Ashton Woods deal of the century (Winter Garden, Lake Mary: mortgage broker, credit, lender)

[uofmf4l]

I'm looking to buy a home and recently visited an Ashton Woods property in the Windermere/Winter Garden area. After speaking to the sales staff, I'm a little hestitant on the deal that seems to good to be true. I was told that Ashton Woods partners with a group called the Neighborhood Assistance Corporation of America (NACA). If I use NACA, Ashton Woods will buy 2% points off the interest rate, which when I visited the current rate was 5.625%. Then I would be able to purchase points at $4,000 per point to further lower my interest rate. At another build site(pulte) they told me that a 1/4 of a point was about $2,000. I was told that a recent buyer had an interest rate of 0.75%. Also I would have no down payment, Ashton woods would give me $8,000 towards closing costs, and no fees. The catch is that you have to attend a NACA workshop to make sure you qualify. I was told that your credit score or income levels are not determining factors for approval. The catch is after you attend the work shop you must participate or volunteer in a NACA program 5 times a year. This could include sharing you storing with other potential buyers, participating in a rally, working at one of the workshops, etc. Does anyone have any information on NACA and the program and provide feedback on Ashton Woods and the type of work they do?

[ohiominnie]

Wow. Sounds incredible. And too good to be true.

So I googled NACA and found their site.
NACA

Just in the 3 minutes I looked around, I decided it's not for us (we, too, are looking at an Ashton Woods home) For one, there are membership fees that must be paid in order to keep that mortgage. And there are maximum purchase limits (in the 32836 area code, it's about $257K) Plus you cannot already own a home--it's for first time buyers.

HTH.

[Suzanne1945]

We have looked at Ashton Woods properties in the Lake Mary area, and although the home had lots of features/quality, etc. I would steer clear of any 'hooks' in my contract. Perhaps I'm just a little reluctant following the sub-prime mortgage debacle that sub-prime mortgage lenders led buyers to believe were too good to be true deals.

Whatever you can do on your own, do.

[zasie]

You do not have to be a first time buyer and you can not own a house at closing....

[surfer boy]

Stay away from creative BS. Go fixed rate.

[cfIfan]

as a realtor I would keep away from this sort of scheme. There are plenty of deals to be had without going down this route. I specialiZe in that area and there are a number. Of good deals to me had. Always use a good mortgage broker so you get a true rep of what ur rate will be as builders preferred lenders don't always give great rates as the incentives builders offer more often than not come from here as well as other places which is why it is contingent on using a preferred lender

[luvthatmouse]

Ashton Woods is built right under some scary HUGE power lines. We looked there too and it is a shame because the homes were nice.

[ohiominnie]

Not all Ashton Woods developments are. But you are right. There are some scary power lines up near the developments around Overstreet. I actually loved a house up near there but then we Google mapped it and saw on the satellite image the power line towers.
There are other Ashton Woods developments that are not near huge scary power lines.

[AONE]

If a builder is giving away so much you have to realize they have the home priced at a point that allows them to do so. My first thought is that they are priced higher than value. Homes there presently start at 314k, there are few on the market so I would wonder about true value. It sucks pretty bad to get upside down in a home. Make sure you and your agent study comps. the attraction with an interest rate is designed to make you say yes. just make sure it is an informed yes. It doesnt cost to use an agent so I'm not sure why anyone would opt to go it alone.
Ken

[babygrl]

Stay away from ashton woods!!!! I have lived here for 2 years and it has been a nightmare. We are moving out shortly and can't wait. Their builders cut corners and what looks to be a beautiful new condo is falling apart. And forget about the actual place the staff is rude, you would think hitler is running this place. I have another blog listed on here that should give you more info on the place and why you should stay away.