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Old 04-07-2008, 02:11 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,588,833 times
Reputation: 1009

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NACA is a good program...just make sure you have been qualified before even looking for a home. It may take a while to for the loan process but they have good rates/fees.

FHA mortgage insurance is $62.50 for a 150k loan amount AND it's tax deductible. NACA's monthly fee isn't.

I seriously doubt that someone received a 1% rate on a 30yr fixed.
The sponsor lender (BofA) would basically be making your mortgage payments instead of you. MBS from what I recalled has never gone lower than 3%...so it would be impossible.

Quote:
Originally Posted by th.southerngal24 View Post
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.

 
Old 04-07-2008, 03:45 PM
 
10 posts, read 47,983 times
Reputation: 13
I used NACA for my first home. It was great! I didn't have any complaints.
 
Old 04-07-2008, 09:35 PM
 
7 posts, read 38,765 times
Reputation: 12
I'm using NACA for my first home too. I started back in october 07 and I'm be closing by the end of april, I know looks like a long time, but a 1.25% rate on a 30yr fixed... My house is about 150K and I going to be paying $750 a month. I think that's a pretty good deal. NACA works for me!
 
Old 04-13-2008, 12:48 AM
 
3 posts, read 30,158 times
Reputation: 11
anything better that no
 
Old 04-13-2008, 05:16 PM
 
81 posts, read 309,765 times
Reputation: 53
And...you also get to contibute to the 'mortgage crisis' by using NACA. I thought this program was a huge blessing to first time home owners. Until I found out about Bruce Marks, the owner of the company. He uses extortionist tactics to get lenders to bow down and set aside billions for Marks cronies to set up loans for people who cannot afford them. If you were in business to lend money, and were expecting to get paid back, you would never lend to people who wouldn't be able to do so. And not stay in business anyway. That's exactly what has happened to the housing market recently.

In return for lending the money to these folks, the borrower must agree to attend 5
NACA events after your loan is final. These events include picketing bankers and investment firms who won't cooperate with Marks' demands for basically 'free money' for his companies. They even go after the children and families of CEO's and bank employees, in their own neighborhoods. I was shocked to read of them actually surrounding children while the kids were at school, and shouting comments about about how their parents were the scourge of society. They have invaded board meetings of investment companies, and shut the meetings down. The company's are so afraid of being politically correct, and of being called a racist, they cave. If I tried to do that at a company whose policy I didn't agree with, or basically assault the children of parents who wouldn't loan me money, I would get thrown in jail! I don't know how they can break the law and not be arrested. Evidently he has found out how to just get around the FTC and FDIC regulations, and has avoided being charged with the RICO act, and arrested for his illegal demonstration antics. So far.

Just google Bruce Marks and NACA and see what you come up with. Citi Group has agreed to give them 3 billion, and Bank of America has agreed to 6 billion. I wonder why they just don't throw the money out the window?

I guess Marks has the same mentality of the people who were stealing gas at the gas station the other day in Charlotte, when the clerk made a mistake at the pump. (selling gas for something like 30 cents a gallon) No one went in to tell the store of the mistake! Or if they did, the clerk just turned his head. They all felt 'entitled' to it. One lady even said it was a blessing from God! Even the local newscasters on several t.v. stations said they wished they were there to gas up. Anyway, I digress from the topic.

So, if you feel entitled, and really believe there is a 'free lunch' and want to help contribute to the coffers of someone who in his own words called himself a 'bank terrorist', and plunge the mortgage industry deeper in the hole, go ahead.
 
Old 04-13-2008, 09:49 PM
 
Location: Imaginary Figment
11,449 posts, read 14,466,505 times
Reputation: 4777
Quote:
Originally Posted by janya barrish View Post
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.)

Can't get something for nothing, plus 50 bucks/month is cheaper than the PMI you would pay on a 100% loan.

Donating time is a good thing, and if anybody saves your butt, you should donate time IMO.
 
Old 04-14-2008, 07:42 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,588,833 times
Reputation: 1009
That's a misconception as I written before.

PMI is tax deductible and maybe 12-15 bucks more than the 50 bucks.


Quote:
Originally Posted by SLCPUNK View Post
Can't get something for nothing, plus 50 bucks/month is cheaper than the PMI you would pay on a 100% loan.

Donating time is a good thing, and if anybody saves your butt, you should donate time IMO.
 
Old 06-19-2008, 06:29 PM
 
1,877 posts, read 4,866,320 times
Reputation: 1243
Quote:
Originally Posted by covhome View Post
And...you also get to contibute to the 'mortgage crisis' by using NACA. I thought this program was a huge blessing to first time home owners. Until I found out about Bruce Marks, the owner of the company. He uses extortionist tactics to get lenders to bow down and set aside billions for Marks cronies to set up loans for people who cannot afford them. If you were in business to lend money, and were expecting to get paid back, you would never lend to people who wouldn't be able to do so. And not stay in business anyway. That's exactly what has happened to the housing market recently.

In return for lending the money to these folks, the borrower must agree to attend 5
NACA events after your loan is final. These events include picketing bankers and investment firms who won't cooperate with Marks' demands for basically 'free money' for his companies. They even go after the children and families of CEO's and bank employees, in their own neighborhoods. I was shocked to read of them actually surrounding children while the kids were at school, and shouting comments about about how their parents were the scourge of society. They have invaded board meetings of investment companies, and shut the meetings down. The company's are so afraid of being politically correct, and of being called a racist, they cave. If I tried to do that at a company whose policy I didn't agree with, or basically assault the children of parents who wouldn't loan me money, I would get thrown in jail! I don't know how they can break the law and not be arrested. Evidently he has found out how to just get around the FTC and FDIC regulations, and has avoided being charged with the RICO act, and arrested for his illegal demonstration antics. So far.

Just google Bruce Marks and NACA and see what you come up with. Citi Group has agreed to give them 3 billion, and Bank of America has agreed to 6 billion. I wonder why they just don't throw the money out the window?

I guess Marks has the same mentality of the people who were stealing gas at the gas station the other day in Charlotte, when the clerk made a mistake at the pump. (selling gas for something like 30 cents a gallon) No one went in to tell the store of the mistake! Or if they did, the clerk just turned his head. They all felt 'entitled' to it. One lady even said it was a blessing from God! Even the local newscasters on several t.v. stations said they wished they were there to gas up. Anyway, I digress from the topic.

So, if you feel entitled, and really believe there is a 'free lunch' and want to help contribute to the coffers of someone who in his own words called himself a 'bank terrorist', and plunge the mortgage industry deeper in the hole, go ahead.
Yeah, God forbid somebody beat the banks at their own game!! That is a terrible thing! Which bank do you work for?
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