NACA is completely legitimate. They are a nonprofit organization that advocates home ownership and helps buyers purchase with no down payment and closing costs and people who are behind with their mortgage negotiate lower payments with their banks..

The frustration that some people have with NACA is the long wait that you have to endure when working with them. They are totally volunteer run and with the volume of people who need help today, they do take months.

They make people go through orientation and counseling process to ensure you can afford to buy and KEEP your home.

The catch? You have to commit to suppor the organization for 5 years after successfully getting help from them.

I recommend that you go to one of their orientations and get informed. It's worth it.

Maria "Carme" de Sagun
Sales Associate/Coldwell Banker
15 Nardone Place
Jersey City, NJ 07306
Office: 201.963.1400 ext 156
Fax: 862.345.3480
Cell: 678.770.1400 http://www.mariadesagun.com http://www.jerseycityexpert.com

Naca is garbage... they did nothing for me 8 months of wasted time.
I did what they wanted and Lender still rejected me...
NACA's councelors are inept. Many of them have terrible customer service skills.

Is arrora bank one of the ones you work with?

How can i join or take part in aquiring my first home.

A BIG thumbs UP!! My husband and I were losing our home...NACA restructed to 2% for the life of the loan!! We attended the recent Los Angeles "Save The Dream Tour."

Hi Sandra,

I am not only a member of NACA's Home Save mortgage restructuring program, I am also an employee. I have been with NACA for a couple of months in the Charlotte, NC Call center.
NACA is growing by leaps and bounds, our current first mortgage rates are 4.625%, with no closing costs or fees. It takes some work, as it should for any homebuyer to qualify, but it's well worth it.
I work for the Home Save program, helping people in dire straits restructure loan so they don't lose their homes. On our Summer Save the Dream Tour, we saw over 30,00 in Cleveland, 40,000 in Chicago, 35,000 in St. Louis,a and over 60,000 in Atlanta. We're leaving for the West coast later this month--Phoenix, LA, Vegas and San Francisco.
Many people get same-day (or next day) results, so they feel it's worth standing in long lines to attend the workshops and go through our counseling process. I feel great that I can help people stay in their homes.
NACA also has HAND, a Habitat-style program for remodeling homes in low to moderate income neighborhoods to further stabilize cities.
If you have any doubts, read our website, http://www.naca.com.

Jan
NACA Member Serivces rep

i am a homeowner but im really interested in your program

This is a legit organization. I went to their workshop and counseling my mortgage company was not there, but naca will fight for approval of my proposal which will save me $535 per month. But those who mortgage companies were there, came in with interest rates at 10%-12% and left with mortgage rates at 2%. Many people on their way to losing their homes. I would suggest if you have a high interest, and struggling or you're interested in purchasing a home, they will help. I'm waiting to find out if my mortgage company will accept my proposal. I recommend this organization.

NACA is totally 100% legitimate. There is a $50 a month fee, yes, but this is a small amount compared to the fact that they pay your closing costs, there is no down payment requirement, and you do not have to pay PMI.
They "require" you to participate in five volunteer "activities" a year, although from our understanding this is voluntary, your rate will not go up if you don't volunteer, but if you find yourself in trouble making payments and you haven't volunteered, you will be low on their list of members to help.
Here is the main catch as we've seen it here in Massachusetts-it is incredibly slow and they have "growing pains" ie seem to be understaffed in relation to applicants. Right now we have been approved, but finding that their office real estate agent is simply spread too thin. We are going to try to find agents in the area who have worked with them, but of course that takes even more time. However, if you lack a 20% downpayment, but make too much money to qualify for other low interest programs, NACA could potentially save you tens of thousands or even a hundred thousand dollars by the end of your mortgage. That's a lot of money!

Yes, it is legitimate. Unfortunately, sometimes it is questionable whetther it is well run.... I is a program that works for ready and patient buyers. You must be engaged in process so that your buyer is not directed to another agent.

Hi Sandra - I was recently invited to become a NACA real estate agent and I can tell you that it IS a legitimate program for purchasing a home. As with any other purchase where an extra party is involved (FHA, VA, etc.), this can make the process a lot slower and demand a lot of patience on both your part and the part of the seller. However, if you are willing to jump through these extra hoops, it can be well worth your time and effort!

I would love to help represent you in your purchase!

Yes, NACA is Legit and I thank everyone involved at NACA. Please stay with them and follow the guidlines, they do stand beside you and will guide you along. Do as they ask in contacting your Senators and Congressman, reach out to as many people you can. You will get ansewers back, I recieved correspondence from Senator Kerry as well as phone calls (yes personal phone calls) from his office staff. I even have recieved calls from Congressman Delahunts office, they called me the next day each time I faxed over something to them. I was told yesterday that my mortgage company contacted Senator Kerrys office, in return Senator Kerrys office called me at work to let me know I should have an answer to my modification in 8-10 days, Praise God! I have been working with NACA since January 2009. I tried working with my mortgage company for over a year and they just brushed me off. UNTIL I faxed letters to the CEO of the mortgage company along with faxed & mailed letters to Congressman Delahunt, Senator Kerry, Senator Kennedy. That's when I recieved a phone call from the mortgage company talking about a letter they recieved from Senator Kerry, sure now they want to talk!! Which I am very grateful!!!!!!!!!
So call NACA, follow their requests and contact everyone, they will even give you a list with names and numbers. Be pleasant when writing and/or speaking with anyone, remember you get more with honey than vinager. But you don't need to be sicky sweet and never be nasty, Have Patience with the whole process, it's worth it in the long run!
Respectfully
Maureen Therrien

Hello,

I used the NACA program back in July 1997 and purchased my first home. No money down, no closing cost. The Neighborhood Stablization Fund - was never needed (thank God), but I'm glad it was there. I had all of the aper work that "Lucy" told me I needed and I keep in contact with her via email, so ensure that she got whatever she asked for. If you are serious about getting a home, there are steps you must follow - mainly like having copies of your bills and savings. I paid earnest money of $500 dollars for the house, but in closing I got it right back. I purchased a home in the Jonesboro area of Atlanta - and not a lot of people were moving out that far from Atlanta at that time, it didn't take long, but I got a great mortgage payment of $535 + $50 NSF = $585 monthly for a 3 bedroom with office and a hugh back yard. do your research and find out where you want to live - start saving toward you home. They even help you in writing letters to creditors if needed. They were most helpful. I also volunteered to assist the team in helping others in the community with awareness of high/priced mortages. The main thing I remmebered was getting my keys to my house. Home ownership with NACA in Atlanta/Decatur team was great!! Go to their website, ask questions, but most of all attend a Home buyer's Workshop that they offer for free. You must schedule an appointment and slots fill up quickly- so don't procrastinate. So if you want to move in 120 days - You have better call for a workshop appointment (that's a must!!) And get going and have some faith. Everything is not meant to work for everybody, but it truly worked for us, because I worked for it. Whe you submit something, call and verify that they received it and it's what they need - (right away). Stay involved, make contact, and follow up - The house won't come to you, you must go to the house.

Sandra,

Yes, NACA is legit. Definitely stick with the program even when you don't think you can. As Cathryn mentioned in her post below the process is INVASIVE. We didn't realize it at the time; but apparently closing a rehab loan like the one Cathryn and Dan received is not typical. We didn't know what level of a challenge it actually was until we were well in the process. Just goes to show you what you can accomplish with NACA if you are willing to do what it takes. The process will frustrate you. I haven't met a mortgage application process that was without challenge. NACA is a little more so but you get a little more as well. Just realize that all of the hard work you are doing will result in the best possible mortgage financing available.

Cathryn, I can not thank you enough for your kind words. I really enjoyed working with you and Dan. I appreciate you sticking with NACA but also with me. I hope the margarita offer still stands; I'd love to stay in touch (monica.wilson09@comcast.net).

Terrance, I can not thank you enough for your diligent referrals. Please give Mr. Cooksey my regards. And I would love to keep in touch with you as well. Please email me when you get a free moment monica.wilson09@naca.com. I'll be re-joining my fellow Realtors before the end of the year as a licensed real estate agent. Although I will be specializing in buyers seeking 100% financing; I will be sure to keep refer those who can't endure the NACA process. While I tout it as the best...it isn't for everyone. Your follow up was consistent and you're a consummate professional.

While I can say with some pride that I have the foremost knowledge on NACA's underwriting process in the city of Nashville. I will soon be joined in that claim by a dedicated mortgage professional by the name of Ms. Joslynn Williams.

She is the most tenured NACA Mortgage Consultant in the Nashville office and she is very dedicated to helping homeowners. Ms. Williams joined the Nashville office in February. She is also a great person. Her office line is 615-783-1696 or 615-783-1694. Please call ahead before visiting the office. She is charged with the duty of meeting with 5 members each day as well as outreach that takes her out of the office. She will be happy to work with anyone who is dedicated to the NACA process....and make no mistake...it is a process. One well worth undertaking.

I am confident that additional NACA Mortgage Consultants will be added to the Nashville office in the near future. This will improve things like being able to reach someone by phone and processing time. NACA Member Services is always available via email at memberservices@naca.com or by calling 1-888-302-6222 or 1-888-404-6222.

Don't let anything keep you from 'America's Best Mortgage'

Sincerely,
Monica Wilson
Former NACA Mortgage Consultant http://www.nacanashville.blogspot.com

I am just starting to go through the program in washington, dc however I have not seen any red flags and do know people who have completed the program and have their first home. I agree that you should attend the workshop. There is where you can ask any question you want and get answers right away. For example, the $50 per month for 5-10 years. That is explained thoroughly and can actually be of benefit to you if you ever find yourself in a "home save" situation. Those funds could be available to save your home so it wasn't a red flag to me at all. So, try a workshop and see what you think. It can't hurt.

I went through the NACA program here in Nashville and closed on my house two weeks ago. I did not pay any closing costs, no down payment, and my rate is 4.25. I also rolled rehab costs into my mortgage and am currently doing a home renovation through the NACA program. It is a long and invasive process, but it is legitimate and was the best option for me personally to buy a first home.

Terrence - Monica Wilson was my mortgage consultant and she was FANTASTIC. Unfortunately, she decided to leave NACA the day after we closed on our house. It's a shame that NACA doesn't value their employees more because she was most certainly an asset to that organization and a pleasure to work with.

Over all I believe the company has helped more people than it hurt. I heard about this company a few years ago when I lived in Atlanta. For no down payment, first time home buyers, I believe this program can help.

When you call the Nashville office, ask for Monica Wilson. I have referred her some clients that I couldn't help. She is a very kind and was very understanding about what my clients were going through. Let her know that I referred you.

I have submitted every document and letter and had a total of 4 phone interviews as of this date. Now I had my final interview and was told that I did not submit everything they asked for in the manner they needed. I had to submit 6 months of business checking account bank statements showing all deposits of income and expenses. They now want that information resubmitted with all deposits circled and all expenses circled... all 62 pages of documents. They are also now telling me that they do not help with interest rate reductions, and only will submit what I send them to my mortgage company and try to negotiate a better payment plan for me. I already have a good relationship with my mortgage company and told them I would just do it myself and to forget about pursuing my application with NACA any longer. They are nothing but a go-between that does not even know what they are doing. Who is paying these people is my question!

I am currently going through NACA to secure a first-time home mortgage. Though the organization is legitimate and has been around for a while, they are new to Nashville. It is a great program with a great philosophy and a great product.

We are only a few weeks into the process, but so far everything has gone incredibly smooth. But, from the threads I have read on other discussion boards concerning NACA, many people are disgruntled with the time it takes to actually get a mortgage through them. NACA also offers a "Home Save" program for those who are about to lose their homes to foreclosure. In this economy, there are, unfortunately, a lot of those folks. Often they need immediate assistance and home purchase clients are put on the back burner.

However, we have a couple of things going for us here in Nashville: 1. NACA is brand new to Nashville and not a lot of people know about it, and 2. our NACA mortgage counselor informed us that NACA headquarters has done some re-organizing that includes creating call-centers specifically to handle the large number of foreclosure clients. That is good news to us local home buyers.

My suggestion would be to attend one of NACA's free workshops. They are offered usually on Saturdays and are about 4 hours long (ours was a little less). It will give you a good idea of what they offer and if they are the right route for you to take.

Just FYI: NACA always offers 1% below the national rate and they offer opportunities to "buy down" the interest rate to next to nothing.

The Neighborhood Stabilization Fund that Andy is referring to is a $50 per month fee that is rolled into your mortgage payment much like private mortgage insurance (PMI). With NACA, you do not need PMI. The Neighborhood Stabilization Fund ensures that your home is protected should you lose your job or become unable to work.

As in any lending situation, you have to do your homework. I would certainly shop NACA's rates against a major lender, like Wells Fargo, to see what you can get.

I used NACA to do a rework of a loan with Countrywide. It took some time, but they got it all worked out.

They rock!!! I went from a 9.34 and 12.34 to a 6.5 and 5.5 interest rates.

If you do everything they ask in in the order they ask you will get the loan... Just have to have all your docs in order!!!! Also if you become unemployed or unable to pay they do help you with assistance!!!

If you have a lender you trust, you might let them look over the NACA.com website and give you their opinion. I looked at information and there was one red flag I noticed called the "Neighorhood Stabilization Fund" for $50/ per month for five to ten years. There may be others.