If you are currently paying rent, you only need to save the difference between your rent and your desired mortgage payment ("Paymewnt Shock"). If the Payment Shock amount is small, you will probably be advised to also save an additional $200 per month to build up the reserves you wil be required to have ("Minimum Required Funds") for inspections, initial taxes and insurance, an emergency reserve of one or two months of mortgage payments and other pre-paid items.
Online Operations, NACA
sorry, I don't mean to use the reply button, but I don't see "start a new post." Hopefully, someone in that Atlanta area can help me. Here are my issues:
I am going through the NACA program to purchase a home. I took their advice and let them assign me an in-house agent as they know the NACA process in and out. However, my agent is non-responsive most times and I'm missing out on homes because of it. I was going to call and request a new in-house agent, but I worry that I might have the same bad service. My questions are if you have worked with naca before and used their in-house agents was the agent someone attentive? If so would you mind sharing their name? I don't even know if naca will allow me to ask for a specific in-house agent or if it's random. Second, if you worked with an outside agent that was very familiar with naca can you send me a recommendation? I'm willing to go that route if the agent knows how to navigate naca and its benefits.
Hi atlcharm77, I've sent your question to my realtor who also happened to decide to work for NACA after going through my process with me.
She had not been a NACA realtor, but has seen it from the outside and now is inside as a counselor, so she should have a unique perspective.
Thanks so much for doing that!!!
I hope I don’t come off as being greedy. However, I want to take full advantage of the program. So I found a home I wanted to make an offer on. I intended to use some seller concessions to buydown my rate. Why not right? We offered full purchase price and asked the seller to pay 3% of the purchase price which would buy my rate down from 3.75% to 3%. The seller countered and said that they are familiar with NACA and know that Naca charges no closing cost so they are only willing to contribute $2k which does even equal 1%. First, that statement sounds like if I were a regular buyer they would be willing to contribute more. Second, is this standard. More and more people are becoming familiar with Naca so does this happen often where the seller declines to pay “closing costs” because of this. (3) It is a seller’s market in Atlanta, maybe this has something to do with it.
I like the house but I don’t want to feel like the seller is working with me less because I’m with NACA. Not sure what to do?
I should add that I was looking at another house before this and they denied to pay any closing costs at all, so we did not even put in an offer. I don’t know if it had anything to do with Naca though.