Neighborhood Assistance Corporation of America’s (NACA)
The Neighborhood Assistance Corporation of America’s (NACA) mission is to set a new national standard on providing loans to low and moderate income people and those who are considered to be subprime borrowers. The NACA standard is to provide Prime Loans with the best mortgage services in the country to borrowers who the lending establishment has determined must pay exorbitant interest rates and outrageous fees for the opportunity to own a home.
The NACA program focuses on families who could not access conventional financing, and borrowers that are considered B or C and sometimes D credit. These ratings refer to borrowers who have had charge-offs, collections, judgments, and/or bankruptcies. In addition, NACA borrowers do not have substantial savings and have encountered personal setbacks that require tremendous efforts to overcome.
NACA’s comprehensive approach to its borrowers has made this program an incredible success. Borrowers who would have never been able to obtain an affordable mortgage get the tools and assistance they need for home ownership, and to meet their financial responsibilities for the duration of the mortgage.
The NACA housing services program addresses every aspect of home ownership. This starts with identification of, and outreach to, potential home buyers. NACA has an in-depth understanding of the realities of working people and what it takes for them to become home owners. NACA works with low and moderate income buyers for as long as it takes to qualify for home ownership. NACA then identifies the land mines to home ownership and helps to navigate the minefield of the mortgage process. NACA also provides an ongoing comprehensive post-ownership program. The post-ownership program provides education, individual counseling, and financial assistance to home owners that encounter difficulties making mortgage payments or maintaining their home.
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This is a program that I heard about while I was in Atlanta. It sounded pretty good to me. They basically walk you through the process on buying a home. A friend of mine who went through this program told me that the only thing he would advise when going through the program is to get everything in writing (just like anything else).
My mother and i would like some more information on how to get started.
Comment by alietra davis | July 11, 2007
i would like to know more.
Comment by alietra davis | July 11, 2007
Just click on the link within the post to visit the site.
Comment by Duane | July 11, 2007
Good Program but VERY poor customer service. They have a revolving door of credit counselors and non-responsive staff members. Use the compliant form to get better results.
Comment by Sam | October 24, 2007
OH—MY—GOODNESS!!!
I did not want to say it because I thought we were the only ones that noticed. My wife and I could talk all night on this one.
ALL NIGHT!!
Comment by Duane | October 24, 2007
I’m working with a mortgage counselor now and the delays are killing me. No follow up, constantly put on hold. You feel like you have to endure it because it is a good program and you want to save money. This is discouraging and frustrating when you have deadlines to meet. I hate to lose a good deal because NACA can’t prioritize.
Comment by Donna | December 3, 2007
naca is the best program in america we have a 4.25 fixed rate yes it took almost a year but a mtg is thirty years and while we did have a delay it afforded us the opportunity to save more money please use this program there are quick close programs you can close in thirty days but you will pay a down payment you will pay a higher interest rate you will also pay primary mortgage insurance so makeyour choice we are paying abotu 410.00 less than we would have been paying otherwise. and yes the service level is in the trashcan and the reason is becuase it is such a good program and you haev thousands of people in one particular office with maybe 5 counselors
Comment by james | January 28, 2008
NACA in DC is AWFUL!!
They have the best interest rate in the DC area but they treat you like you’re a nasty beggar with your hand out.
It’s not just the delays, non-responses and inept employees. It’s also that they don’t recognize that you are making the biggest purchase of your life and that you’d like to be treated like a decent human being.
After months of working with them they approved me for an amount that couldn’t finance a cardboard box. I did everything they asked me to do and still they refused to look at me and my finances individually. They simply don’t work with you. They are disrespectful and discourteous.
Comment by Karen | February 20, 2008
we were in the same situation we were approved for 100K originally so what we did was we showed them we could afford two hundred k by saving the difference off a 100k mortgage and a 200k mortgage we did that for 90 days and they double the approval amount. dont give up men lie women lie but numbers dont if your numbers are right they can’t deny they are in business to make money also if you are not approved your counselor doesn’t make any money it doesn’t play in their favor to decline you
Comment by james | February 24, 2008
NACA, with all of its “good” provisions is indeed a Joke! In the event of any problems, the home buyer is left out in the cold and NACA uses its money to hire the best in lawyers to supress your efforts. Stay away from NACA like a plague…
Comment by Martin | May 3, 2008
As a licensed realtor in Atlanta, GA, I send all my clients that are buying under $252,000 through NACA. It is a wonderful program….I agree, that NACA personnel need to learn better customer service skills… I will leave it at that basic comment… My suggestion to everyone is to look at the bigger picture….ignore the nonsense and get all your paperwork in so you can get approved and not have to deal with the craziness. I am in no way implying that you allow anyone to mistreat you. Most of the NACA folks are completely overwhelmed… http://www.joinnaca.com If you have questions, please do not hesitate to contact me.
Marvette Critney 404 396 4519
Comment by Marvette Critney | May 15, 2008
Ok, ok, I agre that customer service could definitely improve, but I have to keep in mind that I’ve taken note of the type of work load they have, and no way would I take that on in a thousand years! Especially Curtis Luke in Atlanta. He has a real passion for his work.
Try not to knock NACA until you try it.
I know for a fact that NACA is legitimate because I was recently approved and last week I officially got under contract with my dream home for 200k!!!! The reason you don’t hear about this program through advertizing is because they want to save you money, so all of that is by word of mouth via clients, and believe me, the word travels fast! Read below if you want to know my story…..
They have a buyer’s seminar so that you become informed as to how it works and who qualifies, and how it can change people’s lives. For example, you cannot currently own a home, but rather looking to buy a home. Perhaps a current renter, moving out of relative’s house, etc. Or you can do re-finance if you have a really high interest rate! They save your bum if you’re on the verge of forclosure, for example, due to preditory interest. You have to be prepared for it to take a while to complete the process, especially if you have major credit issues… But if you have good credit, it takes less time.
Ok, here’s how it worked for me. I’m not even employed currently because of medical issues, but it still turned out alright. They had to base everything on my fiance’s income, and mainly his credit. This worked out for the better tho because my credit is shot from my previous marriage. Basically all I had to do in this case was to write explanations for my terrible credit which popped up on my credit reports, and they sent that to the underwriters who make the decision for loan approval with Bank of America. My fiance’s credit is much better and didn’t have to give any explanations for his credit. Since we are currently living off of only his income it sounds like a problem, and he’s not exactly wealthy, so we had to turn in a realistic budget plan. We were approved for a mortgage which would not excede $1200/month. That’s how NACA does it. It’s what you pay monthly. Not what the total amount of the loan is. There are no closing costs, remember that…. So when making an offer on a home, you can ask that the seller pays “x’ amount towards what would have been closing costs, but in actuality, it goes towards “BUYING THE INTEREST RATE DOWN”!!!! When you do the math, you save alot more money than if you were to make a down payment.
So we asked for our home to be $200k and the seller to pay $11k in closing costs (buying the interest down). We’re putting $20k in ourselves to make it a 30 year fixed interest rate of only 1.375%!!!!!!!!! Yeah, that’s right…. To top it off, we’ll only be paying $978/month for a 4 bed/ 3 bath home in Atlanta!
Don’t believe me? Well, I’m moving in this home in a couple of weeks…. You can play with the naca mortgage calculator if you want to and even go to a seminar. It might change your life…..
Comment by natarisan | May 20, 2008
How will I know for sure that my interest rate will stay fixed at the same % I start out with for the entire 30 years that I am paying for the house. Is there anyone out there that can testify that they’ve been in their NACA home for several years without any payment increase? Also, how significant is the fact that NACA will have a lien on your mortgage….What risks to the homebuyer are involved with this? Please Help!!! Thank you!!!
Comment by Monica | June 7, 2008
I am very discouraged by the NACA program. They find any reason to delay to mortgage process. The customer service is awful and the staff is very unprofessional. Great product they offer but very, very poor process and customer service. My disgust with the NACA program is almost unbearable.
Comment by Telah | June 11, 2008