FendixFiend
Team Owner
I’m in my earlier 20s and have decided i no longer want to spend money on renting and eventually buy my house in the upcoming months. Ppl keep telling me to use naca and get a grant to buy my home. Has anyone used this?
My fiance and I used NACA for our home. No, it is not for people with bad credit (we do not have that problem) or take years like that other poster said. If your credit is good, it will take you a few months. We did it mainly to avoid PMI and their buy down is really good. With our bank, we could buy down to 0.65%. I will say, if you are not organized and do not have the time to stay on top of them, then do not do it. If you want more accurate info about it, just let me know.
I’m in my earlier 20s and have decided i no longer want to spend money on renting and eventually buy my house in the upcoming months. Ppl keep telling me to use naca and get a grant to buy my home. Has anyone used this?
I'm glad it worked out for you but there are literally thousands of complaints about them. There is a thread at myfico that is over 700 pages long, the last time I checked and only a handful of people closed with NACA.
OP should do her own due diligence but if she already has good credit, proof of job and bank accounts for 2 years and no lates, there is no reason to be micromanaged.
Also, I hope you and fiance are getting married soon. It is a very bad idea to buy a house with a person you are not married to.
My fiance and I used NACA for our home. No, it is not for people with bad credit (we do not have that problem) or take years like that other poster said. If your credit is good, it will take you a few months. We did it mainly to avoid PMI and their buy down is really good. With our bank, we could buy down to 0.65%. I will say, if you are not organized and do not have the time to stay on top of them, then do not do it. If you want more accurate info about it, just let me know.
I'm glad it worked out for you but there are literally thousands of complaints about them. There is a thread at myfico that is over 700 pages long, the last time I checked and only a handful of people closed with NACA.
OP should do her own due diligence but if she already has good credit, proof of job and bank accounts for 2 years and no lates, there is no reason to be micromanaged.
Also, I hope you and fiance are getting married soon. It is a very bad idea to buy a house with a person you are not married to.
NACA is not a grant. They are a program to help people with bad credit get a home.
if your credit is at least 620, you don’t need them because they often take years. You can get down payment assistance through the county and sometimes your state. Just google down payment assistance.
I’m in my earlier 20s and have decided i no longer want to spend money on renting and eventually buy my house in the upcoming months. Ppl keep telling me to use naca and get a grant to buy my home. Has anyone used this?
I haven't but I had a friend who went through NACA to purchase her home. She was able to get an excellent rate. NACA even let's you buy down your rate. No down payment, no closing costs, no fees.. it's a pretty good program. She bought a house with a pool and her mortgage was like $675.00 a month. They will expect you to volunteer with them for the life of your loan with them. If you're not quite ready financially, they will tell you what to do to get yourself ready and work with you to do so.
.I'm glad it worked out for you but there are literally thousands of complaints about them. There is a thread at myfico that is over 700 pages long, the last time I checked and only a handful of people closed with NACA.
OP should do her own due diligence but if she already has good credit, proof of job and bank accounts for 2 years and no lates, there is no reason to be micromanaged.
Also, I hope you and fiance are getting married soon. It is a very bad idea to buy a house with a person you are not married to.
I tell you, LSA be coming through with the gems sometimes.
I did not know about this NACA business, but would love to buy a home in the next 2-3 years, so I have time.
Ya'll said 1% interest.
In this America?!
Bitchhhhh
I'm glad it worked out for you but there are literally thousands of complaints about them. There is a thread at myfico that is over 700 pages long, the last time I checked and only a handful of people closed with NACA.
OP should do her own due diligence but if she already has good credit, proof of job and bank accounts for 2 years and no lates, there is no reason to be micromanaged.
Also, I hope you and fiance are getting married soon. It is a very bad idea to buy a house with a person you are not married to.
Like someone else mentioned, I have a friend that went through the program and had a home built.
I believe you have to have a certain amount of money saved (they'll tell you how much to save) that you'll eventually use as earnest money + inspection money, and you have to provide them with all of your financial information and if necessary, prove to them that you're able to save money by not spending like crazy in order to become pre-qualified.
I went with my friend to volunteer and she needed 5 volunteer points to pre-qualify. We just went to an event with three other friends (each person was 1 point each) so she got her 5 points for the one event. We basically greeted people and had them sign in. She hasn't had to volunteer since and that was four years ago.
Pretty good program. The only thing is, she had to constantly stay on top of her mortgage counselor because they'd constantly drop the ball (say they'd submit her information to the underwriter but "forget" - she'd have to call and annoy them so they'd do it in a timely manner).
Also, if you make over a certain amount you have to buy your house in a metropolitan area in certain zip codes. If you make under the amount, you can buy/build anywhere.