Reply
Valued Contributor
1111mel
Posts: 1,060
Registered: ‎02-13-2008
0

Re: The Official NACA mortgage thread

[ Edited ]

Has anyone actually closed one of these things???.....

 

Sounds like a total scam......anyhow why would anyone sign up for 5 to 10 years of required "service" + $50 PER MONTH for a minimum of 5 years to get this program........

 

A mortgage doesn't quite sound worth this total hassle.

 

Maybe everyone is receiving such a run around because your "counselors" are those who got roped into this mess in the first place and are being forced to finish out their "service".

 

Message Edited by 1111mel on 11-07-2008 07:18 AM
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Valued Member
SingleWithThree
Posts: 45
Registered: ‎06-08-2008
0

Re: The Official NACA mortgage thread

That $50 a month averages about the same if not less than PMI...which insures the banks!!!  At least this $50 per month insures YOU, the consumer!  And you can't get rid of PMI until you've reached 20% equity which can take more than 10 years.

 

 


Starting Score: EX 518, TU 482, EQ 446
Current Score: EX 518, TU 482, EQ 446
Goal Score: EX 620, TU 620, EQ 620


Take the FICO Fitness Challenge
Valued Contributor
1111mel
Posts: 1,060
Registered: ‎02-13-2008
0

Re: The Official NACA mortgage thread

Where on their site does it say you won't have to pay PMI?

 

Most likely it is the $50 per month for 5 to 10 years + Private Mortgage Insurance....since the loan would be 100%.

 

Still sounds like a scam to me.

 

 

Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Valued Member
SingleWithThree
Posts: 45
Registered: ‎06-08-2008
0

Re: The Official NACA mortgage thread

I attended the workshop on Saturday and there is no PMI.  They have done some really great things through their HomeSave program....they get their money for the loans through the banks...they just do the underwriting.

Starting Score: EX 518, TU 482, EQ 446
Current Score: EX 518, TU 482, EQ 446
Goal Score: EX 620, TU 620, EQ 620


Take the FICO Fitness Challenge
Contributor
brighterday
Posts: 97
Registered: ‎09-17-2008

Re: The Official NACA mortgage thread

I'm not sure of the forum's policy on posting links so I've listed the "path" below to the portion of the website that indicates there is no PMI. 

 

Naca Website--->Purchase-->Purchase Product

 

Valued Member
SingleWithThree
Posts: 45
Registered: ‎06-08-2008

Re: The Official NACA mortgage thread

Somewhere on the first couple pages of this thread I think someone posted two links.  One is a realtor's website where people who have closed through NACA have posted comments.

 

I haven't heard anything real negative about this program other than the length of time that it can take to go through it. 


Starting Score: EX 518, TU 482, EQ 446
Current Score: EX 518, TU 482, EQ 446
Goal Score: EX 620, TU 620, EQ 620


Take the FICO Fitness Challenge
Contributor
brighterday
Posts: 97
Registered: ‎09-17-2008
0

Re: The Official NACA mortgage thread

Ditto.  The majority of the negative comments I've heard are related to how long the process can/may/has taken and follow-up/correspondence time. A potential downside could be the maximum purchase price for your area.

 

I read a post on another site by someone who stated that they closed on a loan during the summer in Atlanta and obtained $50k in buy-down funds from the builder. I spoke with an employee in a builders office while out looking at communities.  She was familiar with NACA and said that they had recently (Oct '08) closed with a NACA member and provided $35k in buy-downs. 

Regular Contributor
teton
Posts: 242
Registered: ‎07-23-2008
0

Re: The Official NACA mortgage thread


Coreyswife4ever wrote:

 

Also, what money would I need to get the approval.  Do I have to show all of the money required (escrow, earnest money, etc.) or do I only have to have my payment shock in my bank account when I get approved.

 

Any additional help would be helpful.  I'm trying to get myself ready mentally and financially so the process can go a little faster than 3 or 6 months.


These figures are from the worksheet from my intake appointment. This is based on the $170k that I originally wanted to borrow and a $10k buydown of the 6.5% interest rate.

 

Earnest money: $1000

Home inspection: $250

Prepaid condo fees: $500

Prepaid interest: $336

Prepaid property taxes (3 months): $1050

Reserves (two months PITI): $2598

 

If you aren't buying a condo, then you need to prepay one year of homeowners insurance. If your payment shock is under $300 a month, you only need one month PITI in reserve.

Valued Member
Plainsneech
Posts: 41
Registered: ‎01-09-2008
0

Re: The Official NACA mortgage thread

DH and I are on with NACA right now. We have everything they require but the no DP sounds very good to us. Even though FHA only requires  3-3.5% it would be nice to keep in our pockets if we can. We decided on a nice month to month lease to alleviate stress if the process takes longer than expected. We did alot of reasearch on these guys and are impressed with their programs. Why don't more people reasearch for themselves instead of just showing up to be negative and discouraging to others? These boards have sure changed over the last several months. Hang in there everybody.
"The borrower is slave to the lender"
Valued Member
SingleWithThree
Posts: 45
Registered: ‎06-08-2008
0

Re: The Official NACA mortgage thread

I agree with you!  This thread should be positive....encouraging, not negative.

 

I have my first appointment with my counselor today.  I'm nervous, but excited.

 

I'll let everyone know how it went!


Starting Score: EX 518, TU 482, EQ 446
Current Score: EX 518, TU 482, EQ 446
Goal Score: EX 620, TU 620, EQ 620


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}