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Has anyone used naca to buy a home? Other grants?

FendixFiend

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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?
 

Zarathustra

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Nope, but I'd be as sure as you can be in these Covid times to have a steady income, because foreclosure is definitely worse than paying two more years of rent!
 

Hennyandcoke

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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.
 

shebasmudder

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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.
 

kissamonk

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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.
 

shebasmudder

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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.
 

ClassySexyFirst

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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?

there is no NACA grant it is a program that helps you qualify for a home with no money down u need to find grants on your own
 

ClassySexyFirst

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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.

yes pls do not buy a house with a person u not married to u both will lose the house or somebody gonna end up homeless
 

ClassySexyFirst

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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.

This is an accurate description of NACA in its simplest terms
 

kissamonk

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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.


Of course someone should do their due diligence, but misinformation is never helpful. I am aware of the complaints as I saw those as well when researching. The benefits outweighed the cons, plus we qualified for a conventional loan so it did not matter to us if NACA did not work. Whether its best or not depends on the individual. For our situation, it was worth trying.

And I also know it is not the best idea to buy when you are not married. Everyone's situation is different and mine is fine with me. Thanks though.
 

mollflanders

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My cousin’s boyfriend used NACA. It took him about a year to close from the time he started. His rate is just over 1%. For that kind of rate, for someone not in a rush, I think it’s probably worth going through their process.
 

Cinnahs

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Yes I went through NACA. It's a truly underutilized program. It is honestly the best mortgage in America bar none. I am speaking about the terms of the mortgage only. There are communication and customer service issues but you will not find anyone giving you a 100 financing, no money down, no mortgage insurance, non credit based mortgage anywhere else in America. The interest rate right now on a 30 year is 2.75%! This is before you buy down the interest rate which is not required but extremely beneficial. I know people who have closed on brand new homes with interest rates of 0.125%! All of this is legal and above board.
 

Cinnahs

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I will also add that NACA is not just for people with low to moderate incomes or bad credit. NACA is not means tested which means you could technically be a millionaire and go through NACA's program. The caveat is that if you are a nonpriority member you must purchase in a targeted area.

I have an 800+ credit score and I still went through NACA because they have the best terms. I qualified for conventional lending but no bank could match NACA's terms.
 

two am

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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.

They're not for people with bad credit, they made this clear when I used them (and my credit was great). They have agreements with some mortgage companies to offer a low interest rate, and they're big on going after companies who engage in unfair lending practices.

And it doesn't take years for everyone, that depends on your case. If you have debt, they figure that into what you can afford. If they tell you you can only afford so much because of your debt or if you have poor rental history (they just want to see that you can consistently make payments on a home, so if OP has been renting that helps) it will take longer if you'd like to increase the amount you can afford.

They said my case was "easy" because I had already started preparing. They are picky about homes, as they don't want you to buy something that's going to financially burden you later. The closing process can take a bit longer, so that can cause an issue with some sellers. If there are issues found, they require the seller to fix it or for the costs of the fixes to be added to your overall loan. If the home inspector (you hire your own) finds issues NACA requires to be fixed, once it's fixed the inspector has to come back to confirm. They also help with new builds.

And some places counties don't have grants, mine didn't at the time. But you can use NACA and grants together to lower your cost. OP, check out their FB page, some people have closed on some really nice houses. They used to share what their interest rate is.
 

Honeybee1691

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I’m in the process of building my home now but these grants are only for people with low income. Another option you have is going the USDA loan but those are for low income people as well otherwise there are some good conventional loans that only require 5% down payment if you have good credit.
 

PrettiKitty

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Check out the local programs in your area. I was able to purchase a house with no money down and no PMI. My interest rate is excellent. I went through a program for the residents of my city.
 

BadBit

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It depends on where you live. How persistent you are. Also, how you advocate for yourself. But a 620 will qualify you for FHA with 3.5 down.

660-640 will get you down payment assistance up to 3% or 3.5% for some purchases.


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?
 

mizzteek

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I used NACA to purchase years ago, mainly to avoid PMI and it was a good experience. My credit and savings history were fine so it only took me a couple visits before they gave me approval to house hunt. No PMI, no down payment needed, free real estate attorney, I even used their realtor after I fired mine. If their site still have a forum I would check it out to learn what to expect so you can come prepared and help accelerate the process.
 

Jace

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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.

Yes. I got my house thru NACA and this is all true. And actually I haven’t been asked to volunteer at all (3 years). I think that may have been pushed when the program was newer, but now I don’t have think they even have the need for a lot of volunteers.

But yea, I bought my rate down to like 1%. NACA is 100% legit. I’ve gotten tired of telling people bc people are just natural skeptics.

The ONLY reason NACA wouldn’t work for someone is if you are in a rush to buy a house. The process is very meticulous but you are saving a great deal of money short and long term. I bought a SFH that is huge for just me. I would not have been able to buy it any other way. My neighbors thought I sold dope for a year or so. I could sell it now and make 100k profit. I mention numbers only to reiterate: yes, yes, yes, NACA is legit. I am a regular poster here. This is not spam lol

Edit: None of the loans people are mentioning can compare to NACA imo bc NACA, to my knowledge, is the only one where you can buy the rate down.
 

King B Giselle

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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.
.

You’re very judgmental and then wrong
 

Chaosbutterfly

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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

giphy.gif
 

ginac

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My sister is in the process of buying a home through NACA, one thing she mentioned is to make sure your realtor has experience with the process that they use. She had to switch realtors so that she could get the most benefits.
 

King B Giselle

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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

giphy.gif


I wish I wouldn’t have been impatient and stuck with it. It’s perfect for first time homebuyers
 

Inara

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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 agree with this. I was with NACA for nearly two years and couldn't close with them. They are so mismanaged and their counselors are underpaid, don't give a sh!t, and very unprofessional. All of those complaints are true.
 

Ms. DeBarge

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My friend and her husband used it and got a great rate for their home. It took them less than a year because they were on top of things and had a good counselor.
 

livbee

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Thanks op!! I haven't heard of this program and there are two offices in my city! I'm also in my 20s and am interested in owning a home because renting is a damn scam here...
 

SlimiHendrix

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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.
 

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I did the webinar and decided the program is not for me. I am going the conventional route. NACA had several stipulations I didn't like plus my research decided it was not a good for me. I would have ended up in areas of my city that I would never consider being in as they were low income high crime areas. I do not have credit issues and my score is in the mid 700's. I like the freedom to buy where I want without no one telling me I can't.

It's not for everyone.
 

NoHayNadaMas

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I know someone who used it to buy a home, the only complaints were the process takes long and they were limited in what areas they could move to.

If you're not in a rush to buy a home and not too particular on a specific city/town, it sounds like a great resource. Definitely look into it, i think depending on your income it affects what areas you can buy a home in.
 

Edensong

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Like anything else in life count the cost and do your research. I have heard the complaints and albeit took them with a grain of salt. The more I thought about it the more I knew it was not a good fit. I have heard that the reason it takes people years to close with the program is that they place priority to those with credit issues. These are people who would have never qualified for conventional route so they cater to those. Again this is what I have heard with my research. As for me I don't have years to find a home and close. I am starting my pre approval process in Jan 2021 and plan to find a home and close prior to end of May 2021. I don't desire to be stressed out buying my first home and don't have the patience for disorganization with NACA.
 

Edensong

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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.

They say the reason behind this is to revitalize an area. I am like if it hasn't been revitalized by now it probably won't ever be.
That was huge reason I said hell no to the program. The money I save in no PMI and low interest rate wouldn't matter when I have to take that money an invest in high security for my home and afraid to walk out of it wondering if I am going to be robbed or shot. Nah I am good.
 

write4food

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I used it to buy my first house years ago. My credit was great, I went to the info seminar in May, moved into my house in September. Never volunteered. No negative experience with the counselors or RE agent (I have worked with her two other times). Do your homework, weigh all your options. Good luck.

P.S. I still own the house and (on paper) it is worth three times what I paid for it.
 

Shelleee

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I did their initial homebuyers program, which is step 1, but I'm dragging on getting all my documents together so I can schedule my intake appt with the Mortgage Counselor.
I've heard mixed reviews about the program, but I wanted to try and see if I could get to the finish line.
 

Turn Up Tina

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How long do you have to live in the home after purchasing with them? I looked into the program years ago before I was even close to being ready to buy a home. I know a lot of programs require you to live in the property for the duration of the loan.
 

Stealyourman

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Nobody mentions you have to pay a membership fee of $100 for the life of the loan. ETA . I think it’s 10 years
 
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FendixFiend

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Does anyone know any home grants? Do you have to low credit for those cause my credit is not low.
 

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