I am a big advocate of why the NACA program is the best thing for clients that can use NACA. No matter what issues we have with NACA as realtors or real estate professionals, NACA is by far the #1 Product on the market, it is the best product on the market for clients. Put the following into perspective. Many of our NACA clients would not even be viable clients without NACA. Under normal circumstances, they would not qualify for a home loan... not even FHA... That being said... Focus your energy and effort on ensuring that your client is NACA ready when they walk into the door. Don't get me wrong, NACA has some major kinks in customer service that they need to work out... but they are working on them... I still believe that their intentions are good.
I recently had NACA clients that closed on their home in Covington GA... they were able to purchase a 3 bedroom 2 bath home, 2 car garage... for a total payment of $486.... It took them 2 years to get to a point where they could purchase...They went from paying $750 a month for an apt to $486 for a home... I think they would agree that the struggle was worth it. We need to look at the bigger picture... This is about the client, not how quickly you can get and earn a commission.
My advice to potential home owners... Is go through the NACA process, BE PATIENT, Do everything that the NACA counselor tells you to do... They are going to give you a precise list of things you must do in order to get approval... the BOTTOM LINE, IS THAT IF YOU DO WHAT IS ON THE LIST.... YOU WILL GET APPROVED. No offense, but many of you would not qualify for a home at all, hence why complain if it takes you 12 months... So what... 12 months, vs.. 3 years, if you didn't have NACA.
If you go to workshop and your appt isn't for 6 months... so what....Look at the positive... You now have 6 months to ensure that your stuff is in order. You don't have to wait until you meet with your counselor to begin working on getting stuff in order...You can begin saving, before you meet with your counselor. If your current rent is $800 a month and you think you want a $1000 a month mortgage... You need to start saving $200 a month....every single month... don't wait until you meet with the counselor to begin saving... If you know you had some recent collections.. begin negotiating settlements...make payment arrangements and begin paying.
You don't have to wait until you been to NACA to become NACA ready... On average, I personally tell my clients that they need to save at least $3500... Do not try an save this amount and it is stressing you out... SAVE what you can save without going crazy.... Many times people buy foreclosures... and don't plan for the misc items that arrive... NO appliances, etc... It is better to save more than what you need, than to get to closing, and NACA has told you that you only need $1500 for closing...If all you saved was $1500 and you used it all at closing...you will leave the closing broke...I know I just said a mouthful! LOL! What if your new home doesn't have blinds... even paper blinds cost money... Many counties require a deposit to be paid to have water and garbage pick up.. MANY NACA clients are credit challenged to begin with... You may have to pay deposits to get your electrical and gas service switched over. Many of you will want a home alarm system, a garage door opener..they all cost money... that you may not have bothered to save for.... Now that you have your new home, you have to pay the UHaul truck...and movers... If you don't have a credit card, you will have to pay a deposit... Rule of thumb.. save between $500 to $1000 more than NACA tells you...
Yes, NACA is working on some kinks... But in the end, if you are willing to be patient, establish a good working relationship with your counselor, do everything that they tell you to do.. you too can walk away with your dream home.. in my case it was a 6 bedroom 5 bath house, 5200 sq ft... in a swanky, upscale swim tennis neighborhood... with a view from my double french doors that take you out to my oversized deck, overlooking a mini forest...all for a 2.1% fixed rate with a 798 a month P&I payment... If you have any questions, feel free to contact me...
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