@tpgsr, how’s your co-worker making out in the process? I went to a meeting earlier this month, started paper work, and am currently waiting for my first counseling session to get scheduled.
He is mostly through it. They had approval quick and went house shoping. They found a house and have been being pushed around by the “HAND” department. There are issues that NACA wants fixed and the homeowners say no. It causes a stopping point. If he had only listened to me and used my inspector.
Good to know, thanks. I know at the meeting I went to NACA says you can choose your own home inspector but they must be approved by NACA. I’m not sure what goes into the approval process but I know when the time comes I’d rather have someone I know doing the inspection as opposed to someone NACA just assigns to us. I’ll have to get your inspector’s info at a later date.
Lets bump this a bit. My lease is almost up (well i have enough time for this to possibly work) but I just had a couple questions. I did the first class video thing Saturday, but…obv didnt share everything.
First - Their website still has the 50$ a month membership requirement on top of the 20$ a year. The website is completely different then the paperwork handed out. There is no mention of the 50$ a month fee anywhere, and the 20$ a year thing was explained as you dont have to pay it after you have the mortgage. Can anyone shed some light on this one?
Second - Selling the home if I want to after a bit. I know I cant move out if the mortgage is still a NACA mortgage, but have any of you that have done this gone through the process to get the lien release to be able to sell the home or get a different mortgage?
Third - The 5x a year volunteering…how bad can that be?
Last - Time isnt an issue for me. I really am not in a huge hurry since i just had surgery and cant do much anyways for a while. I am completely ok with waiting but can you give any advice on what to do to speed up the process?
Thanks and if its easier, send me a pm and talk that way or ill give you my number to text/call if itd be even easier.
I can say this, I went to the workshop at the beginning of September and left a little unclear as to what my next steps were regarding getting a meeting set up with a counselor. So I set up my online account after getting the e-mail with my ID and password (shouldn’t be more than a week before you get that info) and I found it much easier just to e-mail all the document submissions instead of uploading them since their online format sucks. I got confirmation that all my paper work was good so then I figured I would wait for a call to get an appointment. About a month passed and I got a call about getting an appointment just a few days later because they had a cancellation. I couldn’t make it so I declined the offer but asked when I could set one up and the earliest I could get one for a 4pm appointment was January. Given mine and my wife’s work schedules, an earlier daytime appointment just is not possible so that’s the best I had to settle for. I suggest once you have your paper work submitted, you call for yourself to get an appointment set up.
To address your concerns, as far as I know the $50 a month payment is gone. I paid my $20 dues and hope to get the ball rolling a bit more after this January meeting with the mortgage counselor. I don’t know anything regarding selling the home with a NACA mortgage. For volunteering, I figured even if I did 5 Saturday morning workshops a year as my volunteer time, that’s certainly doable. And lastly, I’m in a similar situation as you regarding time. I haven’t been in a hurry and honestly have needed the past few months to get some finances in order. But to speed it up I definitely suggest contacting them to make your next appointment as it seems they are booked out quite some time.
I will update this thread in another month or so after we finally get a chance to meet with our mortgage counselor to find out what the next steps are. I’m curious to see actually how much of a home they will qualify us for. I have a good idea of what we’re comfortable spending but not sure how much more (or less) we’ll actually be qualified for.
I just sold my NACA financed home. It caused my lawyer a couple headaches but nothing that slowed us down at all. I believe that he just sent them our executed sales contract and they released their lein on the property. You would have a bank contract if you were refinancing that they could be provided as well.
We never once volunteered in the four years that we owned the property. They never checked up on it and if they did I am sure they would leave me alone as I tore them apart when they botched our closing (see previous posts in this thread).
To speed up the process you need to be diligent with your poaperwork. Have EVERYTHING that they need right off the bat. I gave them:
12 Months receipts for Rent
3 months bank statements ALL Accounts
401K Statement
IRA Statement
2 Months Paystubs
2 Years prior tax returns
2 Years W2’s as a backup
Copies of all recent utility bills and credit card statements (Not sure if they used these, but I had them)
I can’t remember what else I had but the more organized that you are going into it the faster you will be able to go.
I had enough knowledge of the mortgage lending process on the house that I just purchased I was approved and ready to close in 1 WEEK with Wells Fargo. If anyone decides that they have good enough credit and the cash to get conventional financing as opposed to NACA, I can give you the right team at Wells Fargo to deal with. By right team, I mean people that will make you think the banking world is awesome (really it sucks)!
Thanks for the quick replies guys!
I read the same on the 50$ a month fee, that it was gone just annoying its still on the site when my family members are trying to talk me out of it lol.
I have all of that paperwork ready to go. Did that yesterday haha. Since I’m off work now for surgery (with pay) that part is going to be easy. And getting an appointment may be easier since I can do the earlier ones right now.
I’m hoping with my last years rent being at 975$ with nothing included, this process wont be that bad for me.
Still waiting on the email back so i can register (they said wednesday i should have it) but I’ll keep this thread updated as well for my process
Yeah you should hear back around Wednesday or Thursday. Send all your documentation via e-mail (PDF scans or something like that) to the nacalynx address they provide you with. Then follow up immediately with a phone call so they know you want to get the ball rolling. That was my mistake, not calling to set up an appointment for myself. But in the end I needed the few months anyways to take care of other matters first,
Is this still a full point lower than conventional loans?
Remeber guys you can buy down points w any loan if you have the financial backing. I bought my house 7 years ago for 70k w 4.25 30 year. I paid a total under10k to get the keys but half of that was paying the houses bank’s closing costs because it was forclosed. I should have asked how much a point down would cost me. Let’s say it was 5k a point and add that into my initial loan amount for a 0.5% or even 1% loan. I would have bought down a point but I was 21 and just paid 10k… So I was a homeowner but didn’t have any money the first 2 months of living here. Lol.
How are you guys doing?
Just updating for whoever cares, had my initial counseling meeting last week. Paperwork was pretty much all set, took just under two hours and I left with a couple small tasks which I took care of this past weekend. Now awaiting my next meeting to wrap up paperwork and hopefully start the search!
Good to hear. Keep this updated please
Another update on my progress for anyone interested. After my initial counseling appointment 1/12/15, our small task list grew by a little bit with some extra paper work required they had forgotten about. Nothing major, but it took a little while to get employment verification forms turned in as both my wife and I have side jobs and/or have changed employers within the last year. So delays in communication and filling out forms and sending back and forth took a little while, no worries again as I am not in a huge rush. Fast forward to yesterday, we finally submitted everything necessary and were able to forgo our 2nd counseling appointment as they qualified us. Tonight we attended the “purchase” workshop with a small group of other qualified buyers. Took about an hour and 15 minutes to go through the homebuying process, but we are officially paired up with a realtor referred to us by NACA (although we can choose to use our own if we want) and are ready to start our search.
There’s still a long long way to go and the real paperwork has just begun. As I’m sure could be said about any homebuying process, but there are certain things and rules we just will have to abide by and documents to fill out specifically for NACA to ensure everything goes smoothly. Our mortgage counselor even warned us about possible stalls and headaches that may come up along the way. I’ve been pretty patient this entire time and relatively stress-free throughout these past 6 months that have gotten me from my first workshop to this point. I am hoping to be closed and into a home by the end of summer or early Fall. We’ll see what happens and I’ll continue to update my progress. I’m just excited to finally have the green light for looking at houses. Our initial qualification is valid for 90 days but can be easily extended as it wouldn’t take much to renew it now that we’ve been through the process once already. I’m anticipating this happening as my wife and I would like to save up a bit more to buy down our interest rate and that’s going to take another few months before we’re ready. All in all, so far so good, but I feel like we’re not even halfway there yet. The real work is just about to begin, lol stay tuned!
Alright, time for another update for anyone who is following. March 19th (my last post above) we were approved to start looking for homes. I didn’t expect to find something so quickly but sure enough, within a few weeks we had found one we really liked, put an offer in, and got accepted. Home inspection was not too bad, negotiated a few items with the seller to fix, but they would not do everything. NACA is super nit-picky about anything needing fixing. For example, our home has tiles in the basement that most likely contain asbestos material. Even though they show no signs of damage, NACA insists a carpet is glued down over it. This was something the sellers found unreasonable, so we have to get estimates for a carpet job. Any and all repairs must be done by a licensed contractor/business as this is one of NACA’s requirements.
In the meantime, the next step in the process was meeting with our mortgage counselor to lock in the interest rate and sign all the bank paper work. Once again, endless amounts of even more documentation were required and communication turnaround was poor. Nevertheless on April 18th, our amended contract had been finalized and we just had to wait to set up a meeting to finalize the financial side of things. Fast forward to today after the previously mentioned delays, we were finally able to get in and take care of that paper work. So now it appears the last and final hurdle is tracking down contractors to take on the small repairs that need fixing. We need to provided estimates to satisfy NACA and then settle on the ones who we decide to go with for the repairs. These repair costs will then be rolled into the mortgage. Shooting for an end of June closing date so fingers crossed all goes well leading up to that point!
Awesome! Congrats. The inspector wouldn’t just tell you about the tiles and leave them out of the report? Bastard.
nice man! doesn’t seem like that much of a hassle…pretty smooth actually
I couldn’t get a great read on what he was comfortable with letting slide but he did give me some graces so if the worst of it is putting carpet down, I can live with that. The front porch needs some patch work which is actually the bigger headache right now. Being such a small job, it’s been hard finding anyone willing to take on the job but I do have a couple places lined up for quotes in the next 10 days.
Alright, time for another update. So the post-inspection process of getting contractor bids for the short list of items needing to be addressed proved to be the biggest hurdle of them all. NACA has a separate department called HAND that is based out of Texas and you work with them to get your bids approved. However, their online system for uploading bids and registering contractors is nothing short of terrible. For security reasons (they claim) you have to use hard line internet connection to register a contractor. Fortunately, I was able to get one registered after several phone calls back and forth, the contractor ended up having to use their own personal computer from home to get registered.
Seeing as it was nearly impossible and in no way a user-friendly process for contractors to register themselves, I pried enough for NACA to allow me to fax them all the info they required for my second contractor (license, insurance, estimate, tax W9, etc.) instead of forcing the contractor to use their shitty online registration system. I thought I was all said and done, received my approval from the HAND department at NACA and all the paper work went to the bank for final approval to close. Well amazingly, this happened 4 times. Our assigned file reviewer at HAND was clearly inept at his job and made several oversightings, which were flagged one at a time by the bank. This continued to draw the process out even further. We were supposed to close June 29th. In the 2 weeks that followed that date, I was on the phone daily with people from NACA demanding more prompt service. I filed complaints and left messages several times which were never responded to despite that it’s in their policy to return communication within 24 hours of contact.
One other issue we ran into was that there was one item the seller was supposed to address but ultimately did not. Normally, these are addressed with a seller’s credit at closing, but that’s not good enough with NACA. So we had to go out and get one more contractor bid at the last minute. Thankfully, I was able to find a connection to get it done and once again, we were “cleared” by NACA and our file was sent back to the bank for final approval. July 10th, at just past 7pm our file was officially cleared to close by Citi bank. We weren’t able to schedule closing with the attorneys until July 20th, but we finally got it done.
Looking back, if anyone is considering doing this, you need incredible patience and you’ll most likely lose your sanity by the time it’s all said and done. The question that has been asked before is whether or not this is worth it. At the end of the day, I would not have been able to get into the house I have now with the amount I had saved to put down without paying PMI for quite a long time AND probably settling for an interest rate around 4%. Instead, I have no PMI and a rate of 1.75% while putting down less than half of what I would have needed to. So for me, yes this was still worth it. If anyone on here is considering NACA, feel free to post up here or PM me with questions. There are definitely a few specific areas that I can lend some insight to avoid potential headaches that I faced in my experience.
Congrats Mike, hope things are smooth sailing from here on out :tup:
Bump I’m selling a house and the buyer is using naca what is this non destroying wood insect inspection and who is responsiblefor it
WDI is done along with the home inspection (or at least my home inspector did that). Are you flexible on closing date? Be prepared for about 60-90 days to close from the time contract is signed. Whatever work you agree upon doing as well will be subject to reinspection too. If anything is amiss after that, it will delay you further, ask me how I know 
