Nacca is a good program I did a lot of work as a contractor with them but it takes a long time to get things done,also double check you never realy own the property but ask about that.
@ahmed what do you mean you never really own the property? They do have a 0 down payment option along with a lien of sale if you move out without their consent but I don’t understand what you mean.
I think you only own it after the PMI 2nd loan falls off? Something odd like that, since you don't pay PMI they sort of own it too until you re-fi, or request that be taken off, like PMI.
I just had ANOTHER counseling session with them this morning. I've been in the program for 2 years, and all the rumors are true. It's like buying a house from the DMV. If the DMV were paid worse, had 10 times the caseload and didn't quit every few months and make you start from scratch. It's a NIGHTMARE. All you have to do they say is send in your docs every month! NOPE! You have to harass them into taking your docs out of their inbox and entering them into your 'file' which you can only do while they are on the phone with you which they only allow every 6-12 weeks and then cancel when you finally get an appointment. Still reading?
Even once you qualify they'll assign you a 'realtor' who will get a crap flat fee no matter how much you buy for, so no quality realtor will do it. So you work with what they give you, which in my experience seems to be a sweet sweet person who doesn't know a single thing about real estate. Once you find a property that fits their guidelines, they'll tell you oops, we forgot this secret guideline. Oops, here's another one and so on. So you find ALL the invisible guidelines and FINALLY FIND A HOUSE THAT FITS!
Well if your realtor messages you back, they'll find an excuse not to put in your offer. Which doesn't matter, because even when they DO, your counselor doesn't have the time of day to write your PSL, an in LA, the property is already under contract with another buyer. Even if I DID get in an offer and it was accepted, I have every confidence my broker won't hit their marks in a timely manor and I will fall out of escrow.
WHY AM I STILL DOING THIS!!
Well, because I don't have enough cash/income for PITI in LA and PMI, so they're my only hope. Hit me up if you want help/advice. AS if I'm able to help, 2 years and still in the 'searching for home' category.
@Marie S. Where are you now in the process? I meet with my counselor in February and want to get ahead of the curve. Any suggestions?
@Sakina Rosendary I'm still house hunting. Just put in another offer with my realtor, but NACA's stipulations are so impossible (at least in LA for someone making as little as me) that my offers are never accepted.
I suggest you learn how to be a realtor because your realtor will not know the first thing about finding you a house. She'll send you random scattered MLS listings that are impossible to read. So over the years I created my own system, get yours.
I use redfin because you can save notes, it's 'fun'/depressing to see properties I took notes on years ago, now selling for $300k more. If I were in this position then I'd have gotten something. But I digress. Look for places in the areas you want, in the price you want to pay (more or less as multi's can be $600k and overpriced, or $1m and a good deal) and have it set up emails, I go through the emails every week or so to see places that have lots of rooms, if it has more than 3bdr (for the whole property) I click it and run my figures. Does 75% of the income, plus my NACA qualification amount equal what Redfin suggests as the PITI? Do you have cash to buy down the interest rate? Look at the days NACA rate and do the math to see how far you can buy it down, but remember you have to now pay SIX (previously 3) months PITI UP FRONT, so deduct that cash. So when I look at a property I run 'my' numbers and email my realtor this:
123 Fleet St - Get's 3700 income, So $2775+1290 I can pay up to $4065 payment. If I use cash to buy the rate down 2 points, I can pay up to $720k for the property, paying $38,682 for the buy down plus 6 months PITI.
Now, in LA there's no such thing as a property for $720k that brings in $3700 income, thus my problem. BUT if you live somewhere w/out rent control you could do this QUITE easily, but those are the numbers I use to see if properties 'work'. Nobody can tell me this - not my NACA Realtor, not my financial whoever at NACA that keeps needing docs and meetings. But those are my best advice, UPLOAD ALL YOUR DOCS all the time, all of them. Will they still not see them and make you do it again? Yup, so have them saved on your computer in nice little folders to access all the time. AND get good at finding your own properties that will work for you.
Not sure if that was helpful or made sense, feel free to email me!
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