First-Time Home Buyer Program

By
Real Estate Agent with Century 21 Trademark Realty
Now that the market has "normalized" in many areas of the country, there may be an opportunity for first-time home buyers to take advantage of the services that NACA offers without having to compete against other offers.  What is NACA?  NACA stands for Neighborhood Assistance Corporation of America (NACA) and is a non-profit community advocacy and housing services organization.  The organization provides loans to low and moderate income people and borrowers with B, C and sometimes D credit.  The buyer pays no down payment, no closing costs, and no application fee AND the interest rate as of 7/18/06 is 6% on a 30 year fixed loan.  The buyer must attend a Buyer workshop where the process will be explained.  For more detailed information read 10 Steps to Owning A Home through NACA
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Rainer
17,459
Kathie Shandro
Denver Homes For Sale - Denver, CO
RE/MAX Leaders - Denver Real Estate

Cheronn,

I've never heard of NACA ... so glad you posted your information.  In fact, I have some buyers from Pittsburgh that will probably benefit directly from your blog!  Yeah for Active Rain!

Jul 18, 2006 03:35 PM #1
Rainer
41,963
Auburn Football
Whipped the Gators...Again - Alachua, FL
Thanks for the information.  I have not run into NACA before either.  They will definitely get a close look from me.
Jul 18, 2006 11:25 PM #2
Rainer
7,507
Cheronn Collins
Century 21 Trademark Realty - Silver Spring, MD
Silver Spring Real Estate

Glad this info is helpful. 

My experience with them has been positive.  They work with the buyer and put them on a savings plan if needed.  They educate them on the home inspection process.  In return the buyer has to participate in a few NACA events.

In DC there are many rehab homes.  In the event the buyer wishes to purchase a home then fix it up, NACA would assign the buyer a rehab specialist.

I learned about this program 4 years ago.  But it was tough getting an offer accepted when NACA purchasers were competing with othe offers.

Jul 19, 2006 12:09 AM #3
Rainer
1,249
Deanne Bernard
American Residential Mortgage Lending LLC - Miami, FL
Thank you for posting this. This will come very handy for Mortgage Loan Officers
Aug 03, 2006 04:18 AM #4
Rainer
7,507
Cheronn Collins
Century 21 Trademark Realty - Silver Spring, MD
Silver Spring Real Estate

UPDATE

As of 2/2/07 Naca's interest rate is 5.5% on a 30 year fixed loan.

Feb 03, 2007 12:24 PM #5
Anonymous
Helen
Looking forward to work along with a Great Opportunity to Home Ownnership 07/08.......
Feb 11, 2007 03:23 AM #6
Anonymous
Chicago

In the early part of 2007 my fiancee and I went to one of the NACA seminars in Chicago.  We brought all the requested documents and did all the necessary steps they required in order to get a loan through the program. 

A month later we went for our second consultation and was told everything was okay and our paperwork was being submitted for financing which would take about a week.  Over a week had passed and I called the representative to inquire about the status and was told that he needed bankruptcy documents from us.   We had given him a copy already because they were required to bring at first consultation.  Also, we brought them to our second consultation because he requested them again stated he could not find it in our file.

Another week had passed we called the rep again and was told they were short staffed because someone had quit and he stated he was just about to contact us because he needed a full copy of the bankruptcy documents.  I let him know that we had given him a copy of it twice.  I faxed the third copy of the document.  

Another couple of days had passed and I called the rep again.  Once again he stated he was just about to call me and stated the bank stated the bankruptcy had to be discharged at least 2 years before they could finance you.  Now here it is 3 months after the first consultation and the first time we submitted NACA the bankruptcy papers and apparently he did not know that information in the beginning.

I feel some of the staff in the Chicago office were unprofessional and did not know proper information to relay to there clients.  In which it wasted our time and money to obtain documents they requested.  By the way, we went through another financial institution and was preapproved in a week for a rate only a half percent more than NACA.  Also, we closed on our first home.

Jun 16, 2007 01:59 PM #7
Anonymous
brina
what other financial institute did you guys go through?
Feb 14, 2008 01:07 AM #8
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Rainer
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Cheronn Collins

Silver Spring Real Estate
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