Has anyone ever worked with NACA to finance their first owner occupied multifamily?

Question

I'm a newbie investor and trying  to kick start my investing career by buying my first home which will be a multifamily, maybe 2/3 flat. I  was referred to this homebuyer program called N.A.C.A which there is no closing cost and they offer a fixed 30 yr 3.75% mortgage. They are sending me through a lot of loops so I was wondering if anyone has ever received a loan from them or if you know of any good first time homebuyer  programs. Thanks

Angel Rosado · Answer

@TAWANNA  HENRY I have never heard of NACA but looked them up and it seems like they are reputable.  I signed up for the next available workshop.

Tim Trumble · Answer

Hello Tawanna,

The NACA program is not designed to be either fast or easy, but the results are well worth it. A NACA loan will save you thousands of dollars over the life of the loan even comapred to an FHA loan since there is no PMI.

NACA has helped nearly 40,000 families become homeownes, many of them owner-occupied multi-family properties.  Stick with it, you won't regret it!

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

George Allen · Answer

Thats usually the case there is more to it.  The requirements in Detroit may be a little different.  No pmi is a really good thing.  No CC.  Zero down.  Thats about some of the best terms I have ever encountered.  There are probably educational requirements.  Lots of opportunity in that.  A good way to learn too.

Tim Trumble · Answer

Jenkins Ramon, I'm afraid NACA does not offer any programs for investors.  All of our programs are geared exclusively for owner-occupants.

Tim Trumble

Online Operations, NACA

Nate T. · Answer

My wife got a NACA loan before we were married. It took 7 or 8 months, and that was with a regular W2 job and perfect credit! It was very stressful for her because the process was such a pain, but in the end it was worth it for a loan at market interest rate, zero down, and zero closing costs. There is no PMI, but there is a $50/month NACA fee.

NACA loans are available only for owner occupants, and only of you don't own any other properties.

George Allen · Answer

Very interesting.  I replied to the man from Plymouth.  Lenders are usually a little more friendly in an impacted area like Detroit.  Some of these programs are easier said than done.  Makes a great selling opportunity to if your selling.  No credit check whoah.  I can see also where that would make for house appreciation.  Of course try areas where other people are buying houses with this loan.  lol I'm from Detroit.  Thats kind of an enticing program.  I wouldn't go back there to invest unless I knew the details.  However you should attend the course they have first because this is a new program.  Sometimes its better sounding and more detailed than one would think.  One interesting aspect is Bank of America is in on this.  Current on you bills lol thast pretty easy qualifying must be more to it.

Attend the seminar should be worth the trip.  You will learn a lot bring a recorder.   Probably going to be crowded to.

Charmaine M. · Answer

@TAWANNA  HENRY.......No affiliation with NACA.....but i can tell you it is a very legit program.

I looked into it intensely, went to one of their workshops and even got a registration email to submit my documents. I did NOT continue with it because of my personal situation, that would not let me qualify.

It is a great program and I wish it would have worked out for me, as it would of save me soooo much money on down payment and closing cost.

I am under contract on my first property and the closing cost alone, makes me want to puke in my mouth(:

But go for it, just keep in mind it is a long and tedious process and submit everything they ask for promptly. Be patient, diligent, responsive and everything will work out.

Good luck!!

Ramon Jenkins · Answer

@Tim Trumble does the NACA have any programs for non owner occupied investors ?

Anthony Gayden · Answer

Sorry, i dont know anything about NACA, but I used an FHA loan to purchase my primary residence which is a 4 Plex. It is a good option since it only requires 3.5% as the down payment.

Has anyone ever worked with NACA to finance their first owner occupied multifamily?

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