IF I told you that there is a  HOMEOWNERSHIP PROGRAM that will allow your buyers to purchase a home with:

  • NO DOWNPAYMENT................................You would probably say: (NO BIGGIE...)
  • NO CLOSING COSTS.................................You would probably say: (NO WAY!!!)
  • NO CONVENTIONAL CREDIT.....................You would probably say: (NOW...You are just CRAZY...LOCO!)
  • NO MORTGAGE INSURANCE......................You would probably say: (WHAT planet are you from?)
  • NO KIDDING!!!.......................................You would probably say: (OKAY...I'M LISTENING!)

 

NOW that you are listening...LET ME ADD: 

  • 30 YEAR FIXED RATE
  • A BELOW MARKET INTEREST RATE (CURRENTLY 5.625%)
  • RATE CAN BE REDUCED TO ZERO!!!

 

YOU ARE ASKING...WHAT'S THE CATCH??? HONESTLY...THERE IS NO CATCH!!!

 

The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization. NACA's primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership.

 

I first learned of NACA several years ago...through a client. This particular client had almost no credit, and he earned $12/hour. The very best loan option I could find for him was an FHA; however, he did not have enough money for the down payment. He learned about NACA through a friend who had just closed on his new home...at a 4% FIXED RATE!!! When my client told me about his friend's mortgage, I could not believe what he told me. My disbelief prompted me to investigate...IF FOR NO OTHER REASON THAN TO PROVE THAT IT WAS NOT TRUE!

 

My mom always taught me to admit when I am wrong. Folks...I WAS WRONG! NACA IS REAL! I have since helped many first time buyers to purchase their home using NACA to obtain their loan. Let me tell you about my first NACA clients.

 

Alejandro and Tana lived in a mobile home community. Their backyard was a parking lot. They dreamed of buying their own home with a huge yard for their children, but they had little credit. I referred them to NACA, and they were approved for a $140,000 mortgage. They knew exactly what kind of home they wanted, because they had been dreaming about it for eight years. Within days of being approved by NACA, they were under contract to purchase the home of their dreams. Eight weeks later...they were sitting at the closing table.

 

IF I had not witnessed it myself, I would not believe what I am about to tell you. Through NACA, they were able to obtain a 30 year fixed rate mortgage at less than 1%!!! TOO GOOD TO BE TRUE?? IT'S TRUE...I WAS THERE!

 

SO...WHY HAVE YOU NEVER HEARD ABOUT NACA BEFORE?

 

Although NACA is the best answer for many buyers...some REALTORS® are hesitant to recommend NACA to their clients. From my experience, the reasons for this vary from agent to agent. Some are simply unfamiliar with NACA and see it as 'too good to be true'. Other agents know that NACA is legitimate, but they feel that NACA's process is too lengthy. (In most cases, it takes 3-6 months to go through the approval process.) Quite a few agents have expressed to me that they are not willing to wait 6 months to get paid. I've also spoken with several agents who have worked with NACA and feel that the program requires too much work from the agent.

 

If I am completely honest, I agree that NACA is a NOT an easy program. Six months is a long time to wait for an approval, for both the buyer and the agent. AND...YES...NACA's stringent guidelines require much more effort on the part of both buyer and agent. I have closed many successful transactions with NACA, and all of them have been difficult. However...ALL OF THEM HAVE CLOSED! Furthermore, in every case, my clients have told me that the end result of having their own home was worth ALL OF THE WAITING AND HARD WORK. ALL of them have thanked me for recommending them to NACA and for sticking with them till the end.

 

NACA IS NOT FOR EVERY BUYER...BUT...IT WILL OPEN THE DOOR TO HOMEOWNERSHIP FOR MANY PEOPLE WHO MAY NOT OTHERWISE QUALIFY FOR A HOME.

 

**NACA is a program for FIRST TIME BUYERS ONLY. If your client owns a home, they MUST sell their home before they apply for a loan with NACA.

**NACA is NOT just for low-to-moderate income families. Anyone,who does not currently own a home, may apply for financing with NACA.

**NACA also offers refinancing. (See naca.com for details.)

 

For more information about NACA...visit their website at naca.com

Written and Posted by:

Elizabeth Nieves - Broker, REALTOR® - The Elizabeth Nieves Realty Group @ Keller Williams - www.ElizabethNieves.com

 

 

 
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332 Comments on NACA - Neighborhood Assistance Corporation of America (A NON-PROFIT LOAN OPTION YOU NEED TO KNOW ABOUT!)

20 Most Recent Comments Displayed Show All

JUL
29
2010

Does anyone have any information for me for the Mississippi NACA process? I have read numerous posts and I am really wanting to buy my first home...My credit is terrible (due to divorce) and I have been renting for over 5 years..(tired of paying money towards something I will never own). My sales price will keep me in the same range as my current rent payments so thank goodness for no payment shock but I am desperate and have been turned down through many lenders because of my credit scores...so basically I have no choice but to wait as long as it takes if I want to purchase and I definitely want to! Where else with my credit situation am I going to get 100% financing no closing costs, no PMI and an interest rate lower than 5%? I attend my workshop August 21 and pretty excited to at least have some hope of owning my own home one day! Any information would be helpful!
Cristina
1:48am • #365
AUG
01
2010

I am currently working with the DC office and like all the other states , NACA customer service is to be desired.  I initially did the workshop August 2008 and in Sept 08  did my first counseling session.  All went well.  They give your task list and you work on it.  I  start saving, and I decided I wanted to pay my car loan off so I did not really get serious with the NACA program until Oct 2009.  It really did not take me long to get qualified when I got serious. I made appointment with my counselor, which had change since my first session.  At that time I learned the first counselor did not add quite a few items to my list to do far as credit items.  I had to pay a few things off, which was no biggie since I had been saving.  By end of Jan 2010 I  was NACA approved and could began looking for my home!  Winter blizzard slowed that down for a week.  Finally, I start looking for a home with my assign NACA agent!  After first outing I fired him.  I just didn't click with him.  He did not seem patient and he seemed as he was rushing me to make a decision on the first outing.  I found a new agent and he has been very patient.  We bidded on 3 homes in the hope of meeting the tax credit deadline.  Got outbidded on all 3.  The process was not easy as I thought.  Competition was hot here in DC.  Had multiple bids on every house I bidded on.  Needless to say I missed the tax credit deadline.  I came to terms with that and I just kept on looking.   I put a bid on a home in June,  which was a short sale.   Short sale got approve in 40 days.  I quite surprise with all the long drawn out experience I had heard about short sales.  I just look at it as an opportunity to save more money.  My biggest gripe with NACA is their responsiveness and not answering the phones.  I always have to email to get any kind of communication.  I ususally get a response, but it very frustrating.  So frustrating that I started to give up on NACA on my 4th bid.   I contacted a FHA lender and got approveed within 15 minutes and got my letter that same day.  NACA Counselor took over a week to send me a letter to move forward with the bid.    Since the short Sale took 40 days and I did get the letter I decided to try and wait NACA out.  Tommorrow I am  doing the home inspection.  I am praying it does not take forever to get the loan application done and go to closing.  Seller was trying to close in 30 days which I told them it would take 45 to 60 days. So, hopefully sooner than later.  I dont mind the wait but, I dont want to lose the house because the seller cannot wait.  If all fails I will go with my FHA approval.  NACA does takes lots of patience on both the buyer and seller parts.
Praying to be a HAPPY NACA CUSTOMER.
2:53pm • #366

I can tell you my builders  dread using NACA and if customers make it to the closing table they are extremely frustrated and exhausted to say the very least.  From what I have seen less than 10% close on the program. 
3:00pm • #367

ONE MORE COMPLAINT! LAST WEEK NACA HAD A SAVE THE DREAM CAMPAIGN.  WHY IS IT THAT ALL OF THE LIL STAFF THEY HAVE WAS PULLED TO WORK ON THAT.  THEREFORE, THAT WAS ANOTHER HOLD UP IN MOVING MY PROCESS ALONG.  NACA SEEMS TO BE UNDERSTAFF ALL OVER.
Praying to be a HAPPY NACA CUSTOMER.
3:03pm • #368
NOV
12
2010

FYI, Folks,  went to Sacramento's NACA 2010 event, The lender gave us a letter of an approved restructure in our loan, and to this date the loan company is just giving us the run around, I thought that's why you went to the NACA event, according to NACA what ever the loan agrees with you that day in the NACA events, that is suppose to be the agreement.   So people don't waste your time in line for 2 days. 
DON'T WASTE YOUR TIME WITH NACA
5:44pm • #370
NOV
13
2010

The Newark, NJ office is totally unprofessional.   They never seem to answer their phones.  The MC never returns your calls and when you press "0" to speak to the Office Manager,  you get disconnected automatically.

What kind of service is NACA providing.  By the way,  the Office Manager at the Newark NJ location is named Darwin Munro.   Is this the same person now in charge of mortgages? :

http://consumerist.com/2007/11/home-depot-employee-caught-issuing-store-cards-to-fake-customers.html

 

What say you?

 

 

 
Karena
2:09am • #371
NOV
30
2010

The process with NACA could take years.  You will be asked to resummit documents over and over again.

I advise that you do research on consumer reviews of their home purchase program before you put yourself into a mess.
Me
10:26pm • #372
DEC
26
2010

NACA IS A SCAM, .....THEIR GOAL IS TO AKE $10 AND $25 FOR EACH APPOINTMENT AND NEVER GIVE YOU A STRAIGHT ANSWER!!!!!!!!
Luiz Gonzales
12:26am • #373
DEC
31
2010

NACA did a very POOR JOB in negotiating my interest rate. Do you think that 6.75% is a good rate? I DON'T.

I was at 6.75% interest only before NACA and now it is 6.75% fixed for 27 years. BIG DEAL. In this economy I should have been given at least a 4% and I attended the Convention and waited 36 hours to be assisted by a telephonic NACA negotiator! NACA SUCKS and is a huge waste of time!! Beware!! Go to an attorney who can do the job right! 
Marcia
2:55pm • #374

NACA did a very POOR JOB in negotiating my interest rate. Do you think that 6.75% is a good rate? I DON'T.

I was at 6.75% interest only before NACA and now it is 6.75% fixed for 27 years. BIG DEAL. In this economy I should have been given at least a 4% and I attended the Convention and waited 36 hours to be assisted by a telephonic NACA negotiator! NACA SUCKS and is a huge waste of time!! Beware!! Go to an attorney who can do the job right! 
Marcia
2:57pm • #375
JAN
02
2011

Follow-up post 385-NACA did an excellent job for me!  I close on Sept 22nd  I got an excellent rate of 2.8% 30 year fix.  Everything went smoothly the day of closing.  NAcA is strick but they are looking out for your best nterest.  If you got all your i's dotted and t's cross the process is alot less painful.  give them what they ask for even if they ask for the same thing twice.  Make sure to follow up at all times.  I must say I am a Happy Naca Customer and the wait and the lack of customer service was all worth it in the end.
Praying to be a Happy NACA Customer #385 Post
3:52am • #376

Opps hat was a follow up to post 380 and  not 385
Praying to be a Happy NACA Customer #385 Post
3:54am • #377
FEB
20
2011

No one has contacted me. 510-415-2085
Jimmie Thompson
1:12pm • #378
APR
11
2011

Have been working with NACA in DC since the fall of 2010.

 

Folks here have been very kind, encouraging and supportive when we speak. 

 

But there seems to be an issue around staffing and training, which may just be part of the deal when you're working with a non-profit, but the level of disorganization is surprising and frustrating.

 

I have had to refile personal papers and forms with them on more than one occassion.  The mission is worthwhile and I appreciate the assistance and hope they can come through on our shared goal of making me a homeowner.

I'd like to see the NACA leadership put in more effort to increase the level of professionalism in the office.
NACA difficulties
11:39am • #379
JUL
20
2011
Outside Blog

Great information. I will look into more details for potential clients.
5:43pm • #381
AUG
22
2011

I closed with NACA last month, it required 2 extensions and I almost lost the house (it was an REO property) but we closed at 2.125% for 30 years.  My payment is about what I paid in rent.  You just need to be organized and keep files of everything you sent them and get to know the manager of the office and have you realtor stay involved.  My realtor went to their purchase department in texas and had whoever is in charge move the file.  One day after she called we were clear to close.
DJ
12:12pm • #382
SEP
05
2011
145,632 Points Called Shot Master

Interesting information , was not aware of this company. Will have to check them out.
1:37pm • #383
SEP
12
2011

Hola Elizaberh Nieves,,quiero darle las gracias por esta publicacion,,,yo estoy interesadisimo que me ayude con el prestamo , soy comprador por primera vez,,se puede poner en contacto los mas pronto posible por favor, estoy preparado con documentos y todo lo necesario..Gracias.
manrrique
4:00am • #384
JUN
16

i like this program n

and I would like to more
Medjin Ducoste-Refuse
4:33pm • #385
DEC
31

I have a ticket to appear for the conference on Feb 14th -the 18th at the Washington DC armory, it gives no time to be there and does that mean anytime between those dates Can you please assist me with this
Patricia Iannone
3:21pm • #388

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Elizabeth Nieves - Bilingual Raleigh - Durham North Carolina Real Estate Team

Durham, NC

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