Jeff Kropp

Jj, the advice of my peers is right on. In the end the only way to find out is to put in a bid and see what happens. You may be pleasantly surprised. In the alternative, all the seller can say is no, then you move on or come up a bit in price. Good luck! - Yesterday, 09:29

jennifer-

This is a garden unit but it looks like the listing was cancelled October 23. Sometimes I call the listing agent and they still can work something out.

Hope that helps! - Thu Oct 30 2008, 09:27

It sounds like the best thing since sliced bread.

Some facts all from the website: The condo limit for Chicago is $275,000, which is a big limitation in many Chicago areas. FHA/Fannie loan limit is $417,000.

Second, once you purchase you pay $50/month "membership fee" for between 5 and 10 years. That is equal to a quarter bump in the interest rate.

Third, it does not appear you can obtain a second loan (or line of credit) which many people need or want.
NACA puts a lien on your home and won't say for sure whether they would subordinate to any future 2nd lender.

Fourth, their published rate for yesterday is 6.5%- this is current market rate for FHA/Fannie for many lenders and NOT one percentage point below market. Paying a point lowers the rate a quarter just like any other loan out there, this is not unique to NACA.

Finally, they do have some great press, but if you google NACA you can read some not so cool real stories on various threads.

Hey, if it works for you I am happy but the devil is always in the details on these assistance programs. - Thu Oct 30 2008, 07:18

I believe that the lenders no longer allow for down payment assistance from non-profits, effectively ending the era of no money down loans.

I'd love for someone to tell me otherwise, I have clients that need these loans still? - Wed Oct 29 2008, 15:20

You won't be able to secure a loan based on military pay if you are being discharged, the lenders will catch that.
You will have to use new pay but you may still qualify you just need to speak with a lender,

Hope that helps! - Wed Oct 29 2008, 09:05

Dan, as the others have pointed out things are crazy right now. One of my clients waited months for a response from the bank on his offer, only to see the listing cancelled. The listing agent finally returned my calls to say the bank decided to sell the home in an auction. Another client got a good deal (about 20% off market value) but then financing fell through. Then the bank selling the home decided to give him financing and we helped negotiate a decent interest rate. The key is determining what the property is worth right now, then making a good offer you can live with, perhaps 15-20% off of fair market value. If it truly is a great deal, don't be greedy as you only give others the chance to outbid you as time drags on. Right after I closed on the foreclosure I live in (11% off list, 25% off market value), I got a call from another bidder who told me I outbid them by $3,000. Another trick you can try is check what the same bank is taking on other homes in Chicagoland. This involves some extensive work by realtor but may be helpful if you get lucky. Good luck! - Wed Oct 29 2008, 07:08