Home Buying in Arvada>Question Details

Kathy, Other/Just Looking in Arvada, CO

Everyone on here has helped me greatly. I have one more question. Has any real estate agent here checked out naca? Is it legit? What are the details?

Asked by Kathy, Arvada, CO Sat Jan 8, 2011

9 News interviewed them but really seems to good to be true. I just want honesty before I go threw there three hour seminar. Thank you in advance, Kathy

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Kathy, I have had a few clients that have tried some of these programs and I just haven't heard of any successes. It's probably worth the 3 hours for you to see what they say but don't gt drawn into something that's going to cost you any money at all and be careful.
I still think that your best bet is to get in touch with a good, quality lender who has the capability and technology to do a rapid rescore for you. So, in other words, they'll pull your credit and look at everything. From there, they can simulate what your credit score would increase to based on having you pay off a couple of things or pay down something. After you do it, they can do a rapid rescore and usually your score will change with the credit rating services within just a couple of days. I had a client pick up 20 points by paying off a $300 credit card. That's huge.
The company that did that for my client was Colorado Mortgage Alliance in Arvada. The lender is David Thomas and his number is 303-467-7676. It's worth a 15 minute phone call and may save you the 3 hours of frustration. Let us know how things turn out.
1 vote Thank Flag Link Sun Jan 9, 2011
HI Kathy,
My only dealings with NACA is when my team and I went to their loan modification expo. They do these in order to "help" people save their homes. Well, what we found were lines of hopeful individuals standing in the rain, desperately wanting answers and only getting more frustrated. We saw disorganization. We saw disappointment after some folks had been there for their 3rd day only to be told that can't be helped. This particular event drew over 40,000 people and they were in no way capable of handling this crowd.
Honestly I don't think they help as many people as they make it seem. I don't know about their loan side, but if I were you I would google them and you will see all kinds of comments that may help you better understand them.
Best of luck!

Micki O'Toole
Seven Gables Real Estate
1 vote Thank Flag Link Sun Jan 9, 2011

One of my clients worked with someone that was able to take advantage of this program. Based on their explaination of the program, it seemed confussing and I still don't understand how they are able to offer what they do. It almost seems to good to be true. If you are looking for a program that offers down payment assistance, I would highly recommend CHFA (Colorado Housing and Financing Authority). I have several clients who have purchased a home using this program. Here is a link to their website: http://www.chfainfo.com

Good Luck!

Leslie Heldenbrand-Monaco
The Kentwood Company
Web Reference: http://www.LeslieMonaco.com
1 vote Thank Flag Link Sun Jan 9, 2011
I referred a client to them once. They talked a real good game but when you sit down with them there is not much substance. They led the person to believe they could help but after two weeks they confessed it was impossible. Also, they tried to encourage the client to participate in demonstrations that would target bank executives homes and offices. The client was extremely scared. She wasnt the demonstrating type and wanted no problems. Since then I have also seen several interviews with them and they could not answer the basic question, "How many clients did NACA help to receive a Loan Modification?" As for my client, they lost the housee to foreclosure.
1 vote Thank Flag Link Sat Jan 8, 2011
No traditional or government loan can rival what NACA can offer. Their interest rates are WAY below market, there is NO DOWN PAYMENT and NO CLOSING COSTS. The downside, I have heard, is that the processing of paperwork and loans is incredibly inefficient. I helped a family last year who had been working with NACA for 6 months and were still not approved. We were able to get them approved and settled in 3 weeks. Hope this helps. Good Luck!
1 vote Thank Flag Link Sat Jan 8, 2011
NACA is a great program, the lowest available interest rate (ie the same rate the guy with 800 FICO scores is getting), no closing costs, no down payment and no mortgage insurance payment... but they prefer to use their own in house Realtors over outside Realtors...but if you have a preference they will allow you to use whomever you desire. They do not assess your credit worthiness through FICO scores like a regular lender does. They look at your payment history, if you have made regular payments on your debt and have not been late on any one payment for a year they will give you a loan based on your ability to pay that loan off. That is based on your debt to income ratios. There are no limits on income and the loan amount follows closely FHA guidelines. Go to their seminars and listen to what they have to offer. You will not find a better loan package. Just like any program you must follow their rules and submit the information they ask for, be positive they are there to help you. It is a non-profit organization designed to help low income folks purchase a home. I highly recommend looking into it if you have not been able to get an FHA loan or even if you can. The loan you get from NACA will knock the pants off any FHA loan. By that I mean I guarantee your payment will be less than the same loan under any FHA program. Go to http://www.naca.com it is not a scam, it is the best loan program around, how long it takes to get a loan depends on you...
0 votes Thank Flag Link Sun Jan 27, 2013

I am familiar with NACA but have never closed one. My last closing was with clients who were completely frustrated with a NACA transaction that failed and they were not happy with their NACA assigned agent. I have heard nothing good about NACA. Long convoluted process and often without good results. There are other quality programs available for buyer assistance such as Chafa, Chac, etc. Good success with your purchase. Let me know if I can help you further.

Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
0 votes Thank Flag Link Sat Jan 26, 2013
Hello, Had a listing that was purchased through NACA. It was a long tedious losing battle as the appraiser was called in from an outside area(appraisal came in way below fair market value). We did close but my Seller was not very happy with the very excessive time frame and the "squeezed out price" he sold it for. Am sure the Buyer is happy though. Allan
0 votes Thank Flag Link Fri Jan 21, 2011
Kathy - I am curious what you have decided to do? Did you go to the seminar?
0 votes Thank Flag Link Fri Jan 21, 2011
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