Skip to content
Buying & Selling Real Estate

User Stats

146
Posts
7
Votes
Elisha Keller
  • Upper Darby, PA
7
Votes |
146
Posts

Progress through NACA!

Elisha Keller
  • Upper Darby, PA
Posted Jan 29 2014, 09:03

Hi Everyone! It has been awhile since I've posted. I took a few steps back and really thought about real estate and how it would fit into my life. I was tossing around the idea of a multifamily home vs. single family. Although I love MF’s, my boyfriend and I have decided to purchase a large single family and possibly rent out rooms (which I know will come with lots of challenges in and of itself).

The exciting news is that we had a one-on-one meeting with our NACA rep. about obtaining a mortgage. They are willing to work with us and approve us for up to $288k. We will only be looking for $150-200k. I was a bit taken aback when I heard how much they would approve us for but also excited.

For those of you that don't know NACA, aka Neighborhood Assistance Corporation of America) is a group that helps people obtain mortgages that would have a hard time going through the normal system. They assess your income, debt, timely payments and other factors. It is an extensive process. You are required to volunteer five times each year; there are several meetings and a lot of paperwork that needs to be done.

On the plus side--NACA offers you A LOT! You receive counseling (pre and post mortgage). There is no limit on how many points you can buy. There are no closing cost (paid for by the lender) and no down payment. You are able to also get the cost of remodeling put into your mortgage (but you have use NACA approved contractors). There is no PMI but a $50 monthly fee (that helps keep NACA services free).

I found out about this group through a friend and here on BP. We have a few more documents to submit and a phone meeting on Feb. 10th. At that point, our counselor will submit our application to the underwriter.

If you are interested in this program, I would recommend looking into them (although they are not in every city). There are a lot of hoops to jump through (meetings, submitting paperwork, etc); however, I feel it is worth it.

I know this was a long post but I wanted to update folks on what was happening for me and my first home purchase. As well as provide some basic information about NACA. I will post throughout the process so that others can get a sense of how this program works!

Loading replies...