Thanks MJ for your comments. It's hard for me to explain how great NACA is to other people without them thinking it's a scam.

If it sounds to good to be true, why don't you give it a shot before you complain about it.

And what's your propblem Mark? This question was posted to help people but you have the same post about the $50 fee trying to discourage people from this wonderful program.

Tue Jul 22 2008, 12:06

Hi, I am going through NACA right not for new construction. The program is legit but there is no such thing as a free lunch. Dont expect for anyone to hand you anything without working for it. I for one have NO PROBLEM with that. In fact I appreciate their services. It is not a scam and if you are on a tight budget then its quite the blessing. Closing costs for us, at a minimum through FHA were going to be $8000 on a $132,000 loan with 6% interest. I believe that brought our monthly payment with PMI, home owners insurance, and taxes to about 1100. Going through NACA our payment is $1052 with all of the above on a $155,000 loan. We were able to buy down our interest and will be paying the $50 fee for 7.5 years (no biggie, PMI was estimated at 10+ years/ $69 monthly). Does this make wonderful sense to anyone???? More $$$ for a cheaper payment...this comes from buying down your interest. I am recommending it to all of my friends and family. It's a great program, yes it takes a while and people arent always available when you need them but thats a small sacrifice when looking at the big picture. Now, if you want everything served to you on a silver platter, then this isnt for you but if your ready to work for your investment then I would give it a try. Also dont expect miracles, If you f*cked uo your credit dont expect for them to clean it up in a matter of months. No one can, you got yourself in to that mess....you get yourself out of it. Also , for those of you complaining about the $50 fee....why dont you actually post what the $50 fee is for? You gripe about it but if anyone ever finds themselves in the face of forclosure, your $50 contribution will help you pay your monthly payment for up to 3 months...thats even after you stop paying the $50. Over all, this program was a God send for us, not many people can say they are paying less then 4% interest on their mortgage.

Mon Jul 21 2008, 00:07

there aint no such thing as a free lunch!

The consumer WILL pay, one way or another, as seen in NACA, they pay 50 bucks a month for years, and the lenders charge "regular" customers more to offset discounted monies provided to NACA

so, I stand by my comments

There aint no such thing as a free lunch

Tue Jul 15 2008, 17:54

From the website, it looks like an interesting organization.

If nothing else, I was impressed by this item on the page describing NACA's founder: "Marks' role as an aggressive crusader for reform of the powerful banking and lending industry has its representatives up in arms. On May 5, 1999 from the Senate floor, Senator Phil Gramm (R-TX), head of the Senate Banking Committee, attempted to portray banks as victims of Bruce Marks. Gramm described Marks as, "... someone who graduates from college, goes to graduate school, and goes to work for the Federal Reserve in acquisitions and mergers, quits and goes into business, spends four years harassing banks and bank presidents, and finally the bank (Fleet Bank) caves and gives them $1.4 million, gives them $200,000 to set up their organization; they now have twenty offices, lending $3.5 billion..." Senator Gramm continued, "There is a CRA protester who calls himself an "urban terrorist" who used those charges against a bank, harassed them for four years, went to a speech of the president of the bank (Fleet Bank CEO Terrence Murray) at Harvard University, disrupted the speech, made this man's life miserable for four long years." Bruce Marks wears this personal attack as a badge of honor."

That's the same Phil Gramm who proclaimed the US as "a nation of whiners" and said we're only in a "mental recession." Anyone who's so gotten under Phil Gramm's skin must have something going for him!

Tue Jul 15 2008, 10:00

Eustis mortgage has 100% Ameri Dream

Tue Jul 15 2008, 07:23

Two more things MARK....
1st
I never said or claimed that they FIX your credit...
2nd
I'm a realtor and I can't understand what's your beef with this organzation.
You can't find any program in the country besides Rural Development Loan that offer 100% Financing.

This organzation is unbelievable.

Could someone please point me in the direction of a program that provides 100% Financing for my clients?

I don't think there is one... but if there is...I'm all ears.

Mon Jul 14 2008, 21:51

I would like to think Mark for responding to this question.

Mark, Mark, Mark...
You really want to compare apples with apples. You pay Mortgage Orginator fees upfront and not month to month.
The $50 a month is similar to PMI not orginators fees.

Mark if you pruchse a Home with 100% Financing it would take 10-15 years to get the loan below 80% to cancel the PMI. Average PMI is between 50 - 150 per month.

Noone notices the fact that NACA is also giving a lower interest rate and the let you buy down your points below 1%. What other program(s) offer this service?
And...
Normal points buydown are only for 1/8 % of the rate NACA's buydown is 1/4%.

Can we please do a little more research before we criticize a program?

Anyone have anything good to say about the program?

Anyone interested in learning more about the program?

Anyone knows of any other programs that have benefits to fist time home-buyers?

This question was asked to get more information on ther programs available so I can help my client not to solicit buisness.

Sun Jul 13 2008, 14:30

BEST ANSWER
another thing, the max priced home you can buy with NACO is $384,936

A mortgage originator will generally charge 1% or less, which is $3849.00. NACA charges $6000.00 according TO THEIR WEB SITE

Gotta be kidding me!

Sat Jul 12 2008, 17:01

Ive read up on naca...fist off, This organization CANNOT fix your credit, they are not licensed to do so!
Also, NACA capital come from social shake down of rich white ceo's that dont have the balls to tell them to go to hell!

"Once you purchase your home, you will need to pay the Membership Fee, which includes the Neighborhood Stabilization Fund Fee,of $50 a month for a period of between five and ten years, depending on the amount of the mortgage"

50.00 x 10 years = $6000.00

I always like it when "non profits" charge consumers and dont have to pay income taxes

Sat Jul 12 2008, 16:54

Mr. Cockburn thank you for gracing us with a response but if you would do some research you would have read that this organization is not a FLY BY NIGHT SCAM. They have 33 offices over the U.S. and they are backed by Bank of America and Citigorup.
Yes they do charge you 50 bucks a month for 10 years. Can anyone tell me if this is less than PMI or more? Last I checked it's less than the average PMI.

And another thing...
They don't charge you a fee to FIX your credit. There is no way to fix your credit in a few days when it took you years to mess it up. They offer free service to help people get their credit in order. It's the only company that offers Character based lending. So even if you have bad credit they still can help.

I still don't understand why you are so defensive over a product that you haven't inquired about or researched to find out more info.

When I found out about NACA I didn't believe it either but that lead me to find out more information about it. Not say it's a scam so I could be lazy and not educate myself about it.

And another thing...
I'm using Trulia to educate consumers on other products that may be available and to educate myself on issues I do not know about. NACA and RD loans are the only products available in our market for NO DOWN PAYMENT.

So before you comment again please read up on the question because if you are as smart as you seem you would do some more research before you make comments on items you have no clue about.

Sat Jul 12 2008, 11:25

There are several of these "non-profits" that have magically appeared around New Orleans. These people appear to help the less fortunate...but mostly the less educated. I am still trying to figure out who finances these "non-profits" for some are so politically connected I smell a post Katrina rat in their offices....they offer "help" by charging people for credit reports, etc, etc. when the "clients" have no way in a million yrs of qualifying to buy a snowball.

When the looters got done with my house the second time, I really thought all the scamsters were gone. Now the one's with the cheap polyester suits have arrived...giving people false hopes and dreams and driving them into a debt of proportions as happened in California.

But this is New Orleans...at the end of the day the money in the freezers of the minds will be discovered...and I truly hope these secretly funded through political means "organizations" will go the way of the floodwaters.

Please do not attempt to use Trulia to push your imaginary games of no money down....no this and that. It is wrong...and it hurts the true professionals who try so hard to tell people the truth.

Wed Jul 9 2008, 23:29

I read the web info, and it does say that the buyer will need to pay 50 bucks a month for up to 10 years!

package the loan any way you wish, the buyer is still paying out of pocket to get the mortgage

Tue Jul 8 2008, 09:06

Daniel I'm glad you looked at the website.
But you obvisously don't understand the word NON PROFIT.
The organization will have to charge some fee to support their staff.

Have you ever purchasd a home with PMI tacked onto it?
The cheapest PMI I've seen is in the low 100's and you have to pay that fee until your loan get's below 80%.

Did you also read about NACA's interest rate being lower than MARKET interest rate by 1%.?
Did you also read about No Downpayment need?
Did you also read about the No Closing cost?

How is this organization taking money from the poor?

Tue Jul 8 2008, 07:18

No fees?? Read the elegibility requirements! LOL https://www.naca.com/members/eligibilityIntro.jsp

"Once you purchase your home, you will need to pay the Membership Fee, which includes the Neighborhood Stabilization Fund Fee,of $50 a month for a period of between five and ten years, depending on the amount of the mortgage"

That can be as much as $6000.00 plus $20.00 per year membership dues! LOL

"TANSTAFL" There aint no such thing as a free lunch!

What a scam! Just another way to take money away from the poor while blaming business institutions

Tue Jul 8 2008, 06:34

Tell me more, I am interested. Is it FHA? Do they have a website?

Mon Jul 7 2008, 21:09