Just to shed some light on the NACA mortgage. Its an excellent program for first time buyers, especially if you don't have perfect credit. They require that you pay the $50 a month for 5 to 10 years because you don't have to pay PMI insurance which is more expensive. What that $50 does is allow you foreclosure assistance in the event that you can't pay your mortgage. Yes they'll actually pay your mortgage for up to 3 months so its worth it. PMI insurance protects the lender , not you and is almost always more costly.
NACA does want each member to participate in at least 5 activities per year but just to give you a little seceret. If you really don't want to you don't have to. A have several friends that have a NACA mortgage and I know for a fact that they don't participate like NACA wants them to but it wont hinder you from getting the loan.
The reason I chose NACA was because my credit situation was not perfect. My credit score was 480 when I first started with NACA. They helped me bring my score up to a 580 anf they helped put me on a budget. They pulled my credit report told me what to pay off and what I didn't have to pay off to qualify for the loan. They work with you as long as it takes to get the loan. Once you attend the 1st seminar you are signed up with a mortgage consulant who helps get you qualified. The time that it takes depends on you. It could take a year or it could take a month. It just depends on you and how fast you pay off any debts if any, save money,etc.. They pay all fees the only thing they will tell you to save for is reserves, earnest money, taxes, etc.. Usually at least $2000 dollars. When your mortgage consultant says save $2100, thats all you really need. They cover everything else. Also just to give you an inside secret. The interest that they advertise is most likely not what you will close at. Just to give you an example once you are qualified, and pick your house whatever the NACA agent makes at closing goes to you to bring down your interest rate. They don't advertise that fact but its true. They already get paid by NACA so whatever the agent makes at closing (3 to 5%) is given to you to bring down your interest. All my friends have interest rates below 4% that went with NACA. I even have a friend that closed last yeat with NACA who has an interest rate less than 1%( thats because the builder was giving back $35,000 at closing). So as you can see thats why I'm going through them. It makes no since not to even if you have perfect credit. Let me know if you have anymore questions. Love to help anyone save money.