Has anyone used NACA home buyers" program (Raleigh: rent, mortgage)

[louiseg]

We are in the process of buying our first home at last!!!! I was interesting in hearing anyone experience on using NACA to do so. We attended a workshop and have an appointment coming up later this month. Any insight would be great.

[Galapagos]

I have a client that got an incredible rate using NACA. The downside was that the process took about 5 months.
I guess if you have time to buy and you feel you qualify, then it has to be worth it..

JC

[Charlottean]

NACA. I have heard the same thing. The time it takes for the loan process is very long.

[raleighwoman]

I live in Raleigh North Carolina and I only wish I could recommend NACA. I can't. They told my husband and I it would only take 2 weeks to process our paperwork so that we could contract on a home. It's been 9 going on 10 weeks and nothing. First they wouldn't return our phone calls or emails. We kept calling and starting calling up the chain of the NACA national organization. That got us a call back phone call. We were told that they are soo busy with consultation meetings during the day that they had no time to process paperwork (except afterhours). The office manager told us that we would just have to work with them.

They seem to have a lot to offer but the Raleigh office does not deliver. Sorry for the bad news.

[maryCh]

What is the NACA program? We are in the market for a home, would be interested to know if it is something we might qualify for.

[Charlottean]

To add to it..

I've also heard from several people that once they were given the all clear to move forward with a purchase there were several delays after that. Missed closing dates and not very cooperative with attorneys, etc.

[janya barrish]

go to NACA's home page at NACA.COM

THEY TAKE OUT A LIEN ON YOUR HOME (WOW!) home to ensure neighborhood stability.
You have to pay $50.00 a month for upto 10 years.
You have to donate time for the greater good (volunteer at NaCA offices etc.)

[renriq02]

great rates..but you have to pay the monthly approx 50bucks....live in a low-to-moderate income area....and if you find someone who has closed with 1 of these loans....then you found someone who has won the lotto. I think you are required to take a class for homeownership...

I get about 4-5 ppl per month coming to me from NACA, and it's bad because they want the same low rate...and it will be impossible to beat. They end up doing the loan due to convenience....

Par rate for a regular loan is around 5.25-5.375% for 30yr fixed.....NACA is much lower than that.

[Remnance]

NACA is a great program. My wife and I are currently going through it and yes it will take at least a few months (five or more).

So would you rather close quickly and have a 6-9% Interest rate, or take a little while longer with the use of a free Realtor, lawyers, etc and get a gauranteed lower rate which in the long run will save you thousands of dollars.

BTW yes you do pay a $50 a month fee for the first 7 years but that goes to help others go through the same program and should you run into financial difficulties that cause you not to be able to pay your mortgage they will pay it for you.

It is a win win situation but you have to have patience. They are not Wachovia or any bank USA so they don't have all of the amenities like a free toaster etc. What you get is the best rate and the best deal available anywhere. I have seen members that recieved a 0.25% rate and up. Did I mention that you can buy down your interest rate before closing? Yes you can do that with NACA and you will get a 30 year fixed rate at whatever you are able to buy your rate to.

[renriq02]

You didnt mention that after 5-6months a lot of people still haven't qualified yet for the program. You also need to particpate in the programs after you purchase the home..and that's mandatory.

If you plan on throwing away rent money for 5-6 months....then I guess it maybe worth it.

Originally Posted by Remnance

NACA is a great program. My wife and I are currently going through it and yes it will take at least a few months (five or more).

So would you rather close quickly and have a 6-9% Interest rate, or take a little while longer with the use of a free Realtor, lawyers, etc and get a gauranteed lower rate which in the long run will save you thousands of dollars.

BTW yes you do pay a $50 a month fee for the first 7 years but that goes to help others go through the same program and should you run into financial difficulties that cause you not to be able to pay your mortgage they will pay it for you.

It is a win win situation but you have to have patience. They are not Wachovia or any bank USA so they don't have all of the amenities like a free toaster etc. What you get is the best rate and the best deal available anywhere. I have seen members that recieved a 0.25% rate and up. Did I mention that you can buy down your interest rate before closing? Yes you can do that with NACA and you will get a 30 year fixed rate at whatever you are able to buy your rate to.