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Old 05-08-2010, 07:15 AM
1,804 posts, read 6,360,463 times
Reputation: 1200


A young woman mentioned to me that she was applying with this program to help her buy a home. Me being the skeptic that I am, though I'd never heard of it advised caution. BTW, I am not a real estate professional.

Looked this up quickly on line. Saw some "good" stuff. But what was troubling were the fees, the volunteering aspect, and more surprisingly the lien they place on the home . I always wondered where all of those civic community TV protestors came from . NACA says you must participate in atleast 5 community/PR events PER YEAR - which includes rallys.

NACA says online that they usually won't subordinate their interests for 2nd mortagages, which is understandable, I guess. But what else does having a lien mean? The home owner would need approval to sell? Or likely, now that I think as I type, the home owner would have to satisfy the $50.00 per month "membership fees", before they sell. $50 bucks per month for between 5-10 years. {Other stuff: No PMI, no down payment, purchase price limits-must be in low to moderate income areas.}

I am a home owner, and from that knowledge, I'm thinking that a business with interest in your property can't be good. They have their hands in your pot so to speak. Would you advise this program? Seems like a huge committment from the buyer for a home. A home with too many strings attached and perhaps a potential nightmare when it comes to selling. Thanks guys!!!

Old 05-08-2010, 04:59 PM
Location: The Greater Houston Metro Area
9,013 posts, read 14,898,884 times
Reputation: 15000
I have had one client use it - and based on the experience, would advise anyone else not to bother. At the time (about 3 years ago) it was an alternative to someone with less than shiny credit - you could get an excellent rate, even below what people got with good credit. However, the hoops this person had to jump through became ridiculous. It was a nightmare. They had about 8 "counselors" here in Houston - and managed to get a couple of loans done a month - TOTAL for all eight. I heard it has gotten worse.
Old 05-08-2010, 08:38 PM
1,804 posts, read 6,360,463 times
Reputation: 1200
Thanks Cheryjohns. That is what I'm gathering so far. And I see that it has been/is being discussed on the Mortgage forum.
Old 05-09-2010, 04:58 PM
Location: Austin
7,205 posts, read 18,169,540 times
Reputation: 9795
They were all over the news last year, busted doing a LOT of illegal stuff. You should have found something further in your google search.
Old 05-11-2010, 01:56 PM
Location: Houston area
1,408 posts, read 3,609,473 times
Reputation: 636
One current client is going to use them again to buy a house. Some people don't mind participating in events as long as they save money. There are a few hoops to jump through, that's for sure.
Old 05-13-2010, 09:51 PM
Location: Jacksonville, FL (Mandarin)
2,417 posts, read 5,369,874 times
Reputation: 1565
NACA, itself, is allowed to place a lien on the purchased property? Never heard of that one.
Old 06-08-2010, 09:51 AM
1 posts, read 31,331 times
Reputation: 12
My sister was upside-down on her home (Los Angeles). This program modified her loan to about 3%, saving her a considerable amount of money each month. I've also seen a number of "horror" stories. With a program like this (40 - 50 thousand people sometimes attend a single seminar), I'm not surprised that some are disappointed. Making sweeping statements one way or the other is probably not helpful, so I won't, but I know my sister is very happy. This program literally saved her family's home.

I'm looking into NACA as a first-time buyer. I'm hopeful that the organization will help me, but I am in no way going to depend on them to wave a wane and pull a new home with a low interest rate and low monthly mortgage out of a hat. I'm looking into other city/state homebuyer assistance programs, and dealing directly with lenders, agent, brokers, old men in parks, whoever I can get to offer advice. With something as important as homeownership, or saving one's home, being as proactive and resilient as possible helps.
Old 02-21-2014, 02:52 PM
7,821 posts, read 19,054,885 times
Reputation: 8632
The prior poster summed things up quite nicely........where else are you going to go for something that's too good to be true. Lot's of red tape, they own you until you put back into the system what was spent (or lost) on you. Take it or leave it, because no one else is going to do it. Put up with their crapola or forget about it. It's not for everyone. Citi isn't the only bank involved, you can get lucky and get WF, BofA, or any of the top 10. Joy.
Old 04-18-2015, 02:32 PM
Location: LA/OC
1,083 posts, read 1,777,055 times
Reputation: 599
This is getting ridiculous
Old 04-18-2015, 08:23 PM
Location: Westwood, NJ
773 posts, read 2,037,451 times
Reputation: 384
Hmm, strange that a lot of posters with only 1 post are saying how great the program is. My clients and I found it to be horrendous. We lost out on several bidding wars because sellers didn't feel comfortable using the NACA program with no money down.

When we did finally get a seller to agree, the process was arduous. The amount of hoops we had to jump through to finally close was ridiculous. Our closing was pushed back 4 times because NACA couldn't get their **** together. My clients had to resend paperwork several times. The amount of repairs NACA required and the process to remedy them almost killed the deal. Luckily the seller was patient and hung in there.

Even with all the benefits it provides, I would never recommend a client to use them again. Your experience might vary depending on the office, but here in New Jersey, it was terrible.
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