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Old 06-11-2015, 02:02 AM
 
8,195 posts, read 10,208,781 times
Reputation: 7485

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Has anyone obtained a mortgage through this organization?

They appear to subcontract with banks,and they help buyers to get no money down,no closing costs,super low interest rates on a home.

It does sound to good to be true,but according to pi**ed consumer,the counselors get a bigger commission if they get a person with a low credit score a mortgage vs someone with a moderate credit score.


My score is 705-720.
I just want to go through this program because no closing costs and no down payment sounds attractive to me,plus the low super interest rates,many with interest rates of 1.5%

I almost forgot this: You will not have to pay PMI.

Sounds wonderful.

I do not want to waste my time however.

You also have to pay membership dues for 10 yrs($50/month)
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Old 06-11-2015, 05:47 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
Reputation: 8078
Think of NACA like joining a commune on its own schedule, the best way I can put it. Lots of rules, but many are not equipped to buy a home and this is the only way. Do check their max income, because if you ever exceed it, you are out. And it's crazy to decline a raise for a maybe in the future. Make sure that is the only way - 100% programs are making a comeback across the country. NACA is a time investment, but can be rewarding, but remember, always on their timeline, not yours.
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Old 06-11-2015, 09:59 AM
 
Location: New York
2,251 posts, read 4,161,023 times
Reputation: 1607
.

Naca loans are for low income (welfare) people with disabilities and credit issues.

These loans come with a lot of complaints see link

Had three situations in the last year with homeowners facing foreclosure. Any modification done with them will result in a higher payment.

My $00.02 - stay away from them.
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Old 06-15-2015, 05:50 AM
 
8,195 posts, read 10,208,781 times
Reputation: 7485
Quote:
Originally Posted by SmartMoney View Post
Think of NACA like joining a commune on its own schedule, the best way I can put it. Lots of rules, but many are not equipped to buy a home and this is the only way. Do check their max income, because if you ever exceed it, you are out. And it's crazy to decline a raise for a maybe in the future. Make sure that is the only way - 100% programs are making a comeback across the country. NACA is a time investment, but can be rewarding, but remember, always on their timeline, not yours.
From what i was told by a counselor,there is no max income.


My credit is 720,first time homebuyer,income 112,000/yr.
Want to pay no more than 1200/month on taxes and mortgage.
looking at homes in the 100,000 to 150,000 range(NJ property taxes will eat half of the monthly payments,so that is why i am aiming low on a mortgage)

Only thing wrong with me?
I do not have $$$ for a downpayment.

like,no savings,so that is why i am going through the program.
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Old 06-16-2015, 04:05 PM
 
Location: New York
2,251 posts, read 4,161,023 times
Reputation: 1607
Quote:
Originally Posted by jerseygal4u View Post
From what i was told by a counselor,there is no max income.


My credit is 720,first time homebuyer,income 112,000/yr.
Want to pay no more than 1200/month on taxes and mortgage.
looking at homes in the 100,000 to 150,000 range(NJ property taxes will eat half of the monthly payments,so that is why i am aiming low on a mortgage)

Only thing wrong with me?
I do not have $$$ for a downpayment.

like,no savings,so that is why i am going through the program.
Don't have $$$ for a down payment, are you sure home ownership is right for you?
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Old 06-18-2015, 01:20 PM
 
Location: Phoenix, AZ > Raleigh, NC
14,297 posts, read 17,497,824 times
Reputation: 22122
Quote:
Originally Posted by Modification Specialist View Post
Don't have $$$ for a down payment, are you sure home ownership is right for you?
Great question. $112K per year and zero savings. Dude - that's just wrong.
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Old 06-18-2015, 02:52 PM
 
Location: Columbia, SC
8,844 posts, read 17,440,566 times
Reputation: 6194
Another thinly veiled ad.
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Old 06-21-2015, 06:00 AM
 
Location: Cary, NC
31,594 posts, read 55,307,520 times
Reputation: 30150
Quote:
Originally Posted by Brandon Hoffman View Post
Another thinly veiled ad.
Actually, the OP has several thousand posts on CD, so is a contributing member.

And considering income vs. cash reserves, it seems like the OP could certainly benefit from serious financial management consultation.
If NACA is the chosen vehicle, rather than a competent big picture professional that a 6 figure earner might engage, then it IS one avenue some homebuyers tread successfully.
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Old 09-22-2016, 02:11 PM
 
Location: Illinois USA
291 posts, read 147,761 times
Reputation: 211
Are there only specific areas where naca will work with you ? I mean is the selection of property geographically limited to certain areas ?
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Old 09-23-2016, 09:18 AM
 
Location: Boston, MA
626 posts, read 951,114 times
Reputation: 322
NACA will work with you in states where they have an office presence: https://www.naca.com/offices/

I believe that they are expanding their lending territory so it might be a good idea to check in with them, if your state is not listed.
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