NACA...whats the deal? (Austin, payment, underwriting, purchasing)
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Is there anyway to get approved if I live with someone who owns a home??? I want to buy my own home and do not want the person I live with involved in this purchase at all.
Is there anyway to get approved if I live with someone who owns a home??? I want to buy my own home and do not want the person I live with involved in this purchase at all.
Yes, ONLY provide your information. And this is a very very long and tedius process. I hope you have patience. Word to the wise, make sure your realtor puts a lot of cushion in the contract. i.e the mortgage commitment date. It takes more than 30 days. Also, the timeline for concessions.
Reading some of these posts have me a little scared. 5-6 months to finally get the mortgage??? At the mandatory meeting you have to attend at the start of the program, they do say it takes a long while but not that long.
I'm a first time buyer that's been waiting since September 16,2008 in the San Antonio area. The first week of December they said all they were waiting on is for me to be cleared by the bank but its now a month later and I'm still waiting to be cleared. It's the last step ( or so they tell me) before I can close.
I seriously think they lost my paper work or something because it's really hard to get even a vague reply back from my Naca person about my status. And throughout the entire process, every paper or item they've asked for, i've had to fax anywhere between 3-6 times each because they needed to "reverify" things.
And I don't know what this package is that they send to you before you close that they insist you have before you close otherwise you're not allowed to but they've sent it to my apartment 3 times and each time getting it returned to sender by the mailman because they kept leaving the apartment number off even though its in my my paperwork and even though i've emailed my complete address to them 3 times. And they say they cant fax it and that I can't pick it up. That it HAS to be mailed. Its SO frustrating.
I'm no expert since this is my first home buying experience but it seems to me NACA is not slow but more like incompetent...well maybe some of them but I guess not all.
I'm sure I'd be singing a different tune if I had closed by now. IF I get to close, i'll have a fixed rate of 3.062% because of the money I saved to buy down the rate but my morgatage person just told me, another client she had buying a house with NACA is now up a creek without a paddle because the seller backed out because it was taking too long and that was after 3 months. And that person was out all of their earnest money and inspection money. I really don't want that to happen to me.
Reading some of these posts have me a little scared. 5-6 months to finally get the mortgage??? At the mandatory meeting you have to attend at the start of the program, they do say it takes a long while but not that long.
I'm a first time buyer that's been waiting since September 16,2008 in the San Antonio area. The first week of December they said all they were waiting on is for me to be cleared by the bank but its now a month later and I'm still waiting to be cleared. It's the last step ( or so they tell me) before I can close.
I seriously think they lost my paper work or something because it's really hard to get even a vague reply back from my Naca person about my status. And throughout the entire process, every paper or item they've asked for, i've had to fax anywhere between 3-6 times each because they needed to "reverify" things.
And I don't know what this package is that they send to you before you close that they insist you have before you close otherwise you're not allowed to but they've sent it to my apartment 3 times and each time getting it returned to sender by the mailman because they kept leaving the apartment number off even though its in my my paperwork and even though i've emailed my complete address to them 3 times. And they say they cant fax it and that I can't pick it up. That it HAS to be mailed. Its SO frustrating.
I'm no expert since this is my first home buying experience but it seems to me NACA is not slow but more like incompetent...well maybe some of them but I guess not all.
I'm sure I'd be singing a different tune if I had closed by now. IF I get to close, i'll have a fixed rate of 3.062% because of the money I saved to buy down the rate but my morgatage person just told me, another client she had buying a house with NACA is now up a creek without a paddle because the seller backed out because it was taking too long and that was after 3 months. And that person was out all of their earnest money and inspection money. I really don't want that to happen to me.
I've just gone through the ugly process, it took me 4 months to close on my home and if not for constant communication between myself and the sellers and copying them on everything the deal went through, also the fact that the sellers son was a NJ civil court judge threatening a lawsuit.
There is NO package that gets sent to your home that is required for closing this is a lie and stall tactic.
Send a escalated email to tjohnson@naca.com, she is the national director. Also copy bruce marks @ bmarks@naca.com Bruce Marks is the CEO of NACA. I would suggest you send an email EVERY single day until you get the matter resolved. Copy everyone including your attorney and your realtor. Good Luck.
Thank you for the advice and the information. Actually the day after I posted this, I got a call saying that I was finally cleared but now it's almost been a week on waiting for the lender to forward the docs to the title company. ** SIGH **
Thank you for the advice and the information. Actually the day after I posted this, I got a call saying that I was finally cleared but now it's almost been a week on waiting for the lender to forward the docs to the title company. ** SIGH **
It should not take a week. Once your cleared for closing it should only take 3 days for your paperwork to be sent over.
After reading these posts it makes you wonder , but I went through the NACA process in which from the time I submitted my loan until the time I got an answer from chase it was 17 days ! My loan was done at a 3% interest rate ! NACA saved my home now I was blessed to close that fast . I have told other people about NACA and there process has been alot longer , but still a good outcome . From Happy Bear
I thought I had it bad when I closed 1 month after my original closing date at the end of Sept. 09.
My original date was Aug 28th and I had originally thought that the delay was due to the incompetence of my counselor who was new but I found out that there was other issues nationwide that we didn't know about.
One of them was NACA embarked on a Nationwide Tour of "Save the dream" Tour and that took a lot of their national resources away and added about 2 weeks delay in my process. The other was there there was a "computer database breakdown" in August that caused my original delay.
I don't know what else there was but my sellers were frustrated enough to levy a daily fine for the delay.
I ended up paying $1188.00 in fines due to all of NACA's delay as they did a 180 degree on me and would not take the responsibility even though my counselor had assured me that NACA would undertake it originally. It was totally their fault and not mine but I was forced to foot that extra cost to my closing a month later. Not to mention that I had to moved my family out of my apartment and live in a motel for 10 days in the process. I wrote to the local news to complain but none picked it up to report on it.
My advise, have your housing agent and the seller of the house be apprised of all the dealings and emails exchanges. I had cc all my emails to Bruce Marks but he didn't read any of the mails copied, all the 'read receipts' were returned as not read.
Other than B Marks, I had cc Neil Mulligan (nmulligan@naca.com); Carmen Orta (corta@naca.com) - she was the one to finally get everything done; Joni Bosley (jbosley@naca.com) - manager of closing nationwide; Mary Prussman (mprussman@naca.com)
I hope this helps in getting your cases moving along.
LOV SXI
p/s Another word of advise, if you do not intend to live or not sure if you'll be at your house beyond 5 years, DON'T Buy down your rates. It is an unnecessary expense that will take longer for you to 'break even'. Just my experience of owning 2 homes through NACA, using different approaches, this time I increased my principal payment by Citi's EZ payment program rather than their 3rd party FNC group, to build my equity to the house.
we are waiting for NACA home loan to come through for us. We did the intake on 3/13/2010 and the document were submitted on 03/30/2010. My expectation was that the loan will be approve after a month, but after reading this board, it looks like we need to readjust our expectations. I still think it's a good mortgage product, but non-profit organizations are known for slow response.
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Waiting on Naca
