NACA for mortgage. Anyone know about this?

So this program has:
4.5% mortgage rate (fixed 30 yr)
No down payment
No closing cost

Am I missing something? You have to take a class and go through some steps before getting this, but I wanted to know if anyone has heard about it or had any first hand experience. I was referenced by a friend who was going to do it, but due due to timing and trying to get the 8k rebate he couldn’t do it.

Has some odd requirements. (have to volunteer with the program like once a year or some shit. And live in the house while the mortgage is through them) But nothing crazy.

I’m going to do more research, but if anyone has any info, I’d appreciate it. Almost sounds to good to be true.

Kind of mixed results there, but you have to consider a lot of people on forums like that are there because they have completely blown up their credit and are working to rebuild it.

its a cult, they brain wash you and eat your kids


Their site definitely has that “coded by a brainwashed cult member” vibe to it. Then again most not for profit companies have the same shitty looking sites.

if your decent is good look at the first time home buyers club offered through hsbc / m&t


decent = credit?

I have good credit, and make good money with a stable job. I know I could get a mortgage through HSBC but the thought of no closing costs makes me wet in the panties.

---------- Post added at 04:22 PM ---------- Previous post was at 04:19 PM ----------

Read through that. Thanks. They definitely seem to have credit issues which I don’t have. So I wonder if I can have too good of credit for this.

Doesn’t seem like anything out of the ordinary. My step-dad is a real estate agent so when I get the chance I’ll ask him about it. (We don’t talk often) I’ll see what the class is all about and get into it. Just surprised with all the home buying on here that no one has used it.

I got a 2.75% mortgage through them. That is all I can say good, it is a huge hassle with limited follow through from them or their lawyers. Everything has an excuse for why it cant be done on time. I put in an offer on a house at the beginning of September, and didn’t close until December 17th

It is not a class, it is a look at us and how great we are seminar. You can have good credit as I do and went through the program. I would call it reduced closing costs as it cost me about $5000 to close (I bought down the interest rate and prepaid the taxes though, you do not have to do all of that).

So how much did it really save you overall?

2.75% is nuts. Probably worth the hassle anyway.

++ 2.75 is a unbelievable interest rate

Yeah, it was worth the hassle, but also remember that I paid a couple of G’s to get that rate. My initial rate was 4.15 or something and I bought it down.

I am still unhappy and feel that I could have done better elsewhere.

if you can get a 2.75% interest rate on anything, you should take it and run.

If you are looking for a low down payment solution, FHA loans are good.

You can still do home loans with no down payment?

I talked to my step-dad and he gave me some good questions to ask these guys.

Also, this isn’t limited to foreclosures only, is it?

No, You can buy just about any house with it.

One important point is the inspection, you can not close without either having the contractors hired or ANY issues resolved. IF you do go this route, I will hook you up on the inspector.

Man not too long ago my 5% was a killer deal haha.

Anyone else on this?

Can you buy a house in Amherst? The upper limit for a home is $362k I think, but there are also location limitations.

You can buy a house anywhere in in western new york. I am not going to go bashing them but lets say that at this point they may hide if I walk into their office. I did get a good rate, but be prepared to be dicked around.

I looked into this pretty good when I was shopping rates and I decided that waiting a year isn’t worth the rate savings that I would be looking at. I had been looking at houses for a while so I already knew what I wanted. I went to my credit union, they threw a 4.25% rate at me for a 30 yr fixed. I shopped around some more…Key bank threw a no PMI loan at me (basically was an in-house PMI), but there rate was jacked by 1/2% making a 4.75% rate.

Pretty much all the other banks were around 4.25% at the time so I went with my credit union. I took an FHA loan which means I can drop PMI in 5 years using roughly 4% down payment on the whole loan of $90k.

In the end, I am extremely happy and after seeing the classes that are needed, the lack of phone calls back/run around that was given by this program, it was enough to steer me away. Just my opinion, dont hate me.

I dunno man, 0% interest on a 30yr loan is worth the hassle I think.
Thanks for everyones input though.