some "fabricated review to make something look better than it actually is." Naca is the real DEAL!!!!!!

Picture of our home here: https://scontent-iad3-1.xx.fbcdn.net/hphotos-xaf1/v/t1.0-9/11265115_10152835441357513_66686730188167...

Nobody likes cutting grass like MEEEE!!! If you have any questions feel free to get in touch with me: https://www.facebook.com/kris.fraley/videos/10152961788877513/

[Anonymous]

ask me anything. I am a real person. I have just never had an account on my fico forums, until now.

[Anonymous]

ask me anything. I am a real person. I have just never had an account on my fico forums, until now

[Anonymous]

The only fee through naca currently is $20 a year until you are in your home. All other membership fees have been waived and are no longer in effect. The old way was something like 4-7 years $50 a month or something. This went a way a few years ago.

[Anonymous]

So I will be going to a home purchase class tomorrow because I just recieved notice today that I qualified but since this program is new to the michigan area no one knows how does the bank of america buy match grant program work( Not my mortgage counselor or even the office manager,she claims she only been the manager for a week). THe office manger did call me back and explain that she did contact BOA and it a complicated process and she will have more info for me in a few days.Naca mortgages in my area will be financed by BOA. How exactly did that program work if they did match your rate? Were there any income restrictions? Do they match whatever you put down or only a certain amount? How does it work? Please share any info you have?

[Anonymous]

Hello can you read my post below and respond

THank you

[ms_cora]

@tiab123

http://forums.naca.com/?topic=buy-down-clarification

[Anonymous]

The info Iran posted is accurate. However if your in the Detroit area....I believe NACA is doing something big up in Detroit. I'm not exactly sure of the details, but the Detroit office should know. Also, if you can find a property through bank of Americas forclosures....they will give you 10 free points off your interest rate. There's usually not too many properties to choose from(in my area) but that is a GREAT thing to take advantage of.