Home Buying in Atlanta>Question Details

Mrs. Burnett, Home Buyer in Fairburn, GA

I'm going through the process now and it is a little frustrating. What other programs can you use with that interest rate and no closing cost.?

Asked by Mrs. Burnett, Fairburn, GA Wed Sep 19, 2012

Going through NACA 4 months.

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limitedtrack’s answer
Don't do NACA. It will take longer than six monhs to get a phone call from you counselor. I asked the NACA realtor that gave out his his cards at the first meeting, the number of NACA members that he had closed. He neve responded.
0 votes Thank Flag Link Sat Sep 22, 2012
NACA will likey steer you away from fixer uppers. Especially if it is an FHA loan. They want to be sure you'll be able to stay in the house long term vs going broke fixing it up.
0 votes Thank Flag Link Thu Sep 20, 2012
Thanks for the feed back. I'm just wondering once approve will we be able to move in a new home or does it have to be a foreclosure. I just don't want to get additional mone to fix up. How long do we have to payi the NACA monthly fee
0 votes Thank Flag Link Thu Sep 20, 2012
Much of the costs are being covered so patience is a small price to pay.

0 votes Thank Flag Link Thu Sep 20, 2012
It sounds like you are on the home stretch; don't give up! One of my clients used the GA Dream program. By the end we were calling it the GA nightmare program. Hang in there, the rewards of home ownership vs renting are well worth the short tern hassle!
0 votes Thank Flag Link Thu Sep 20, 2012
As a separate answer to keep the other one looking like a book, with regard to closing costs, NACA bumps your rate up from their normal pricing and uses the commission from the bank to pay your closing costs. The higher the costs, the higher the rate. I wonder if NACA covers this in their seminars. The term "no closing costs" is actually misrepresentation. If they are promoting no closing costs, it has to be one of two things: they are not charging fees and neither is the attorney, the appraiser, the state of GA, the county and city tax department, and/or the association, OR We, the taxpayers are paying for it and if you are working, that includes you, the tax payer, which means, you are paying your own closing costs indirectly.
0 votes Thank Flag Link Thu Sep 20, 2012
NACA is subsidized through the government, so their rates are lower than everyone else. Everyone else believes in using less government tax payer money to do loans.
I just answered a question for someone who contemplated NACA or a company like Rodney's. Here's my answer, and Rodney, I hope you don't mind me using you in the example: NACA offers rates, typically 1% lower than other banks. Rodney will most likely give you a loan with competetive rates. FHA requires that you carry mortgage insurance (MI) in case you default on the loan. Over time, the MI payment drops down to barely anything.
NACA, on the other hand, does not have MI. Instead they charge a monthly membership fee that does not reduce over time. Do we pay an interest only payment for the mortgage on FHA and NACA loans each month? No. We pay a full mortgage payment each month. The NACA rate plus the fee as a payment is more than a higher rate with MI, over time. In the example I gave, NACA borrowers paid the same amount of money over 30 years that a bank offered using a higher rate. The difference? Rodney offers much better personal service than any government agency out there!
0 votes Thank Flag Link Thu Sep 20, 2012
I don't know what the NACA interest rate is, but all mortgage loan programs have closing costs.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Thu Sep 20, 2012
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