Bumping this thread because there’s a guy in my office who’s interested in buying a home and I remembered this topic.
@livin4hockey any updates since 2015? You still in the house?
Man. I am so glad I did the first homebuyer’s club through M&T Bank when I bought my home in 2015.
Stayed 5 years and 1 month. I don’t have any regrets about it because it afforded my wife and I the chance to own a house when we really were only one one income at the time. Yeah there were headaches along the way in the process but in the end, at that time rates were around 4% and we were able to buy ours down to 1.75% for essentially $11k all in (that’s deposit plus what we brought to close). Once we had the few items re-inspected that we were required to address as a condition to buying the home, which was within just a few months of closing, I basically never had to deal with NACA again until time came to sell. They put a “silent” lien on the house when you purchase through them but this was not an issue to get released when we put our home up for sale.
So we lived comfortably for 5 years and saved enough to go the traditional mortgage route on our current home, which we bought during the middle of 2020. I think everyone is going to have a different experience with NACA because there are so many factors in play. But I felt that I could walk away satisfied with what we got out of the program.
Edit- just added a few more details above
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I’ve been looking for this and can’t see that it’s still available. It was such a good deal. I didn’t mine through First Niagara.