What are people’s thoughts on Naca loans?

Question

I wanted to get people views on Naca Loans. I heard to get approved, but you get great rates.

Please let me know what you think!

Gerald Randall · Answer

@Marco Bario that was helpful, going to do more investigation but Thx I honestly had never heard of it either.

Katrice Davis · Answer

Hi, I'm new here, but I have experience with NACA.  In 2015, I purchased my first home through the program.  The rates were spectacular, but the process can be tough.  My finances were in order so I had no issues there, but they don't always have the best reputation among sellers agents so I found it tough to find a property to get under contract.  In the end, it was the best situation for me as I was purchasing as a single person and I was able to buy more house for less than I would have with traditional bank financing.  I have referred several friends and family members who have had similar experiences and were happy with the end result.  Feel free to message with any specific questions.

Marco Bario · Answer

Adam,

I'd never heard of NACA until your post. I just researched via the website and was impressed with their affordable housing finance mission focused on low to moderate income people/families. I especially like that they provide financial counseling in addition to affordable loans.

Mason Kimball · Answer

@Cori Coleman how did it go? Did you end up going with NACA? If so - how was your experience?

Cori Coleman · Answer

I am currently going through the process as a buyer. Even as someone whose finances are in order, there are still a lot of hoops. I am told if I stick to the program that it will be worth it in the long run. With no down payment, no closing costs, and the ability to buy down your interest rate, it seems to be a big win. I mean its technically free money and great interest rates, if it were "easy", everyone would be doing it. It took three months to get approved to start looking for a home, and it would have been 30 days if I didn't have large cash (aka unsourceable cash) deposits and withdrawals recently on my accounts. As a buyer you have to prove you are able to stick to a budget, have no credit issues, and have cash reserves if you want to purchase a multifamily unit property.

Now its time to hope and pray a multiunit seller in Los Angeles is willing to work with the NACA program.

Fingers crossed.

Jay Hinrichs · Answer

for those that qualify and have the ability to stick to their program is a great program.

@Katrice Davis  as Katrice indicated it can be tough to find sellers that will sell to someone using a naca loan

my experience as a seller in Jackson MS.. is that Naca wanted the seller to help buy down the loan.. which for me was OK in Jackson since retail sales in most neighborhoods there can be very tough..  but in hotter markets I can see where this could be a stumbling block..

Also there are deed restrictions that come along with these great terms.

Lee Burns · Answer

This is my first time hearing of this program.  How'd you run across it?

Riggies B tang · Answer

Hello all. May I ask what's their website.

Thanks

What are people’s thoughts on Naca loans?

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