Mortgage

NACA?

Anyone have experience with NACA (Neighborhood Assistance Corporation of America) for home purchase mortgages? They have the best deal around that I’ve seen but I haven’t found any reviews of them. I’ve heard they take a long time and are a bit disorganized, but that’s OK with me as long as the mortgage terms are…

by Leftoversandlaundry
08/13/2010

Anyone have experience with NACA (Neighborhood Assistance Corporation of America) for home purchase mortgages? They have the best deal around that I’ve seen but I haven’t found any reviews of them. I’ve heard they take a long time and are a bit disorganized, but that’s OK with me as long as the mortgage terms are good and solid. Anyone have thoughts on NACA?

Mortgage

Comments

  1. My wife and I purchased our 3 family from NACA. Going through NACA is basically like having a second job. We went into the office with all of our paperwork set up meticulously (they have been using our binder as an example for years now) and it still took us about 8 months of daily phone calls, emails, and follow-ups.

    I would caution on houses that need repairs. Contractors willing to work with NACA are VERY few and far between. NACA will not approve a purchase that needs repairs until you have a contractor with signed bids on the work to be completed. Amazingly frustrating, but a great deal if you can pull it off.

  2. Send me contact info at housereno at earthlink dot net. I’ll put you in touch with my son, who bought his condo through NACA a couple of years ago. Frustrating but financially worthwhile.

  3. Thanks for the responses. I’m aiming to purchase 3 family that would need simple cosmetic upgrades. I’ve come across lots of people ranting about their personal struggles trying to refinance with NACA, and I have no doubt that possibly losing your home is not something to be patient about. But since my situation is different–I’m looking to purchase, I’m not in a rush, I’m wondering if anyone’s had success with NACA to purchase a home?

    I do appreciate the suggestion of a back-up plan, a good idea for sure. My thinking is that since NACA doesn’t require closing costs that means we could save upwards of 20k plus 30years interest on that–as opposed to going thru a lender w/o the middleman. I’m still convinced that’s a better deal than rushing to close with an expensive lender negotiated all by my onsies.

    Can I get your honest opinion–am I just rationalizing to convince myself of something too good to be true–or does going with NACA make sense to anyone else?

    And if a better option is to find a mortgage broker–any ideas on what kind of deal they can get you?

    Thanks in advance for your thoughts!

  4. I know a lot about NACA if you want to message me. I went through the process and got approved which took 8 months but then ultimately couldn’t use them because I bought a condo conversion and they didn’t approve the building. They do offer a great deal but the headaches and run around really aren’t worth it in my opinion. I would advise having a back-up plan if you try and use them. They also prefer to close houses and not co-ops/condo’s and they don’t do many deals in prime Brooklyn.

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