NACA mortgage

[cldow]

I have seen some mention of NACA mortgages on this site. I was wondering if they are a reputable organization. Could anyone shed any light on them for me. They have a workshop here in Greenville this Saturday that I was thinking about attending.

[ABD]

There are threads on MyFico re: NACA. They were in Cincinnati this weekend & I attended. I was just abt to purchase with Wells, but there was a person at the NACA workshop that had a testimonial. No closing costs, no down payment, and they did a buy down of the interest rate with monies they had previously saved. They are at 1.5% interest fixed for the 30 yr loan. It's a lot of paperwork up front and they do seem too good to be true. But if they can deliver for me, any headache will be worth it.

[Anonymous]

Hello cldow,

NACA is in fact the nation's largest non-profit, HUD certified housing counseling and advocacy agency. Our Purchase Program has helped more than 35,000 families bcome homeowners across the country.

We don't promise that the program is fast or easy, so if you aren't ready to put in some work, make sure every "i" is dotted and "t" is crossed, it may not be for you.  However, if you are willing to put in the time and effort that it may take to get qualified, you will be rewarded with a fair, fixed below-market rate, genuinely affordable mortgage. The NACA program is always more than worth the effort.

You will learn a great deal about the program and how it works at the workshop, so I strongly urge you to attend.  We wish you the best on your journey to home ownership!

[kjel]

Do your own research. Speak to others about their experiences and how long the process took for them. Generally, if it sounds too good to be true it likely is or it comes with some serious headaches.

[Anonymous]

I attended a workshop as well. In all my research I've seen that maybe 1 out of every 10 threads created by people have reported they closed through NACA. It is a long process so if you don't have 4-6 months to ready yourself. Walk away. If you're rebuilding and don't have other options its probably for you. I'm going to give it a shot. It seems most headaches are from specific offices while other offices have very good rapport with posters.