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fullofvirtue
09-05-2005, 06:19 AM
Has anyone heard about or been through a progrm called NACA which is supposed to help with buying a home. I would greatly appreciate any information or comments.

curl e locs
09-06-2005, 01:03 PM
Yes girl I have heard of NACA. I will assume that u know what NACA is about. My best friend's mother went thru NACA and did indeed purchase a home...it took 3 years!! The other side of this story is that she kept dipping into her savings so this caused the process to be prolonged. So I deceided to go thru NACA. I had already worked on my credit issues before coming in. I already had established a savings plan. My issues with NACA was that they did not want to count child support unless you had been receiving it for a year. They wanted to count student loans eventhouh mine were defferred and they wanted me to wait an additional 6 months or pay off a repo. (why should i pay it off when it would drop off!!!). They basically want all debts paid off.. why because they get a lot of people who make payment plans, don't honor them, have they checks garnished and can't pay their mortgage.. thus asking NACA for help in not loosing there home. I basically felt that this was strange since NACA professes to help those with bad credit etc... So needless to say I went thru a regular finance procedure. Yes I pay a higher interest rate than what NACA was offering.. but I still have a house and I will be refinancing in the future. Hope taht this info is helpful. This was just my experience, NACA may be a good way for u to get a really low interest rate if u do not have many credit issues and a good savings plan. Good Luck. :)

fullofvirtue
09-07-2005, 01:01 AM
Thank you,

I actually don't know much about NACA. A friend of mine told me about it after hearing information from a co-worker. She wants me to attend a seminar with her out in LA because there is none here in San Diego.

Just wanted to know if it'd be a waste of my time because it seems alittle to good to be true.

I am a single mom of a four year old. I would love to be able to purchase a home for us on my own. The child support doesn't come in regularly but thankfully I have a good job and am furthering my education. I guess what I would really have to work on is saving.

nappdiva
09-07-2005, 04:45 PM
I am currently in the budgeting process with NACA. I went to their workshop here in NYC back in May. I hope to get a Townhome or Condo by next summer.


My girlfriend told me about this...she works for Bank of America in Atl. She started last year and closed on her townhome July of this year!

I'm saving...hope to get a good bonus and xmas cash this year. All of that is going into account for savings.

China
09-07-2005, 06:20 PM
Wow, this topic is right on time!

I go to my first meeting on the 17th. :) My girlfriend just got started in their program. Her sister and her husband purchased a home through them about 4 years ago, and the process took less than a year.

Why am I so excited? lol

BlaqEmpress
09-07-2005, 06:28 PM
I tried to purchase a home through NACA, went through the credit process and everything, only to have them come back and tell me that I could only afford an 80K house. Ummm...there are too many (if any) houses here for that price. And if I were to find a house at that price, i'd have to drop another 30-40K in an effort to make it habitable. I knew what we could afford, and that turned me off. I knew that we could clearly afford a house worth more. SO...in the end, we found a new housing community and had a house built there. The interest rate was great, and we got down payment assistance from FTB programs and other programs

seek_first
09-08-2005, 03:32 AM
http://www.nappturality.com/forum/index.ph...c=43123&hl=naca (http://www.nappturality.com/forum/index.php?showtopic=43123&hl=naca)

blaqdredhd
09-08-2005, 07:49 PM
I tried the NACA thing a couple of years ago but I was not impressed. The program seems to have worked for several others but it just wasn't for me. The seminar that I went to had a lot more to do with Ford charging high interest rates on loans to African Americans than anything else and how they needed our support in stopping companies like this.

The other thing that made me scratch my head was that the person who was leading the seminar had been working the NACA program for 7 years and she still didn't have a house. The third thing that really threw me for a loop was the credit process. I think the guy they put me with was a little unexperienced. He pulled my credit report and just read everything to me and asked me how it got there. After about 30 minutes of this, he gave me a paper with the 3 credit bureaus phone numbers and told me to call them to get the duplicate items removed. Afterwards, I asked him what my next step was and he said, "We will see when we get there."

I guess I was looking for a bit more structure than I was offered and how can someone lead the seminar if the program hadn't "worked" for them yet?

:dunno:
Beats me. I am not bashing NACA at all because I have heard of others that the program has benefited. It's just not what I was looking for as far as help was concerned.

China
09-08-2005, 08:49 PM
Originally posted by seek_first@Sep 8 2005, 02:32 AM
http://www.nappturality.com/forum/index.ph...c=43123&hl=naca (http://www.nappturality.com/forum/index.php?showtopic=43123&hl=naca)

989818


Thanks for the link! I am literally counting down the days until the first meeting now. I'm so excited. :D

fullofvirtue
09-08-2005, 11:35 PM
I am greatful for the other link as well. thank you!

alysimone
09-13-2005, 05:48 PM
i just registered for the seminar on the 23rd...does anyone know what the 5 required NACA actions or activities are that you have to take part in after you close....reading that part of the website freaked me out a bit

yome
09-13-2005, 05:54 PM
Does anybody have a link to NACA's website or how to contact them? What does NACA stand for?

alysimone
09-14-2005, 05:55 PM
naca.com

China
09-14-2005, 08:12 PM
Originally posted by alysimone@Sep 13 2005, 04:48 PM
i just registered for the seminar on the 23rd...does anyone know what the 5 required NACA actions or activities are that you have to take part in after you close....reading that part of the website freaked me out a bit

996548


I'll let you know after I attend the meeting this Saturday. :) They called yesterday to remind me of the meeting. I wanted to say "Do you know how prezzed I am to attend? I wouldn't forget this!"

fullofvirtue
09-21-2005, 05:06 AM
Originally posted by alysimone@Sep 14 2005, 02:48 AM
i just registered for the seminar on the 23rd...does anyone know what the 5 required NACA actions or activities are that you have to take part in after you close....reading that part of the website freaked me out a bit

996548



The 5 required activities include things which will the word out to others about NACA such as telling about your experience to a new seminar group or handing out fliers.

By the way, the seminar is just a basic overview of what NACA does. After the seminar you make an appointment with a NACA rep to go over your credit history and score. It sounded like a good deal to me because I am a single mother who has to do all of this on her own. Any little bit helps.

alysimone
09-26-2005, 05:20 PM
i went to the seminar yesterday and was very impressed, except that the no down payment thing doesn't apply to condos/coops, which was the route i was thinking of taking...i'll figure out if i still want a condo after i meet with my housing consultant... but so far so good..

China
09-26-2005, 06:08 PM
Originally posted by alysimone@Sep 26 2005, 04:20 PM
i went to the seminar yesterday and was very impressed, except that the no down payment thing doesn't apply to condos/coops, which was the route i was thinking of taking...i'll figure out if i still want a condo after i meet with my housing consultant... but so far so good..

1012355


It looks like we're in the same boat.

Anyway, my meeting with the HC is on the 4th. When's yours?

alysimone
09-27-2005, 08:41 PM
haven't scheduled it yet...i gotta get all those papers scheduled first , will probably be 2nd or 3rd week of october...

LelaDada
09-28-2005, 03:03 PM
I was thinking about the no down payment option, I qualify, but it scares me because it sounds too good to be true. What am I getting into with this no down payment ? What am I paying then?

curl e locs
09-28-2005, 04:15 PM
I just wanted too add from my earlier post that yes NACA offers no money down, but so do other conventional loans as long as your credit score is above 500 (I think). I tried to go thru NACA but they wanted u to jump thru too many hoops and for me it was taking too long. I went thru the conventional loan process and got 100% percent financing, no money down. The best thing in my opinion that NACA has to offer is the low interest rate. Also If the person u are buying from will pay some of the closing costs, then this goes towards buying down some of the points. LelaDada, don't be scared girl it's really true no down payment, no closing costs etc.