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The Official NACA mortgage thread

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gaielleable
New Visitor

Re: The Official NACA mortgage thread

I am so glad I stumbled upon this thread! I started with NACA in October 2013. We went through the long qualification and underwriting process. We got approved about 2 weeks ago, went to the workshop and already found the house we like and need. We submitted an offer today. Praying that this is the home God wants us to be in because if it is not, he will stop the process.

However, I will like the NACA family to please tell me how to go from here. I want to go through the long process as fast as possible. If the seller accepts our offer, I know we have to schedule inspection. What is next please? Any advice on how my husband and I can get things going fast?Smiley Happy

Message 4141 of 4,793
MTD333
Member

Re: The Official NACA mortgage thread

Congrats Gaielleable on getting qualified and finding a home!  How long did it take the underwriter to review and qualify you (the stage that I'm stuck at right now)? Have you obtained credit access approval as yet?  You may also find this site useful for getting your questions answered: http://forums.naca.com/?forum=purchase-program  

 

 

Message 4142 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

My husband and I also started the NACAC process around October 2013 (may have been November). We did not have too mmany financial issues to deal with, and were able to get approved around the beginning of April. We found a house we liked and put in an offer within 3 weeks of being approved. Our original close date was 6/5/14. Since the house needed some work, we had to get HAND involved. HAND, as well as our local NACA office has made multiple mistakes on our loan and budget. They have sent me at least  revised budgets. Each time I send them back immediately. However, it takes at least a week every time there is a mistake to fix it. Due to this, we have lost countless time and money throughout this process. We are now on our 4th contract extension, totaling $1500. This does not include the earnest money, inspection, etc we have had to pay up front. Overall, we have at least put $3K into this house and now do not even know if we will get it. The current contract is up in a week, and we have been told that HUD may not accept anymore extensions. Our file has been stuck at the bank for over a week with no progress. When I try to call the bank and ask about a timeline, all they can tell me is that since it is a NACA loan, they cannot discuss it with me and can only transfer me to NACA member services. We are so fed up with this process. We even signed an extension on our lease (another $600), and it still wasn't enough time. We have now had to put our belongings in storage and go live with my parents until we figure out what is next. Coming into this process, we understood we would have to work hard, sacrifice and be patient. I believe we have done all of these things to the highest degree. It is ridiculous that we are waiting almost 2 months to close, due to NACA errors, but yet we are having to pay out of our own pockets. If we do end up getting the house, we have hardly any savings left to do the upgrades we wanted to since we have had to pay out so much up front. I understand this is not how everyone's experience is, but I wanted to share our story. We were very optimistic at first, but now have just become bitter and angry. If at all possible, I would find another way to purchase a home, as NACA does not have the personnel to complete the work in a timeley manner. 

Message 4143 of 4,793
RebelBlue
New Member

Re: The Official NACA mortgage thread

We are considering using NACA, but in reading these forums there seem to be a lot of challenges with this program.  It seems that only a tiny percentage of those who go through the program actually get into their house.

 

At this time, we are saving up money so we can pay down the interest points when that time comes.  I have read several times that people have lost their money they pay up front (ernest money, etc...) without even getting into their house.  My questions and concerns are:

 

-at what point in the process do we provide the money for the interest points?

-is there a possibility we "lose" that money due to whatever reasons (paperwork stuck with the bank, etc...)?

 

The concern obvoiusly is putting down a big chunk of money only to lose it or not get into the house at all because NACA screws it up.

Message 4144 of 4,793
livingfree
New Contributor

Re: The Official NACA mortgage thread

Edit: can't post personal information for contacts --Rev

5/13/13 EQ 636 (Myfico), TU 660 lender pull , EX 640 lender pull
Barclay Rewards MC $2300, Cap One $750, Walmart $800, Macys $2000, Lane Bryant $600.
Message 4145 of 4,793
chasmith
Valued Contributor

Re: The Official NACA mortgage thread

I bought new construction, which required a significant downpayment.  The funds were returned at cklosing, and since all closing costs were covered (my only out of pocket expense was the inspection), my closing statement showed funds due to me, instead they were applied to the buydown at closing.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Message 4146 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

With our business suffering and in debt, we found our home mortgage lender, Bank of America (yeah, the ones sued for billions by the government for abusive loan practices) would not accept even partial payments, and put us into a long loop, and each month our debt increased. We felt really vulnerable, we have income, but it is not traditional income from a W-2. We found out about NACA, and they are now advocating for a loan modification at unheard of rates, with the fees to be paid by Bank of America. Yeah NACA! This stress of dealing alone with a bank, who does not care about us or our business, the possibility of losing our home office and perhaps crippling our business even more has been mitigated by NACA's advocacy for us. Our business is turning around, so we are confident that we can find a good solution now that we have a strong partner in that conversation.

Message 4147 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

I am in the beginning stages of my opportunity with NACA.  It is my hope that I will get through the interviewing and fiance reveiw that is needed to qualify me for a home.  I do believe just from my talks with my interviewer that they do look for the very best way to make things happen for each individual.  I am most hopeful as my credit is not very good.  I have been told don't be discourage for all will work itself out for the best.  I am grateful for this organization and the people who work for it , because they do their very best for all who come before them.  

Message 4148 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

NACA is real. 

NACA has helped me become a home owner.I never thought I would get to this point.

The program is real. I will be closing soon on a 6bedroom, 3.5 bath 3005square foot home at an awesome 2.812% interest rate. I will be paying less for my mortgage (which includes taxes and insurance) than I am paying in rent. No PMI, No Closing Costs, No Down Payment...I am still in awe....Thank you NACA for all that you do.

You have to be persistant pest during the process, but it is WELL worth it.

Now I have a beautiful home that is affordable and all mine.I can't say enough about what NACA has done for me

Message 4149 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

I am super excited to participate in NACA Home Purchase Program, I complete my web file and just waiting on the next steps! NACA has been super responsive and looking for moving in my new home in about 3 months! 

Message 4150 of 4,793
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