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.
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