Re: NACA...anyone ever use this service? any reviews?
I looked into NACA one point of time, I backed out of dealing with them after I read some reviews online. I've found that while some people have had good experiences with them, I've found many more reviews of how slow they were, how strict they are, etc. I think, to me, those not so impressive reviews outweighed their benefits. Just do lots of research and decide for yourself.
And, oh yeah, you have to do volunteer work with them, if i recall correctly, it's mandatory.
Re: NACA...anyone ever use this service? any reviews?
I went to a 1st time homebuyers workshop and someone in the audience asked about using NACA for financing and the speaker said that sellers give pause to a buyer using NACA, because it takes to long to close dealing with them and if you want to buy try to avoid them. It's a strict program and like I said, I had a bad experience with getting phone calls returned, lost paperwork, setting me up for an appointment, and when I come in tell me that I didn't have one(did that twice!). After I missed work twice dealing with their BS, I just gave up on them. It's just as well, because I want to move from the area now, but I would look elsewhere.
Well, I am tired as hell from sitting and waiting around on NACA. I had been awake for 21 hours straight trying to get my loan restructured. I got in line @ 7:15 am, and stood there for about 3 hours before I made it to the front. I spent another 2 hours waiting for the next orientation to begin. I spent another 2 hours listening to the orientation and about what they could do for me. At 2:30 pm, I left for home, after having filled out my info and received a ticket number. I was told they would contact me via text, email or phone call to let me know when I could be seen and possibly speak to my lender. I got a text @ 7:12 pm to go back down to NACA. My lender (BofA) left @ 8pm. I spent the next 7 hours waiting for a counselor to go over my budget, scan my documents, so I could (eventually) speak with my lender. I finally left @ 3:30 am as very few people were getting through. One guy told me his niece spent a total of 31 hours sitting and waiting, but was able to save her home. She ended up @ 3.5% interest rate, and saved approx $800/month.
It's a shame in this country that 5,000 people had to show up to get FREE assistance because banks have committed the largest robbery known to mankind. There are people out there who were not sold huge homes, they were sold too much mortgage. Negative ARMS, ARMS, interest only, etc. I live in Northern CA, and I had people in line with me who had driven up from San Jose, Fresno, LA, etc. One couple flew in from Hawaii, and another single woman flew in from Maryland.
These banks have taken "bailout" money and don't want to help the working class people that just want to pay their bills, mind their business, and have a nice steak every once in awhile.
I was told before I left that it may be another 8 hours before I can be seen. Although another 150 volunteers were supposed to show up @ 6am, I was so sleepy, I was delirious. Food vendors were charging $7 for burgers, $6 for hotlinks, etc.
People were laid out like Jim Jones in sleeping bags, with blankets and pillows with their families -- just anything to be seen. Some even had newborn babies with them.
There were a lot of success stories for the night. Quite a few people walked away with 2% and 3% interest for the life of the loan, saving HUNDREDS every month.
Bottom Line: If you have the time and the patience, DO IT! It really works. The hardest part is the waiting game. I've decided to do everything via the website: Yes, it takes longer (months) compared to 20+ hours (overpriced food, hard chairs, and waiting to be helped), but it does work.
My co-worker used the website, and after months of wrangling, they reduced her mortgage from $2,100 to $1,000!
Re: NACA...anyone ever use this service? any reviews?
I believe you can have success with NACA IF you are patient and persistent. You will have to harass your counselor and steer the process yourself. Those that have had success all say this.
I was going to go through NACA in 2012 but I ended up going FHA because I didn't have the time to put into the process.
Re: NACA...anyone ever use this service? any reviews?
I went to a workshop in November. I was told that they would call me, soon, to schedule an appointment and would mail me my membership #. That never happened. So, first of week of this month I went to their office. Come to find out, they'd destroyed my name; it somehow ended up severely misspelled in their system and my phone number was wrong. They found me by finding the workshop sign-in sheet for the day I attended.
I got an appointment set for 9 days later, but I had to cancel it. The attendant said they would call me back with a new appointment. They never did, so I called their office. Mid-month, they scheduled me for an appointment for the end of the month. However, they called me 3 days later and offered me a next-day appointment.
That's where I am. My realtor sent me to them. My realtor is also going through the process, themselves, to see what's going on. They've heard it taking people 3-6 months to get their first appointment, and for it taking up to 5 years for some to complete the process. Someone I know personally went through NACA back in 2002, and it took them 2 years to complete the process. It took them 2 months to get their first appointment.
They know my realtor really well, and they know that that's my realtor. Maybe that's why I'm getting pushed through so quickly.
Part of the reason for the delays, I've been told, is that NACA is severely understaffed; but are currently recruiting all over the country. I'm not sure what the pay its, but they're hiring.
My counselor was on their first day of training when they scheduled me.
I've been told to, simply, stay on them to get pushed through; and to make sure all of the requested info is updated and uploaded (submitted) on their website.
There is an application/processing fee for the initial sitting - something that the workshop conductor and scheduler did not mention.
The annual dues are $500, if you do buy a house through them. And you have to volunteer for 8 hours a year at their local office.
However, if they can only get me the same mortgage rate as everyone else, I don't see what the big deal is. I know that if FHA works out better, or some other better deal, I won't be waiting around to finish their process.
Re: NACA...anyone ever use this service? any reviews?
Here's the bottom line... Nobody ever said that the NACA process is fast or easy, and it's not supposed to be.
If your objective is to own a home in 30 to 60 days, you're in the wrong place. The purpose of the NACA program is to take low to middle income homebuyers who would otherwise fall victim to predatory lending practices or not be able to get a mortgage at all and turn them into prime borrowers who qualify for a fixed, below market rate mortgage with no down payment, no closing costs and no expensive PMI that actually protects the bank instead of the homeowner.
As a result, the demand for the NACA program is huge, and in certain cities where the demand is extreme, there is a lengthy waiting period for initial appointments. The problem lies in that we are in a "darned if we do and darned if we don't" situation. The number of people wanting our services causes a huge backlog, but the moment we stop taking in new members because of the overload, we run afoul of Equal Housing laws and our HUD certification. ("How come they let him in and not me?")
We are continually looking for ways to streamline our system and NACA is always looking for new people to come board with us as Mortgage Counselors. We have also instituted new programs such as Remote Counseling to help relieve the burden in our local offices. However, we can’t just hire anyone off the street. There are specific requirements for training and licensing that must be met, and the background check certainly isn’t the same as for most businesses. Nor does everyone want to come to work for a non-profit to begin with, because of the stigma attached to it regarding low pay and minimal benefits (even if it’s not true). With the slow rebound going on in the housing market, more “traditional” mortgage brokers are siphoning off good candidates as well. (Anyone who wishes can apply on our website at www.naca.com, especially if you have your NMLS.)
By the way, sarira’s statement about $500 annual dues just simply isn’t true. She is most likely referring to the $50 per month Neighborhood Stabilization Fund contribution that is built in to your mortgage payment for the first five to ten years of your NACA loan (depending on the amount of the loan). The fund provides short term payment assistance for NACA members who are having trouble making their mortgage payment due to an unforeseen hardship. This is a fraction of the monthly PMI amount charged on many loans (especially FHA), and again is only for the first five to ten years rather than the entire life of the loan as is the case with PMI.
In short, if you are in a hurry to buy a home, we’re not the place to go. In fact, I recently told my own daughter and son-in-law that in their current financial situation, they are probably looking at two years before they sign on the dotted line. But for those who are willing to do what is needed and stick with it, the success rate is virtually 100%, and at a savings of tens of thousands of dollars compared to even a fixed rate conventional mortgage.
Tim Trumble
Online Operations, NACA
Ttrumble@naca.com
Re: NACA...anyone ever use this service? any reviews?
Quote:
Originally Posted by NACA Online
By the way, sarira’s statement about $500 annual dues just simply isn’t true.
Excuse me - a total of $600 per year. I referred to it as "dues" as I compare the monthly fee to HOA dues, and because paying the fee is required. You can not opt out of paying the fee.
Re: NACA...anyone ever use this service? any reviews?
Quote:
Originally Posted by NACA Online
In short, if you are in a hurry to buy a home, we’re not the place to go.
Excuse me but I do not agree with the way you are characterizing this. A buyer need not be "in a hurry" to buy a home within 30-60 days. The seller is often driving the bus when they go to contract as to how long they are willing to pay the mortgage on their new home and the mortgage they are trying to unload. If you're organization is unlikely to be able to process a loan in 2 years time then you are delivering a subpar service.
A buyer has a hard enough time finding the right home in the right location at the right price, to then have to ensure that the seller is going to wait another two years before they unload their property. I certainly would NOT wait for a NACA buyer when I am ready to sell my home and many of my neighbors feel the same way for the reasons stated above.
OP, like I said, once a buyer finds out you're financed through NACA you'd better just hope they don't have any other bites. Even at a higher bid I wouldn't want to wait the extra time for you and NACA to get your stuff together. Rather get less for the house and ditch my old mortgage. Try FHA or a state program. In this market many buyers will help you with the closing costs. Some banks will even fold them into your loan.
Re: NACA...anyone ever use this service? any reviews?
I had an old coworker of mine go through NACA to get her house. IIRC, her mortgage rate was about 3% interest. She got a 4 bed/3 bath practically new home for a steal because prices had dropped drastically in a new development in her area.
The whole process took about 8 months but she was constantly frustrated with their poor communication methods. She'd take off work to go to an appointment and show up and they wouldn't have her appointment scheduled. Then she'd have to reschedule. Or she'd be on her way to an appointment and they'd cancel minutes before she was due to be there.
She was told that her process was quicker than others because she and her husband did not have that much outstanding debt (both cars paid off, no credit card debt, and low student loan payments). They'd saved $10,000 toward a down payment already. She stayed on top of her mortgage counselor.
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