I work as an assistant to a previous NACA rep that now is a real estate agent. It takes our clients that use naca about a year to close. Most of them have to suffer until the closing date; but they still send us a lot of people because NACA is the only hope they have to ever buying a home. Many are always willing to give references. NACA is for those that are willing to pay the price in hard work and perseverance as well to repair their credit.
Some of our sellers don't like NACA because of the unpunctuality but they still deal with them because despite the loooooooong time they take, NACA is a sure thing for those that persists and do all the dreading things they ask for (lots of documentations and paper work.) Some seller send us people because they know that we can help them pass the NACA challenge and also willing to give references.
For us as a very small real estate office using NACA, we are unable to make a decent profit since naca has a lot of limitations. It takes a lot of work to be qualified by NACA. Most people don't want to do the work or don't have the time to get their file and all together. Anyhow, buying a home is not easy, even if you have a lot of money and can buy cash. We call most of our clients frequently, help them in every thing including cleaning their credit; we take them by the hand.
As for now we are restructuring in order to be able to help people and make some profit. But we will offer more alternatives to NACA for our clients. Also, most people that use naca is because of imperfect credit or they want no down, no closing cost and a very low interest rate. That is the very good part of the deal. Most people are very skeptical until they move into their new home or see their friends into one. They often say, if they can, I can. If you ask around you will find someone who bought with naca no far from you.
I do think that NACA does not take care of its employees. They are overworked and sacrifice their family time. They have a high turnover. The paid may be average considering the large hours they give.
Good luck in buying a home. If I could be of any help contact me at email@example.com
One big ole meds theses people are!!!
I can tell you that everything was not perfect in my experience. There were multiple problems during the process. But in talking to friends, neighbors and family members who bought homes over the past year or two; I discovered most of these were not unique to NACA. Though there were plenty of things that were. I won't bore you with them here, but most of them were related to communication and paperwork. But looking back on it all, I'll likely use NACA again. But I will come at it with a much more solid plan and be prepared for the realities of how the program works.
In the way of background; I have a good job, good credit and I had a small bit of money in the bank. I was looking for a reasonably priced home in a good neighborhood. It took some time but I got exactly what I was looking for. My house is new, in a small single family neighborhood and close to work and entertainment. NACA didn't care what I bought as long as it fit my maximum purchase price and was in their territory. Which in my case, was pretty much anywhere I wanted to go in the tri-county area.
Those who say NACA is the "middleman" are right. But so are the commercial mortgage companies, the USDA, the FHA, the credit unions, the online mortgage companies and local bank branches. No one simply goes into the back room and brings back a bag of cash to let you go buy a house. That's why they're called mortgage brokers. There are tons of them, but at the end of the day, there aren't that many banks that actually hand out the funds. So the rage over the fact NACA gets funding from banks is a false argument.
As to the issue some will raise about the information NACA gathers; again if you do the research, you'll learn NACA doesn't gather any more information than the other mortgage lenders. In fact, if you have a credit card or a even checking account at your local bank, it's likely those companies have just as much information on you. Probably more.
Also remember, every local NACA office is different. Some are well staffed some aren't. Some have extremely friendly, hard working people. Some don't. Some can get you in and out fast. Some can't. My local office isn't in the best part of town and their original place was a little shabby. But so what? It's no different than any other service oriented place you might choose to do business with. And once I closed on my home I didn't have to go there anymore.
Also remember NACA will only let you buy what you can afford. They will make you formulate and stick to a budget and save the money you need to make your mortgage payment. And if you don't have the financial ability (not necessarily credit score...) to purchase a home, you can't use their program. But if a bank, credit union or commercial mortgage company is reputable they won't take you either. But the difference is that NACA will work with you to get everything your credit in better shape, establishing a pattern of saving, helping you pay down your debts and only then will you start working on finding and purchasing a home. That takes time no matter what. Meanwhile, the other companies will laugh you out the door and warn the other companies around town about what a deadbeat you are.
And no. I don't work for NACA or anything that's related to them. I wanted to buy a home. I wanted to do so at a price I could afford. I did my research, asked around, went to workshops and decided to give it a try. If I backed out, I was only out the few dollars it took to join NACA as a member and the money for the credit report.
Over a year later I'm still in my home. I have a conventional 30 year, fixed mortgage. It comes from the same bank that a lot of people use everyday. These days I try to get friends and family to listen to my experiences when they decide to buy a home. None will listen. None will visit their local NACA office. Why? I can only speculate the whole experience of how (and why...) NACA works is so different, so out of the norm to "the way it's always been done" that it's simply too uncomfortable for most people.
And that's fine. Not everyone likes, understands or can stomach the program. I almost couldn't. My realtor definitely couldn't. She started bad-mouthing my decision so we parted company and dealt directly with the seller directly. I then made sure to stay in contact with my NACA mortgage counselor.
In the end it worked for me. It MIGHT or MIGHT NOT work with you, but you should really investigate for yourself because NACA is so weird and different, you will mostly get conflicting messages online.
I am a potential buyer who first found out about NACA 3 years ago from a friend who had a friend that had used the program. It is not a scam, it is a program that has made a positive name for itself. I immediately worked to get qualified with NACA but haven't bought a house because I simply have not found anything that I like. I have been in contract for 3 properties with NACA as my mortgage financing but the deals fell through for one reason or another.
The thing with NACA is that it takes a lot of time and patience to get all the paperwork you need to get qualified. And you have to live within a budget. Additionally there is alot of turnover there and the workers get swamped with mortgage applicants and modification requests....like I said i've been dealing withthem for 3 years!
You are also limited by NACA on how much you can spend for a house. The amount depends on how many units. Check the website for info http://www.naca.com
I'm still psuedo looking for a house witht he intent on using NACA. While it can be a huge headache sometimes, I think the benfit of no down payment, no closing cost, and no PMI are well worth it. Good luk!