The Official NACA mortgage thread

[Anonymous]

   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.

[Anonymous]

Please help

[Anonymous]

  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.

[Anonymous]

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 

[Anonymous]

  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.

[Anonymous]

I want to know more about this program too

[Anonymous]

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.

[Anonymous]

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...

[Anonymous]

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

[Anonymous]

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....