Dallasgirl, Your realtor will have to go through the NACA training before they can work with NACA on your behalf.
It's only a slow tedious process if you don't come correct on your first appointment. Upload everything they ask for before the appointment. Bring everything they could possibly ask for (even stuff you already uploaded or faxed).
If your stuff is in order and you have everything from the last 2 years paid off, decent money saved with no NSF, you could be in a home by August. (According to my counselor 45 to 60 days for cases with no task list and a house already picked out)
I can see how 111 feels and I can see Gigi's point as well.
Here's the thing. NACA has eligibility requirements just like FHA and any other hole in the wall that lends money for any purpose.
With other programs, when you don't meet that criteria, you just get denied, rejected, turned down, and sent on your way. NACA has steps in place for the people who don't have stuff in order, to get their mess straight. This way it's not exactly a door slamming in your face but a helping hand.
So they have their own little terminology for regular stuff. "Shock Payment" Like saying there is no PMI. True no PMI but there is a $50 NACA membership fee due every month. Most homowners can tell you traditional PMI is much higher than $50. They say no down payment and no closing costs. But you still have to have money for inspection and insurance before you can close. The guy who referred me paid $800 for inspection and $300 for insurance. (might have it backwards) I've never heard of anybody paying $1200 at closing with no money down.
There is a problem in America where lenders trick people into mortgages then baloon the interest (fine print) and people can't manage their money in way to cover it. So NACA addresses the issue by making sure the people they work with know how to manage money plus guarantee a fixed rate. They do this by having you create a budget and live by it as proof of feasibility. If you are not in shape financially, you have to jump through a few hoops to et in shape. So what, if FHA or anybody else denied you, you'd still have to do all that stuff anyway on your own.
The huge downside is the time it takes. The counselors have huge case loads and the majority of work is done by volenteers so there is a nice bit of disorganization in the process.
I have read several success stories of people who did their homework, got their stuff in order before hand, and got approved very quickly with interest rates 2.5% below market and no down payment.
The only people complaining are the ones who failed to properly prepare themselves and now have a task list to shape up their economic situations.
I will say this; My comments are based on forsight. I have yet to attend my first appointment with a counselor. I am optimistic the process will be painless since I have already met every eligibilty criteria they have.
