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.
i would like to know more.
Just click on the link within the post to visit the site.
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.
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!!
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.
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
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.
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
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…
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
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…..
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!!!
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.
The key to working with NACA is to listen and follow their instruction carefully. Follow all of the guidelines, bring in the documentation requested, pay down what you can and save as much as possible. I attended their seminar and my sister bought a house through them. If she could do it, anybody can. It just takes patience and perservance. Just because something is a challenge doesn’t mean you won’t benefit from it. Yes, the staff is overwhelmed but is owning your own AFFORDABLE home worth passing up over some poor customer service? I think not!!
NACA is NOT worth it. We did everything our counselor in Kansas City asked and more. We were qualified for our monthly payment. We saved the difference between our rent plus more the entire time we were in the program, stopped using credit cards and securely afforded it. We were given the go-ahead, searched for and found a house, put a contract in, inspected it and are three weeks from closing. We went through bank application (approval for Bank of A laon) and the SAME underwriter who qualified us for our payment refused to approve us even though nothing about our situation had changed. She said she would only qualify us for half of that and gave NO REASON WHY. Our mortgage consultant (if you can honestly call him that) began giving rediculouly unsound financial advice so we could “get around the computer system because it wasn’t understanding finances” (what does that mean?) During our phone conversation on how to fix the problem, I pointed out how it was his job to forsee and prevent these problems and he HUNG UP ON ME. We are taking our business elsewhere and we intend to share with the world how NOBODY deserves this treatment. You are worth more than the dirt that NACA thinks you are. They act as if they’re doing you a favor, when in reality, they’re wasting your time. Quit making excuses that the staff are overwhelmed and realize you are worth decent customer service AND a smart home loan. There are more fish in the sea.
THE NACA HEADQUATERS NEEDS TO RE-VAMP THIER TRAINING PROGRAM AND HAVE AN ORIENTATION FOR THE WORKERS IN THE ATLANTA OFFICE. TERRIBLE CUSTOMER SERVICE WITH NO FOLLOW UP…
I don’t know what has happened to the NACA personel, but they are not up to the task. I was referred to NACA by some co workers in 2000. I decided to try the program in 2007. I have been saving my shock money for over a year now. I have over $11k in the bank. I was saving my shock money prior to joining NACA, so it was no big deal. I have submitted all of my documents in a imely manner. I show up for my appointments early. But the counselor I was working with has been treating me like she is doing me a favor. They do not follow up. I have been waiting almost 3 months for her to submit my paperwork for the approval process!! All i get is excuse after excuse. I have called Mary at the national NACA headquarters 4 times and asked her to call me back. Did I get a call back? Heck no! Instead I got a call from another counselor stating she was my new counselor.
Right off the back it has been more of the same. Poor customer service, horrible attitude, and excuses. I can imagine any office could be worse than the Atlanta office. If I conducted business like they do, I would not have a job. They are the worse group of people I have ever worked with in my life. There is no excuse for them to treat people like they do. NONE!! If they are overwhelmed, hire more people or learn how to multitask and use your time better. Right now, I can not recommend NACA to anyone. I can honestly say NACA has done absolutely nothing for me!! I was saving prior to working with NACA. All they have done is take my money and run my credit. I say fire everyone except Curtis. He is the only one that seems to be about business. I wish he was my counselor.
I am so glad I found this site, now I don’t feel like I was the only person being neglected by NACA and yeah Mr. Curtis Luke. I have heard a few positive things about him on this site however I beg to differ. My husband and I have been working with NACA since June 2007. We paid off both our vehicles, saved our shock money, etc, etc. We meet diligently with our counselor at least every 3-4 months. We submitted all of our loan documents on the beginning of June, well as of mid-August we are still in the same spot we were in June with Curtis not responding to emails/phone calls, always asking me for pay stubs and bank statements. To make a long story short, we ditched NACA and was approved for a FHA loan within 4 business days. NACA seems like a dream program but don’t believe the hype and the letters that are posted all around the counselor’s office!!!
i applied for a naca mortgage i make 85k annually and had 30k in reserve i was looking for a loan for 200k after 6 months of run around with all my documents intact i finally went to fha and was approved the same day ps my creit score was 700 naca is a dream but one that will never happen i still hear the excuses
I tried going through NACA (Atlanta) in early 2006. I had all of my paperwork ready and had no credit issues. I actually started working with them in the Fall 2005 because I wanted to make sure I gave myself enough time to get everything straight. When I was ready to put a bid on a house, they just dragged their feet and all they had to do was verify my employment status at that point. I finally took my realtor’s advice and contacted a mortgage broker she worked with. I faxed him over the same documents that I had sent NACA and he approved me and locked in my rate within an hour!! I got an FHA loan at 5.5% fixed. My total out of pocket expense was around $2000. My mortgage pymt is $1085 PITI on a $150K house. That’s not bad at all. I am paying PMI because FHA requires it, but it’s quite low. NACA makes you pay some fee to fund their company so it ends up being the same thing. The program sounds good, but for the life of me, I can’t figure out why they are so disorganized.
P.S. I dealt with both the Atlanta office and Tampa. And I also knew someone else who was dealing with them in Tampa and it was such a mess that the person had to finally give up and look for a regular mortgage broker (2004).
I’ve been in mortgage business over 20 years, and the mortgae industry is tough now – I was thinking about going on board with them – any personnel out there with stories??
NACA is the best program for all homebuyers… however, the process can be horrible, customer service doesn’t exist. People are idiots, lazy…should I say more. As a top Realtor in Atlanta, Metro whom sends clients to the NACA program… in the end… it is well worth the torture… I just had a closing on 9/22/08. My client purchased a 5 bedroom home… granite… a walk-in closet that is the size of a small bedroom… sitting room and fireplace in the master bedroom…. the home was $215,000… the seller gave $50k towards buying down her rate… my client’s total monthly payment including taxes and insurance is $975 a month fixed for 30 years… at 24 years of age…she has already purchased her dream home… was it worth the pain and drama of dealing with NACA… I’d say yes….
Been in the program since Nov 2007. Closing tomorrow @ 5.5 interest. Don’t go to NACA if you’re looking for customer service. You can get that at Red Lobster. What you will get from NACA is a house! Curtis in Atlanta? While yes, he can be all over the place when you’re working with him, listen to what he man says. Sorry, can’t speak for the other offices.
I am frustrated with the naca office in houston, tx. My house has been built since the first week of august 2009. Today is Sept 2009. I’m still waiting on my purchase letter and yes they do not know how to prioritize. My husband and I don’t have the best credit, but he makes enough money and I’ve been on my job going on 3yrs.
I was told we will close on the 28th last month and now they tell us the worse case scenario we will close on the 15th of September 2009. I don’t believe anything they tell us anymore. I was all excited about building our house and now it’s the worse thing i experience. I call the 1-800 number and it took 30 mins for someone to come to phone and tell me to leave a message and the regional director will call me. If we back out now we don’t have enough funds to close on the house. The houston office does not have good customer service skills at all. If you try to call the head office, you can’t get a response at all.
Who else can I go to for down payment assistance?
We have the money saved that naca wants us to have, but will not have enough for closing if we need to back out and try to get a fha loan.
DO NOT ATTEND NACA Save the dream tour!!!!….waited 16 hours with 3 small children to be seen then told sorry cant help you…you have too much paperwork (I am self employed). Extremely RUDE especially Inese & Frances. Vegas residents(upcoming conference 10/9-10/12/2009 Beware for the next one…you will be treated like garbage and probably have a better shot at winning the lottery if you are self employed because it is to much for their 14$ an hour brains to handle. I wish I would have been warned!