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BrooklyntoIs…, Home Buyer in New York

Does anyone have experience (good or bad) with NACA?

Asked by BrooklyntoIslandFirstTimers, New York Mon Feb 4, 2013

One of my husbands' clients told him about NACA because he just got a house through them. We were wondering if anyone knew anything about them? I've looked at their website. I've seen different views... Bad customer service, long periods. Capped at $362,790 for the purchase price of a single home. You have to attend events for 5 years. Pay $50 a month "membership fee", which is $25-5- less than PMI (that can be viewed as a pro or con depending on the person).


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43
I just bought a house through NACA. Once our file moved to the HAND department, which handles the repairs part of the loan, it was weeks before anyone there reviewed our file, and almost 2 months to get them to review a lead paint test report. Their own documentation states that lead paint may be removed "if the member desires" and my NACA-appointed agent assured me again and again I would not have to have lead paint removed because we were siding the house. On a Thursday, a few days after HAND started reviewing my file, I started getting autoreplies from them and my counselor that the office was closed for a week beginning the following Monday for a national conference. It was almost another week after the conference that they finally got back to me and told me all lead paint inside the house would have to be abated. This caused us to miss the financing deadline on our 3rd extension and the seller terminated the agreement. I notified HAND and my counselor of this, as well as the local office manager and heard absolutely nothing back from any of them, as though I'd fallen off the radar. Only the lawyer, who did not work for NACA, suggested we write a letter to the seller explaining the situation, which we did, and he relented and gave us one last extension. HAND also assured me that since I would not be allowed to occupy the house until lead abatement was complete, the first 6 months' mortgage payment will be calculated into the remaining 29 and a half years, giving me 6 months payment-free (since I'd have to stay in my apartment) - but they forgot. When I finally got an answer from them confirming that it was indeed left out of the budget, they sent a blunt reply stating that while the budget could be re-done, it would entail full disclosure (or something to that effect) and prevent us from closing on time. No apology or hint of concern. The seller would not grant another extension under any circumstances so we've been forced to pay rent and mortgage both and will be in serious arrears if the lead abatement is not finished soon. The contractor is extremely slow, even for a contractor (and that's saying a lot), and always gives false timetables as to when things will get done. It's important to point out to people considering NACA that if you have to deal with the HAND department at all, your file is in serious jeopardy. They did in fact cause us to lose the house we were buying, through neglect and/or incompetence I'm left to assume, since they offer no explanations. During our fiasco with HAND, the local office gave us absolutely no support whatsoever. The only reason we ended up closing was through sheer goodwill of the seller. It took a total of 6 months to close, and it will probably have been 2 more months by the time we can move in. I can say from my own experience, in retrospect, I was rolling the dice by working with NACA and the stakes were very high. I cannot conscionably recommend NACA.
2 votes Thank Flag Link Fri Jun 13, 2014
NACA IS A WASTE OF TIME.

We have spent months trying to get a loan from NACA. Our results have been:

-Spent about $100 faxing informtion to them.
-Bought them a piece of furniture as part of our volunteering.
-Taken time off for appointments.
-Paid membership fee.
-5 Unreturned phone calls. Still havent' heard back from them. The reception would say that the rep was in the office and free, but then my calls would go to voice mail.
-2 Telephone appoints. The rep did not call at all.
-Nasty looking office.
-Countless hours gathering all of the information that they want. Not like a tradtional loan.

I would not waste my time with NACA. I read the reviews. No company is perfect, but this is ridiculous.
The interest rate is what kept us going back. But we didn't get any results.

NACA was a waste of time for me!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!11
2 votes Thank Flag Link Wed Aug 28, 2013
I has been with naca for 4 month and as long you followed the instruction they answer my calls and I have all my file up today and so far no conplaint the must is read the book and do what they tell you to do.....
Flag Sun Oct 20, 2013
It's taking you 6 months to get qualified for a loan?
Flag Thu Aug 29, 2013
It's taking you 6 months to get qualified for a loan?
Flag Thu Aug 29, 2013
i agree this is a waste of time. it should not this long. they told us it would take 3 days and so far it is 6 months.
Flag Thu Aug 29, 2013
They are the most ineffective organization who operates under the pretense of representing a housing organization. They use intimidation and harassment to secure results, as telling the buyers not to use Real Estate Agent from outside, just the inside agents ,even if the outside agent is there with the buyer. They have no idea about Code of Ethics and Standards of Practice of the NATIONAL ASSOCIATION OF REALTORS.
Besides, once you are lucky getting an appointment with NACA’s loan officer, after long period of waiting for it, and with the big package of requirements, they ask for something different (no other loan officer asks for it). The treatment to the buyers and Real Estate Agents is with lots of arrogance.
No phone calls are answered, no response to voicemails, I waste one year with two clients; but the buyers, went to the NACA”S office to work three days as volunteers, to fulfill a requirement. Bad communication, bad customer service, no results.
Low rates if buyer buys points..
2 votes Thank Flag Link Wed Jul 10, 2013
continues...The agents have to follow NACA guidelines and I have often seen agents coming to the Birmingham Office trying to bully their way in. NACA is very protective of the applicant and they know many agents try to take the applicants away from their program to take them where THEY want them to go. NACA do have a number of referral agents, but it's up to the applicant to use them or not. These agents are local agents that have qualified to become referral agents. They are NOT NACA agents. The program works as long as you follow the instructions and do due diligence. Some cases may take months, others much less. Don't let one person bad experience detract you from a great opportunity.
Flag Sun Apr 19, 2015
Edilma Jimenez, I don't expect all offices to work effectively but to make a blanket statement about the program is not fair either. I'm currently working with the Birmingham, Al office and I have not had a bad experience at all. Is the process easy? No is not. It takes determination, focus and willingness to follow the instructions. All cases are not the same. Results vary depending on your specific financial situations. Is not a "come here and we will get you a home regardless" program. These offices are often understaffed and with a high volume of applicants. I'm not saying there aren't bad apples, all organization have them, but please do not make generalizations just because your experience was not what you wanted it to be.
As far as the Real Estate Agents statement you made, is not true AT ALL. Applicants can choose ANY agent of their choosing. The problem some Agents find is that they have to attend an Agents orientation session where they are taught about the program.
Flag Sun Apr 19, 2015
I couldn't agree more. I attempted to purchase my first home through NACA, I eventually walked away. Best decision and I only wished I ended that ridiculous relationship earlier. I couldn't get anyone on the phone, refaxed information countless times, wasted time and money, lost the first house due to the sellers being aggravated with NACA's demands. Only after I threatened to walk away did I get a return call from a senior officer representative. I was so turned off by the organization, they couldn't get me to work with them again if the house were free. This is based off of 8 months of experience with NACA, don't bother. It is not worth the headache. I purchased my first home one year ago and the experience with my lender was like night and day.
Flag Mon Oct 7, 2013
agree 100%
Flag Thu Aug 29, 2013
Hi, I have a quick question . If you do not volunteer with them - what happens?
Flag Tue Jul 30, 2013
Ray Malcolm, I have no idea why you feel compelled to defend the actions of NACA. But since you feel compelled to go further so will I. They are the most ineffective organization who operates under the pretense of representing a housing organization. They are not legitimate and are straight out fake. They use intimidation and harassment to secure results.

If you ask any of the officers to produce any documented results on the success vs failure ratio's of NACA's counseling they cannot produce a single shred of evidence. They have gotten in heated debates in several states because they cannot produce an iota of documentation to back up their claims. Every housing organization is able to produce live, verifiable data to back up their effectiveness. Everyone except NACA of course. Approximately 2 months ago, one of my clients informed me NACA had called to assure her they could still save her home. She hanged up the phone, because she had lost her home almost 3 years earlier. They are a complete joke.

Everyday, housing counselors have to be clearing up NACA's mess. I sat down once with a client and a NACA counselor in New Jersey for counseling. The client had traveled from Connecticut to New Jersey after an extended phone conversation with a NACA representative who assured her NACA could help. The NACA counselor used almost the entire session trying to convince the client she should go out to a Banking representative home to demonstrate with other NACA members the next day. When he finally realized she was firm about not going, he briefly glanced over the documents and informed her NACA could not help.

In my opinion, NACA is a waste.
2 votes Thank Flag Link Sun Feb 10, 2013
A close friend just closed on her home in the Bronx last week using NACA. I helped her keep her sanity throughout the home buying process.

The positive of NACA- she has a 30 year fixed rate mortgage at somewhere in the neighborhood of 1.125%. They also pre-screened her far more carefully than a bank would have- which I think is a very good thing (it's in everyone's best interest that the buyer understands what they can comfortably afford). If you are organized and patient with their process- it will help you immensely. The ridiciously low interest rate allowed her to buy a much more expensive home than if she went through a traditional mortgage program.

The negatives of NACA..due to the lack of transparency in the process once a buyer has submitted all of their paperwork- I can't be sure who screwed up- the bank or NACA. My friend's deal nearly fell apart because the deal was so slow. NACA stated that closing was to be 2 months after contract signing. 4 1/2 months later the deal finally closed- but not before the seller's threatened to keep the deposit and walk due to breech of contract. Once NACA got wind of the seller's threatening to walk and my friend sending them an email pleading for her sanity to be restored and the deal to be closed- only then did she get the approval to close. There were other problems too. Because there are additional requirements in the contract that are complicated- they recommend that you use a NACA approved broker. Based on my observations of my friends experience- use your own broker. The broker that they recommended was totally imcompent and impeded the process. I recommended that a complaint should be filed with REBNY. I want to be as fair as possible- so I think it was incompetence rather than greed or kickbacks- but the contract was written up for 5k more than was verbally agreed upon by both parties. Now I don't excuse my friend for not noticing the price difference before signing the contract- but it is still inexcusable that the agent wrote up the contract for a higher price. In addition, the broker had difficulty returning her calls/emails as well as the buyer's brokers calls/emails. The brokers incompetence went far deeper than this- but I want to keep this as brief as possible (though still through). The final negative with NACA was that the house needed some work- this was all part of NACA's process- but you do have use a NACA approved contractor. My friend was given a few names of contractors that did work near where she is buying. Her first choice on the list ultimately still had some administrative issues outstanding with NACA and she couldn't use them because they were so ineffiecient at processing the contractors paperwork. The NACA inspector was needlessly nitpicky on some minor issues (i.e covers for electrical outlets that probably cost less than a dollar each) while they missed some signficant issues (the large living room window needs immediate replacement and is about to fall out of the wall).

I hope this helps. I believe NACA can help save a buyer tens of thousands of dollars over the life of a mortgage- but you need the patience of a saint, and must be better educated than the average consumer in order to work with them.
2 votes Thank Flag Link Mon Feb 4, 2013
Thank you! this helps my current situation
Flag Fri Jun 27, 2014
Hello Semerun,

Your overall description of NACA pretty much on point. However, in regards to using a contractor, NACA will 'approve' an outside contractor as long as they are licensed, insured and bonded. The contractor would just have to submit their current license, proof of liability insurance & W-9 and then they are 'approved'.
Flag Mon Feb 4, 2013
I am totally surprised and disappointed by all the negative comments about NACA I have been reading online.I have been a Realtor for over 14 years and I have worked the NACA program the last 4 years.

I am not a NACA Realtor. I am a Realtor with William Davis Realty, however I sell many homes through the NACA program in the Dallas/Ft Worth Metroplex. I choose not to be sponsored as a NACA Realtor because I enjoy working with all types of buyers with different types of lenders that allow me to educate my buyers with different programs. And I have the ability to list homes for sell where a NACA Realtor does not have that option.

Every client I have sent to NACA closed and closed on time. It's the Realtor's responsibility to assist their client through the process and if I have a buyer that is not willing to take the necessary steps to become a homeowner I simply do not waste my time and cut my losses. The buyer has a responsibility to keep their files current and follow the task list they are given by their loan consultant.

As of April 14, 2014 I am working with 4 buyers that went through the workshop the end of March 2014 and they are all approved. I have 3 clients that went to the workshop on January 22nd, received their NACA ID via email the following week, paid their membership fee and credit report fee, uploaded all their documents, completed the online budget and scheduled their appointment for February 4th with the loan consultant and was approved the following week and we went to the approval workshop that Thursday to receive their approval letters. They are all closing in 2 weeks. It doesn't get any better than that. So my recommendation is rather than complaining about the process, do what it takes to get approved and use an experienced Realtor that understands the NACA process and you will close in 30-45 days from the date your contract is executed. NACA is the only program that has 100% financing, pays your closing costs and does not have mortgage insurance premiums and the lender now pays the $50 NSF fee that by the way benefits the buyer if you have a hardship and no credit score requirements.

So try to go FHA and it's not going to happen!!! Unless you have a 620 credit score, no late payments, no collections and by the way FHA requires collections to be paid now and the MIP is extremely high and it now stays with your mortgage payment for the life of the loan. So while you all are making such negative comments there are just as many buyers that are closing with NACA and moving in to their new home that you could have had if you just followed the guidelines. Nothing doesn't come without work involved.

So I highly recommend you think about what really went wrong with the NACA process and why you didn't stick with it. Could be you or an inexperienced Realtor trying to work the NACA program?

So if you live in the DFW Metroplex and you don't have a Realtor contact me if you are serious about purchasing a home through NACA and I will be happy to meet with you for a consultation. If you are in another state other than Texas I will be happy to answer any questions to guide you in the right direction.

Happy Home Buying,
Alecia Smith, Realtor, ABR,TAHS,CHMS,CFR
William Davis Realty
8856 Coleman Blvd.
Frisco, TX 75034
214-274-6056
aleciasmith@northtexashometeam.net
"Everything I Touch Turns To SOLD!"

My business is based on Referrals!

Updated 4/14/2014
1 vote Thank Flag Link Mon Apr 14, 2014
Ms. Smith,
If I did not see the NACA name I would not even know to whom you were referring. There is NOTHING in your letter that remotely resemble the NACA's way of doing business. Could it possible be NACA's problem is regional? NO, guessed not because participants in Frisco, Texas are experiencing the same problems with NACA. So what's the problem? Could it be that you are a NACA plant?
We have been dealing with NACA for over a year and their problem resonates across the country. The office is Cleveland, Ohio is as inept as the ones elsewhere so please do not imply that people having problems are faults of their own. My wife is the client with NACA and has listed me, her husband as a person with whom they can discuss, and when I tried to intervened because of their ineffectiveness, one counselor said they will not talk with me anymore or they will drop my wife from the program.
I have seen my wife CRIED over the way they dragged her along in the process. They lost her files and she
Flag Fri Jan 23, 2015
I love your comment Alecia Smith, I am currently going thru Naca program and on Nov 11 I have my second section with counselor to present my letter of explanation, and hoping to be qualified thereafter . It takes a little work to get what they are asking, but I believe worth every effort. I have also done my first volunteer, looking forward to next one
Flag Wed Nov 5, 2014
I am at the ending phase of a home purchase. Have I been frustrated with the NACA process? Heck yes. But really I was at fault for some of it. I did not understand how the payment shock was calculated and I didn't really bounce a check but my bank did have to transfer $80 from my own savings to my checking. Both these mistakes cost me about 6-9 months.

My sister bought a house in California, down the street from where I am now attempting to buy. She did a buydown. I believe the rate at the time she applied was 3.75 and it took her 27K to buydown to an interest rate of .0625. Her closing (taxes and hazard insurance) were less than 3K. Where else can you buy down to almost zero? Nowhere else. When she was frustrated she would just breathe and say out loud, ".0625... .0625.... .0625..." It is worth it in the end.

Best advice I can offer is be organized. Buy a 3 inch binder (heavy duty only) and dividers. Divide into: NACA fax cover sheets; NACA forms; taxes and W2s; credit cards and loans; retirement; Letters of Explanations; other.

Letters I had to write:
1. Why does my credit report have 20 different addresses and PO Boxes--moved around, college, etc. Had to do a timeline of where I lived and when and which PO box went with that time period. I went back 20 years..
2. Why is my nickname on my credit report?
3, Why am I claiming my grandfather on my taxes?
4. Provide a copy of my voter registration card--certified by registrar
5. Why does my license have a different address than the residence--send all mail to PO Box--provided a utility bill to show the residence and the mailing address
6. If I spend more than 200 (check or cash)--where did the money go?

You get the picture. Another piece of advice is to make your follow up appointment while you are still on the phone with your counselor. I was always under the false assumption that my counselor had time outside of out appointment time (phone appointment) to work on my file. THEY DO NOT. They are on to the next appointment right after you, so if you want them to work on your file again, schedule a follow up appointment so that they allocate that time for your file.

Good luck and give it a try... remember to breathe...
1 vote Thank Flag Link Wed Feb 26, 2014
Why are they wondering about your ID address? Why is a copy of it in your file? They are only suppose to ask to see it not keep a copy on file.
Flag Sun Dec 14, 2014
Great testimonial, Graciela Garcia! Congrats to your sister on getting her new home; and to you when you close on yours.
Flag Thu Feb 27, 2014
I am totally surprised about all the negative comments about NACA. I have been a Realtor for over 14 years and I have worked the NACA program the last 4 years. I am not a NACA Realtor but I sell many homes through the NACA program in the Dallas/Ft Worth Metroplex. Every client I have sent to NACA closed and closed on time. It's the Realtor's responsibility to assist their client through the process and if I have a buyer that is not willing to take the necessary steps to become a homeowner I simply do not waste my time and cut my losses. The buyer has a responsibility to keep their files current and follow the task list they are given by their loan consultant. My most recent client went to the workshop on January 22nd, received their NACA ID via email the following week, paid their membership fee and credit report fee, uploaded all their documents, completed the online questionaire and scheduled their appointment for February 4th with the loan consultant and was approved the following week and we went to the approval workshop that Thursday to receive his apporval letter. It doesn't get any better than that. So my recommendation is rather than complaining about the process, do what it takes to get approved and use an experienced Realtor that understands the NACA process and you will close in 30 days from the date your contract is executed. NACA is the only program that has 100% financing, pays your closing costs and does not have mortgage insurance premiums and the lender now pays the $50 NSF fee that by the way benefits the buyer if you have a hardship and no credit score requirements. Try to go FHA and it's not going to happen!!! Unless you have a 620 credit score, no late payments, no collections and by the way FHA requires collections to be paid now and the MIP is extremely high and it now stays with your mortgage payment for the life of the loan. So while you all are making such negative comments there are just as many buyers that are closing with NACA and moving in to their new home that you could have had if you just followed the guidelines. Nothing doesn't come without work involved. So I highly recommend you think about what really went wrong with the NACA process and why you didn't stick with it. Could be you or an inexperienced Realtor trying to work the NACA program? So if you live in the DFW Metroplex and you don't have a Realtor contact me if you are serious about purchasing a home thorugh NACA and I will be happy to meet with you for a oonsultation. Happy Homebuying, Alecia Smith, William Davis Realty 214-274-6056 aleciasmith@northtexashometeam.net
1 vote Thank Flag Link Fri Feb 21, 2014
Thank you so much for this extensive comment. It's very encouraging and motivational!!! Keep up the good work!
Thanks again
Flag Sat Feb 22, 2014
More than 35,000 people have become homeowners through the NACA Purchase Program. The program is not designed to be fast or necessarily easy, but patience and perseverance will get the home buyer no down payment, no closing costs, a fixed below market interest rate, and the ability to buy down the interest rate even further, potentially to near zero.

There is NO PMI and the monthly membership fee is now paid by the bank.

Just go to the NACA website at http://www.naca.com and sign up for a free Home Buyer's Workshop.
0 votes Thank Flag Link Sat Apr 18, 2015
More than 35,000 people have become homeowners through the NACA Purchase Program. The program is not designed to be fast or necessarily easy, but patience and perseverance will get the home buyer no down payment, no closing costs, a fixed below market interest rate, and the ability to buy down the interest rate even further, potentially to near zero.

Just go to the NACA website at http://www.naca.com and sign up for a free Home Buyer's Workshop.
0 votes Thank Flag Link Sat Apr 18, 2015
The agents are second (or third) rate. When trying to sell our home we had one agent, initials P.S. who booked an appointment twice and didn't show both times. When we called the office, no answer, no response, and no return call at all. They take customer service to a new low.
0 votes Thank Flag Link Wed Apr 8, 2015
Someone on here said that you have to have a credit score of 700. That's simply not true. I just purchased my home in July 2014 and my credit score was 637. Credit plays no part in their decision on whether you are approved or not. They want to see that you have your bills under control, are paying on time and can afford to buy a home. Your credit score plays no role in approval. just have things back on track with your finances
0 votes Thank Flag Link Wed Feb 25, 2015
I recently closed on a house through Naca in Alabama. It took me 11 months from start to close. if your looking for a quick home purchase then Naca is not gonna be for you. You have to prove that you are gonna be a responsible home owner. They ask for months of bank statements, credit card statements, pay stubs and letters to explain why you have certain issues with your credit. If you have good credit and money saved then the traditional route may serve you better but if you don't have perfect credit or thousands of dollars saved then Naca is worth it. Yes I was frustrated at times, had to send the same documents to them on several occassions and had to explain issues on my credit report. It was very time consuming and very frustrating at times but there was no other alternative for me to purchase a home. It works if you are patient and stick with it. Quick it's not. In the end I got a home in a good, safe neighborhood, interest rate 2.5%, and am paying $200 less than I was paying for rent. Well worth it for me.
0 votes Thank Flag Link Wed Feb 25, 2015
NACA is a complete waste of time.
First, they advertise that credit rate is not an issue. That is a LIE. You MUST have a credit score of over 700 to even be considered. Of course, you are admitted into the program with a low credit score but you will quickly find out that you have to FIX your credit before getting a loan. No different from a bank. You will be spending the next 12 months with a 'counselor' who knows jack about real estate.
NACA is TOTALLY INCOMPETENT.
They give bad advise, cannot answer a simple question and is notorious for losing files. Their computer programs is elementary and do not handle anything above 2+2. They are not compatible with any other programs and is frustrated to work with.
We started in the program May 2013 and is still being evaluated for a loan. We were approved by Quicken Loan when we changed and entered the program. If we had stayed with QL we would have been in our home by now.
In the final analysis, NACA is a waste of time, energy and monies. You have to pay for EVERYTHING except PMI and a 1% below market which is not worth the effort.
I say, go to a conventional loan company or a bank and work with them. You will be much happier. NACA's organization is inept; a bunch of idiots who get off feeling like they are 'helping the downtrodden,' but are really causing more and much frustration to people who are trying their best to get a home.
One of the biggest problem we had with NACA is that no one is accountable for anything. There is no boss or anyone to which you can complain. You only work with your totally STUPID counselor. No one else will talk to you. Everything goes through your counselor and no one else!!!
NACA is ran by a bunch of IDIOTS!!!
0 votes Thank Flag Link Fri Jan 23, 2015
THE REAL DEAL ON BUYING A HOME WITH NACA FROM A REALTOR'S PERSPECTIVE!!!
I must say my successes and experiences are based solely on the NACA office in Dallas, TX and the efficient job that Mickie Thompson the loan counselor does for her clients.. She is compassionate about helping buyers. NACA has a very small percentage of buyers being approved for various reasons such as buyer's being overwhelmed by the approval process or not being prepared to buy a home, Realtors not understanding the NACA approval process or not committed in helping their buyers go through the process; loan counselors are overworked; not enough loan counselors to meet the needs of the community, underwriters are backlogged, etc. So there are many reasons why buyers don't close. I have been a Realtor for over 14 years and working with NACA buyers for 5 years. THIS YEAR ALONE I HAVE SOLD OVER 20 HOMES THROUGH NACA! Although I work with all types of buyers and sellers I have a team specifically to help process my NACA buyers and we get buyers prepared to close qucker. I do interview my buyers and I hold them accountable and if they are not serious about going through the NACA process or a traditional loan process such as FHA than I cut my losses and move on. NACA offers NO DOWN PAYMENT, NO CLOSING COST, NO MORTGAGE INSURANCE AND LOW FIXED INTEREST RATES. So how can you not be motivated to do a little sweat equity and get approved?
Here are a few tips to help you decide if NACA is the best product for you:

1. The best advice I can give anyone is to attend a workshop to get your own understanding rather than reading the negative reviews and be prepared to see hundreds of buyers at the workshop
Take notes and ask plenty of questions. Don't leave until you fully understand how to calculate payment shock. PLEASE DON'T POST NEGATIVE REVIEWS. If you file is taking longer than usual reach out to your loan counselor or a NACA representative on the NACA blogs. They are very helpful. Most importantly be patient and plan ahead if you know you have credit issues. I wouldn't recommend Remote Counseling, period! I can't stress enough how important it is to READ THE NACA BOOKLET YOU RECEIVED FROM THE WORKSHOP.

2. After you receive your ID # start uploaded your documents and keep your file updated. It's crucial that you complete the budget. Pull your credit to see if you have any late payments or collections. Credit Karma is an excellent app. If you have late payments in the last 12 months and collections less than two years old it will take you longer to get approved. YOU ARE THE PROCESSOR SO STAY ORGANIZED.

3. Complete everything on the Task List your Loan Counselor gives you and always come prepared and organized to your appointment.

4. PAYMENT SHOCK. If you are expecting to save in order to get approved for more than your rent you must understand how NACA requires you to see over you will have to start over. Payment shock is a minimum of 3-6 months and the length of your savings depends on you leasing or living with a family. READ READ READ THE BOOKLET. Remember you must continue to save until you close. BTW Income tax checks and annual bonuses do not count as SAVINGS because it's not a a continuous payment.

5. Make sure you have 3 positive trade lines or you will not get approved. Trade lines can be cell phone, electric bill, insurance, etc and the key is to pay ON OR BEFORE THE DUE DATE. If you are not disciplined to pay your monthly bills on time set up auto pay. ALWAYS PAY RENT WITH A PERSONAL CHECK OR IF YOU ARE REQUIRED TO PAY ONLINE MAKE SURE YOU PAY FROM YOUR OWN ACCOUNT. Late rent payments and returned checks from NSF will be denied if with overdraft protection.

6. ZERO CLOSING COST! What does that mean? I'm glad you asked. The lender pays your closings costs such as title fees and lender fees including the title policy and the appraisal. The buyer pays the follow fees when they have an approved offer: Earnest Money, Option Money, Home Inspection and Termite Inspection. At closing there are Escrows Fees which covers Prorated Property Taxes, Homeowner Insurance, HOA fees if any and additional costs if you choose to buy down your interest rate. That's It!

7. It's time to submit your file to underwriting! Once you have done everything your loan counselor have required you to do to they will submit your file to underwriting. It could take 3-5 business days for a response. Be prepared to have conditions returned from the underwriter and if you have to write letters of explanation. Don't complain JUST DO IT!

8. YOU'RE APPROVED!!!! These are words every buyer wants to hear. If you follow these steps you will get approved. The next step is finding a home and getting closed. Now that's why you need an experienced Realtor that know the NACA process!
If you are in the Dallas, TX area I would love to help you through the process.
Alecia Smith, Realtor
William Davis Realty
214-274-6056
0 votes Thank Flag Link Tue Dec 30, 2014
Dee, have you closed yet? I'm in the same boat with a NACA buyer, past 60 days now under contract with these people. Extremely frustrate bjcharlie1712@yahoo.com
Flag Mon Jan 19, 2015
Your post is extremely helpful, but I have one question. We have a contract with a NACA buyer. Our contract says we are to close Jan 23...that's only one month from the date we signed the contract. It has now been almost two weeks and nothing has happened. We are still waiting to hear from a home inspector, etc. I don't believe we can close by the stated date. How long does it usually take to close on a NACA purchase? As the sellers, we don't want our house to just sit without knowing when and if the sale of our house will close. Thanks!
Flag Fri Jan 2, 2015
Do not sell your house to a buyer who uses NACA. Unless you don't mind waiting 60 days or more.
THEY ABSOLUTLY SUCK, if your the seller waiting for a buyer with a NACA LOAN. The buyer who bought my home is renting back the house I sold him because NACA hasn't finished the loan papers to the people he sold his house to. He was lucky I was able to move to my other house, and let him rent my house he is buying. To top it he had to pay another 800+ dollars to keep his interest rate.
Also the headache for me is paper work since I am renting to my buyer. More questions come up, who is responsible for break downs in my house. When it should have closed over 30 days ago.
I WILL NEVER SELL TO A PERSON USING A NACA LOAN.
0 votes Thank Flag Link Sat Dec 13, 2014
The $50 a month is new to me from when NACA first started. I am a real estate agent who has dealt with NACA since the second workshop they ever had in Houston. I have lost so many clients to NACA because of their mismanagement of clients/paperwork/losing counselors/etc. For some reason, I still kept sending clients to them probably just based on the potential for having the very best first time home buyer product in existence. But after being let down so many times, I guess I have to throw in the towel. My latest client's experience, who have been with them over a year. She has done what was requested of her each time (each month given a new requirement that wasn't mentioned the previous month and given a new counselor 4 times - each one having to go over her case all over again, not to mention that they are all out of town and not here in Houston (this is new to me as well because in the beginning you met with your counselor, not had phone interviews as they are doing now)), has given me a reason to raise the flag of defeat. I just can't give any more energy to NACA. It just hasn't made since for sooooooooo long as to how you could have the best product, yet not get a majority of the people that come to your workshops approved. Someone said to me the other day that if it is a non-profit (thinking getting money from the government), they just stay around for the administration fees. I don't know about that, but I do know that I have watched them being the worst managers of any company I know. I guess you can tell that I have been frustrated with them for a long time now. Thanks for letting me vent!
0 votes Thank Flag Link Mon Nov 17, 2014
I have read all of the reviews about Naca, and I do feel that every one is entitled to their own opinion and everyone experience is and will be different. I truly feel that the only way that you cannot get approved through Naca is basd on your self only. Naca has came a long way from a couple of years ago, with customer service. I started Naca back in 2012, when I was just looking into things. I had recently filed BK and had to wait 2 years. Back in 2012 Naca charged $50.00 monthly fee, which is now no longer. My 2 year BK will be in 2 weeks and I have had met with my counselor in July to verify all documents needed. So far so good. I have uploaded every single document, and the only thing i am waiting on is to get to udnerwriting the day that my BK will be 2 years. Yes, they asked for lots of letters of explanation, from address disrepecency, BK, credit inquiries, large deposits, large withdrawals, etc. However, I am in the mortgage industry so I wrote all letters, signed them and uploaded. I did not have an issue gathering the documents. An manager even looked at my file and advised me of other docs I would need, example, proof that the IRS has been paid off since I owed for the current year and letter from student loans indicating that my payment is higher than 0.00 but lower than what credit report says. I have a folder on my computer with everything that I have submitted, in case something doesnt upload. I just think its about be prepared to get the documents, send them quickly and move on. Yes it can be frustrating, But i think it is worth it. I have not personally been frustrated yet. My counselor emails me back right away. If i can with a question, the rep reaches out to the counselor and ask her and lets me know immediately. The fact that the rates are lower and there is no mortgage insurance is #1 in my book. I appreciate the fact that they want to make sure your ready to purchase. Most people think they are ready, because they pay rent for that much. Its more to buying a house. You cant be ready if you can manage money enogh not to get NSF fees. You can be ready if you have $0.00 money from one check to next. We went though a huge crisis few years back, from no income loans. NACA is wanting to make sure you are truly ready. Of course being the fact that there are lots of people going through the program and they have a number of mortgage counselors. It takes time. When my mtg counselor and I went over my docs, we were on the phone for 3.5 hours. So imagine how many calls they can truly take in 1 day. To go through this program, you have to have patience, and be really prepared. The volunteering isnt soo bad either. Good luck to all those looking to purchase!!!
0 votes Thank Flag Link Mon Sep 22, 2014
I'm not doing business with NACA and I'm not buying a house. I don't know if this is relevant to NACA, but this is my situation: I rent a unit in a house the owner is selling. The prospective buyers are financing through NACA. I have a lease that doesn't expire until June 2015, but the new owners are trying to force me out within the next month. I don't know how involved NACA is in this--probably not much, if at all--and I've never bought a house so I don't know how the deal is being conducted, but I just wanted to put that out there in case NACA is involved in trying to force me out, which is illegal.271
0 votes Thank Flag Link Tue Aug 5, 2014
I began my process with NACA at the buyers workshop 01/25/14. My initial consultation with my mortgage counselor was 06/04/14. There is ALOT of paperwork and explanations that need to be submitted. So far everything seems to be moving along. While i was doing my volunteering in the local NACA office I actually saw two families closing on the same day!!! I have experienced nothing but positivity from all of the NACA representatives in the Houston office. They are all friendly and helpful. Any snags that have come along have been because of the information I have provided. My counselor has told me that based on my current information I should be ready to be approved within a month. I will keep you guys updated with my progress.
0 votes Thank Flag Link Fri Jun 27, 2014
Here it is 12/17/14. Just checking in. Its been a few months. my naca file was finally sent mortgage app was finally sent to lender today!!! my timeline is as follows:
1st meeting with NACA mortgage counselor on 06/04/14
NACA qualified 09/29/14
app to lender 12/17/14
In between there was a lot of back and forth. A lot of miscommunication between my documents and NACA uw. The naca MC and UW are overworked and I understand the delays due to the fact that the naca reps have very little if any down time to handle files other that the file of the person in front of them. I did get frustrated at the process and how it seemed an if once I met one condition another condition popped up. well I will check back sooner than later to let you guys know I finally closed. Wish me luck!!
Flag Wed Dec 17, 2014
Update: as of today 09/29/14 I actually received an email from NACA informing me
That I am NACA qualified as of today!! My journey began 01/2014 with my visit to the workshop. I received my appointment for May 2014 but I had to reschedule for June 2014. I saw my mortgage counselor for the 1st time 06/04/14 and purchase workshop is scheduled for 10/02/14. It took 4 months to get to the naca qualified status. I will provide more updates upon return from the purchase workshop on Thursday.
Flag Mon Sep 29, 2014
Hi tysonbodavis, im thinking of using NACA and im also in houston, but now im scared for all the reviews, please let me know if it goes well, my email is andreamedina@live.com. thank you!
Flag Mon Aug 18, 2014
UPDATE: My file is currently in underwriting. It was originally sent 07/09/14 and I received notice on 07/16/14 that I needed to clarify a few things on my rental and bank statement. I sent those clarifications back in to my NACA representative on 07/25/14 and I received an update from my naca representative today that everything looked good and that underwriting was backed up, so i should have a response within 7-10 days. I will keep you guys updated.
Flag Thu Jul 31, 2014
I have seen a lot of bad reviews online and a few good reviews most of which come from people who work for or with NACA they imply it's the buyers fault they were not approved etc. Dispite the terrible reviews we decided not only to work with NACA but refer dozens of people. We have been working with NACA for a year in July and have no home. I and my husband both have credit scores of 650 no serious credit issues, bankruptcy , etc all bills have been on auto pay for the last year all documents submitted weekly each time our file was sent to the under writer they need more. We have saved triple the required amount agreed on for our closing cost and yes there is closing cost with no down payment we live in Philadelphia, Pa and our NACA office is the most incompetent and under staffed I have ever seen. The receptionist lies and we never speak to our counselor we call and email her everyday and nothing unless we speak to her supervisor who by the way quit and now our counselor has taken that position still have not heard from her since she called two weeks ago stating she had all she needed to resubmit and nothing it's almost July 2014. We are walking away my kids have no school to go to next year my oldest graduated and we were supposed to move months ago. So to the real estate agents that have the answer please contact me and let me know how to finally have my file sent to the underwriters or steer us in the direction of another first time home buyer program we have a credit union and will be contacting them next week we need all the assistance we can get and I'm completely done with NACA. I see nothing wrong going with FHA etc millions of people get their mortgages through other programs besides NACA and survive we have a good income we are not low income and we own our business whatever the future holds for us financially is bright for we have multiple streams of income and we are sure what we can afford now and later. NACA has frightened us with the fear of families losing their homes because they couldn't afford it in the first place lost of jobs etc as I states prior folks survive without NACA.
0 votes Thank Flag Link Sat Jun 21, 2014
Hello,

My name is Charlie and I am a Federally Registered mortgage banker licensed in every state except Hawaii. I work very hard to meet deadlines and provide results. My team and I are working to provide a better lending platform to service your mortgage needs.

If you are interested in a quick review of your situation, please feel free to contact me.

Charlie Bucklin
202.702.4861
cmbloansolutions@gmail.com
0 votes Thank Flag Link Wed Jun 11, 2014
I have been attempting to get approved with naca for 5 months now without success. i have done everything they have asked of me. everytime i get close to being approved they need this or they need that. it was only suppose to take originally a week to get approved and yet we are here in the exact same spot 5 months later. i have faxed,emailed, hand delivered my documents numerous of times which they continue to loose. i can never get my agent on the phone and that's like pulling teeth. i feel like they give you the run around. this has been the most frustrating experience of my entire life. had i known what i know now i would have NEVER EVER used naca. go traditional and save yourself the time and tears. its not worth it. cus at the end of the day i still dont have a home
0 votes Thank Flag Link Wed May 14, 2014
This thread is all over the place consumers deserve clear expectations & understanding of all the aspects of any decision in buying a home. Each state has unique programs & different grants etc. I suggest all homebuyers explore the facts, lay out the NACA program requirements, time frame, expectations and requirements, then do the same for FHA options, USDA, VA, and or any other Loans available in their locations. I will never tell a person putting money down on their own house is a bad idea its going into their home, if they do not have the funds there maybe no money down options, compare rates, points etc. If a person needs credit repair take the time to do that and receive the proper advice from a qualified professional in that field. A homebuyer waiting some of these long times is risky because the interest rates, home values who knows they may go up or down too many what ifs. I think organizations that truly help consumers are great & great to volunteer for. Buyers be informed :)
0 votes Thank Flag Link Thu May 8, 2014
THANK YOU SO MUCH Ms. Robinson, this is the best advice I've read so far from these response.
Flag Thu Jun 12, 2014
PS. Habitat for Humanity also helps with some homeownership & volunteering, so please explore all your options in the various programs, then take the time to understand the programs. Understanding will help you make the best choice for you and your situation as well as help avoid frustrations.
Flag Thu May 8, 2014
Alecia, this question asked a year ago, was from a buyer in NY. NACA 'a operation In different regions may vary and is not reflective at all on a Realtor's ability to perform and/or guide their client when seeking financing through that channel.
0 votes Thank Flag Link Sun Apr 20, 2014
Great story Graciela Garcia. I commend you for taking responsability and working so hard to get approved. Naca is an awesome program and if B of A is willing to invest billions of dollars to help homebuyers achieve the american dream than a buyer should be willing to.do what it takes to get approved. Why should anyone be willing to take a risk on a buyer and give them thousands of dollars if they are not willing to put in some work? So if a buyer is not paying there bills on time and bouncing checks on a regular basis no lender will take a chance because they wont pay their mortgage on time. Naca's foreclosore rate is less than 1% and thats because they educate their buyers and teach them how to budget which is awesome. So keep doing what you are doing and you will be in a home in no time. Job well done.
0 votes Thank Flag Link Wed Feb 26, 2014
Say no to NACA, that is all I have to say.
0 votes Thank Flag Link Fri Feb 14, 2014
I say....say 'No' to mortgage brokers that charge unnecessary fees and points, thus costing buyers more money overall.
Flag Thu Feb 27, 2014
The agents at NACA are rude. i have been hung up on twice!! i always get an agent with atiitude. the last agent sounded like she didnt want to be bothered. after the agent hung up on me, i called back and asked for a manager. i was kept on hold for at least 20 min. i asked to have the supervisor give me a call back. i never heard from anyone. i have spent months faxing documents. they said the documents arent clear. Total waste of time!
0 votes Thank Flag Link Fri Feb 14, 2014
naca requires a lot of work on the part of the buyers they help if you have the time to stick with the requirements they can help yuou save a lot of money plus you may get first look at some reo properties.

kawain payne, realtor
0 votes Thank Flag Link Mon Oct 7, 2013
R. Wright. You took the words right out of my mouth. Anyone who has had contact with NACA would understand you are speaking the TRUTH. I attempted to purchase through NACA and I can't get those 8 months of my life back. Ray Malcolm is clearly delusional.
0 votes Thank Flag Link Mon Oct 7, 2013
Hello Monaj12000, I'm far from delusional. Whatever issue you had/have with NACA is your own and not 'TRUTH' as you put it. I more than know what I'm talking about. I not only closed my home loan with NACA, but I'm working with NACA clients whereas 1 is closing in 2 weeks and 4 more in contract.
Flag Mon Oct 7, 2013
NACA is headquartered in Boston, not Washington, D.C.
0 votes Thank Flag Link Thu Aug 29, 2013
what is the number naca headquarters in washington?
0 votes Thank Flag Link Thu Aug 29, 2013
NACA is terrible!!! Enough said....
0 votes Thank Flag Link Wed Aug 28, 2013
Of course you would think they are terrible, they are your competition. Can you offer a no money down, no closing costs and the ability to buy down interest points to zero with any loans you broker? I would say, no.
Flag Wed Aug 28, 2013
R. Wright, you are being very general based on your experience with 2 clients. I feel compelled to talk about my experience with NACA, for which I am recepient of their program. No organization is perfect. You're experience is dealing with the 'Home Save ' program; which wasn't the basis of the question this thread was dealing with. However, I know clients that have has success with NACA's 'Home Save' program. My experience with NACA doesn't mean to say they are without flaws. And your experience with NACA doesn't mean they are totally flawed.
0 votes Thank Flag Link Mon Feb 11, 2013
Hello R. Wright,
The $50 fee that used to be charged to members is no longer charged and is actually paid by the participating lenders. However, when the $50 monthly fee was charged (which was for 10 years), that money went into a pool that would be used to help members pay their mortgage should they fall on any type of hardship that caused them to miss payments. So, if that plan wasn't 'pro-homeowner', I don't know what is. Also, attending events for 5 years is just a means of volunteering. A way to give back. After being able to get a mortgage with no money down, no closing costs and the ability to buy down the interest to practically 'zero'; 5 years of vounteer service at NACA events is a small price to pay.
0 votes Thank Flag Link Sat Feb 9, 2013
My friend had to pay a $50 membership fee- but it wasn't a monthly charge.
0 votes Thank Flag Link Sat Feb 9, 2013
Hello Ray. Did you notice the fees that NACA are charging? $50 a month membership fee, which could be several months. This is a rip off for any alleged pro-homeowner organization to charge that high a fee for services which are traditionally offered free by non-profits. As well, events have to be attended for 5 years. That is ridiculous.
0 votes Thank Flag Link Sat Feb 9, 2013
@ R. Wright,

Did you mean to type 'fees' instead of 'feed'? If so, what 'fees' are you referring to?
0 votes Thank Flag Link Thu Feb 7, 2013
As you probably realized the feed associated with the loan is ridiculous. Makes you wonder if they are a for profit or non profit ?
0 votes Thank Flag Link Wed Feb 6, 2013
which are?
Flag Mon Dec 2, 2013
I've had both good and bad experiences with NACA. The thing about it is that I can say the same for the sales I've done when going through traditional means. I think it comes down to each individual situation. The descriptions below are pretty accurate but in my experience if you stay on them you'll get priority service but you and/or your agent really have to make the effort to be diligent about it. Before you count them out, I would suggest you attend one of their info sessions and have a list of questions prepared when you go so you can clarify anything that you're not sure about. NACA may or may not be the right thing for you and your husband but you won't know for sure until you investigate further.

I wish you the best with your quest for a new home :-)

Looking forward,

Christine Gordon
Licensed Real Estate Salesperson
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
0 votes Thank Flag Link Tue Feb 5, 2013
Thank you! this helps on my situation
Flag Thu Dec 18, 2014
If you are hesitant abaout NACA, and if you haven't done so yet, why not visit with any licensed loan officer(s) first and see exactly what options you may have....
0 votes Thank Flag Link Mon Feb 4, 2013
Hello ,

I recently closed on the purchase of my house through NACA; and I also work with NACA clients to find a home in which they qualify for. NACA is a good program because there is no money down, no closing costs and the interest rate can be bought down to as low as 0.625%. Those factors alone make NACA better than any mortgage instrument in the industry. However, like you menitoned with the purchase of single family homes, there is a purchasing limit on the type of home (1_4 family) one wants to buy. The purchase limit is basically being used as a way to protect the buyer from overextending themselves on the home purchase in regards to the monthly mortgage payment. The $50 a month fee has been discontinued and is now picked up by NACA. Customer service is not the best, but it's serviceable for the short time you have to deal with the qualifying process. Also, the long periods usually depend on the individual(s). NACA does not qualify buyers like regular banks/lenders. NACA does a complete financial evaluation to determine how much house you can afford based on your income and expenses. The end goal for NACA is make sure the buyer does not default on their loan. I hope this information has helped you.

Kind regards,
Ray Malcolm
Prestige Home Sales
ph: 718-928-5915
0 votes Thank Flag Link Mon Feb 4, 2013
Greeting Malcolm, I'm intersted in using NACA to purchase a home hopefully in the near future. I've read some of the blogs and it's been very discouraging as I am one who may not qualify immediately. Are there words of wisdom that you can offer, so I don't feel so blind in my approach. I will be attending a NACA event here in Atlanta on the 22nd of March, and I really don't know what I'm facing.
Sincerely,
Bill Johnson
email: yankheart83@yahoo.com
Flag Mon Mar 10, 2014
No, I did not have a hard time finding a seller open to NACA. Like any other sale, the seller is mainly interested in knowing the buyer has a loan in place and will close the deal. The type of seller that may have an issue with NACA are investors that are flipping houses. NACA will usually scrutinize these type of sales due to the shotty work of some investors when flipping a house.
Flag Tue Feb 5, 2013
Did you have a hard time finding a seller who was open to NACA?
Flag Mon Feb 4, 2013
They are based out of NJ and provide financial assistance and guidance to first time home buyers. I can only speak from my experience but I find their process painfully slow, which can kill a transaction easily. Be prepared to spend many hours with them on the phone or make personal trips to NJ to get a response to your file. I wonder if it's worth the savings. What was your husband's client experience?

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
http://www.jnationproperties.com
0 votes Thank Flag Link Mon Feb 4, 2013
He said the guy had a great experience. It took 3 months. There are things I'm reading about it that I don't like.
Flag Mon Feb 4, 2013
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