topic Re: The Official NACA mortgage thread in Mortgage Loans

The Official NACA mortgage thread

Anonymous — Tue, 16 Sep 2008 22:31:04 GMT

I've decided to consider using NACA when we buy our home next year. I would really appreciate your posts here both good and bad. You'll help us decide if this is the direction we'll go. I've been a member of this site for over a year and I totally respect your opinions. This post will decide which way we'll go and I trust your judgement. We're considering NACA mainly because of interest rate and the fact that they use closing costs to help buy down your rate. Is this true? I want all the information that you can provide and I will read this post several times a day. So please help.

Re: The Official NACA mortgage thread

Anonymous — Wed, 17 Sep 2008 02:48:40 GMT

Please help

Re: The Official NACA mortgage thread

Anonymous — Wed, 17 Sep 2008 03:44:18 GMT

Why does it seem that everyone is afraid of NACA? I hear it's a great program and I find it hard to believe that no one has any information about them.

Re: The Official NACA mortgage thread

Anonymous — Wed, 17 Sep 2008 03:56:14 GMT

I just went to my NACA workshop (in California) last weekend. It was very informative. The main point is that you have to have patience. If I were you I would go to the workshop to get all the info. They will work with you on whatever it is that will make you ready for a mortgage; credit issues, budgeting, savings, or whatever is making you wait to get a mortgage at this time. Wether it is 3 months from now or two years from now, they will work with you to get ready so you have nothing to lose buy attending the workshop now even if you are waiting to actually apply. You will receive a book at the workshop, and it has a ton of info. in it. I am waiting to get my ID number so I can go and meet with the councelor to see if there is anything else I need to do before applying.

Bunny

Re: The Official NACA mortgage thread

Anonymous — Wed, 17 Sep 2008 04:05:51 GMT

Thank you so much bunny44. I will go to the workshop soon but the information recieved here will help me be prepared when I go. I respect the opinions here and the preparation recieved from these posts will help me understand the process better.

Re: The Official NACA mortgage thread

Anonymous — Wed, 17 Sep 2008 05:04:12 GMT

I want to know more about this program too

Re: The Official NACA mortgage thread

Anonymous — Wed, 17 Sep 2008 11:49:57 GMT

I can tell you what I know. Went to workshop June 7, have had 2 appointments so far. You will be sending your account statements and paystubs each month and saving for reserves as you go. I am looking at a house approx 200-215k and must save 7k. Payment shock for me is $600 a month and I am planning on Nov. purchase date. The process is slow but that may be my situation dictating that or maybe to weed out the fly-by-night home buyers, I think the length of time shows them you are committed to buying a home in a financially healthy manner.

Re: The Official NACA mortgage thread

Anonymous — Wed, 17 Sep 2008 14:23:41 GMT

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...

Re: The Official NACA mortgage thread

Anonymous — Wed, 17 Sep 2008 18:43:31 GMT

Wow, interesting. Any more stories good or bad about them?

Re: The Official NACA mortgage thread

Anonymous — Wed, 17 Sep 2008 23:37:29 GMT

So AvinicsEngineer; Do you have to save the 7k before you get approval to house hunt or do you have to save it by the time you close? I have already been saving for several months but I don't have 7k just yet....

Re: The Official NACA mortgage thread

Anonymous — Thu, 18 Sep 2008 16:17:16 GMT

Any more information about NACA?

Re: The Official NACA mortgage thread

phumanr — Fri, 19 Sep 2008 01:13:09 GMT

All,

My story is similar to Secondchance 23. I went to a workshop on July 29. I had an appointment within 3 days. I went overboard with documents that I would anticipate that they needed. My counselor was very surprised that I had everything in order including good scores (although they say that their approval is character based), over enough savings, no lates, all documents, etc. He said that he was going to try and get me qualified fairly quickly.

Now, after close to 2 months..nothing! I have exchanged email, after email, and my counselor continues to give me the run around and requesting documents that I have sent repeatedly. I had faith in this program, that they are really committed to having the best mortgage out there, but I am not convinced that they do what they say they are going to do. I am very disappointed with Naca and will have to go FHA.

With approvals, it should not take 2 months...it is either yes or no.

Phumanr

Re: The Official NACA mortgage thread

Anonymous — Fri, 19 Sep 2008 02:43:18 GMT

Is anyone working with the Chicago office? I'm wondering if some offices are swamped with applicants?

Re: The Official NACA mortgage thread

Anonymous — Sat, 20 Sep 2008 00:54:24 GMT

Please this is very important...Does anyone have any success stories with NACA?

Re: The Official NACA mortgage thread

Anonymous — Sat, 20 Sep 2008 11:20:46 GMT

bump

Re: The Official NACA mortgage thread

Anonymous — Sat, 20 Sep 2008 12:27:38 GMT

Check out this link http://activerain.com/blogsview/238151/NACA-Neighborhood-Assistance-Corporation. Its very informative; there are people who've actually closed a loan with them AND an ex-employee posts regularly as well.

Re: The Official NACA mortgage thread

Anonymous — Tue, 23 Sep 2008 02:08:44 GMT

I am trying NACA also. I went to the workshop in Oakland, CA on 9/6/2008. My intake appointment was on 9/19/2008. When I went to the meeting I took all the information that they asked for on page 30 of the workbook. When my credit report was pulled it only brung up baddies from last 24 mths (all paid). After my counsoler in put all my information he was ready to submit me for approval that day. Only needed employment and rental verification back. The stopper here was me I forgot to bring my paperwork from 401k which show I have MRF. (For my $100,000 loan Mrf is $3500 becuase I have no payment shock I dont have to show 3 mths savings.) I emailed the 401k information to counsoler Friday evening and recieved a comformation email from him Sunday afternoon( Good Job) I did not hear from him today (9/22) so I will give him a call tomorrow.

At my intake meeting I let my counsoler know that Iike to recieve timely feedback and that I am not above calling like a crazed staulker if I feel he is ignoring me.

Here is a link that may be helpful to those trying to find out how the NACA program works and what to expect.

http://naca.com/the_naca_way/160_housing_services/100_index.pbl

Blessed and Highly Favored

Re: The Official NACA mortgage thread

Anonymous — Tue, 23 Sep 2008 02:16:59 GMT

Receiving,

I am too working with the Oakland Office. I went to my workshop on 9/13, and I still haven't received my ID number. I am glad to hear that they seem to be working pretty fast at that office! Did they tell you already how much you can get approved for?

Bunny

Re: The Official NACA mortgage thread

Anonymous — Tue, 23 Sep 2008 03:02:14 GMT

I went to the workshop in early July. I think it's a great program but I haven't met with a counselor as yet because I got discouraged. I really think it's too much paper work and slow workers. I had to send at least 5 emails before I got a response.

Re: The Official NACA mortgage thread

Anonymous — Wed, 24 Sep 2008 03:14:01 GMT

(Bunny) I already knew how much I wanted to be approved $100000 so I told him. If you received the email that said for Home Save to sign up you can use that link to get your ID. That's what I did. Once you schedule an appointment online call the office to confirm website has different time from what the office actually uses.

(Trying) The paperwork they ask for is the same that all mortgage lenders ask for.

Message Edited by receivingthepromise on 09-23-2008 08:14 PM