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Old 01-15-2007, 10:59 PM
 
13 posts, read 83,174 times
Reputation: 52

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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.

 
Old 01-17-2007, 06:51 PM
 
7 posts, read 60,964 times
Reputation: 16
Default A client of mine did

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
 
Old 01-18-2007, 06:54 AM
 
Location: South Charlotte
1,435 posts, read 5,132,501 times
Reputation: 486
NACA. I have heard the same thing. The time it takes for the loan process is very long.
 
Old 06-22-2007, 10:20 PM
 
Location: Delaware
902 posts, read 3,168,690 times
Reputation: 356
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.
 
Old 06-23-2007, 05:58 AM
 
Location: South Charlotte
1,435 posts, read 5,132,501 times
Reputation: 486
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.
 
Old 01-21-2008, 10:37 AM
 
10 posts, read 88,694 times
Reputation: 22
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.)
 
Old 01-21-2008, 09:57 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
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.
 
Old 02-12-2008, 06:28 AM
 
1 posts, read 34,506 times
Reputation: 22
Default Naca Info

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.
 
Old 02-12-2008, 07:21 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
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.

Quote:
Originally Posted by Remnance View Post
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.
 
Old 04-07-2008, 01:59 PM
 
4 posts, read 22,573 times
Reputation: 18
Default Naca

I just wanted to say that you do not have to protest streets when you sign up with NACA. You can do anything to help. Anything from going in the office, to putting a sign in your yard for a day or simply posting a ad on craigslist. It is just NACA's way of getting people to help get the word out.

The process is only as long as it takes to get you qualified, find a home and close it. Many people go in and have no money in the bank but want a home. It will cost for earnest money, inspection etc plus they want to see a few months in reserves incase you lose your job. So for those people it might take longer.

There is nowhere else where you can get zero closing costs and pay nothing out of pocket for a home? Plus the interest rate is at 5% today. Last month it was at 4.25%. You can buy down the rate as low as you want. I know a lady that has a 1% interest rate for a $150,000 loan. Even FHA loans require a 3% down payment.

NACA does not base their loan off of credit.

In regards to the $50.00 member fee. That is a great deal because with any other lender they will require private mortgage insurance which is around $200 a month on average and just a waste of money. NACA does not require private mortgage insurance.

Hope that helps.
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