May 29, 2014 at 5:46 pm #10184
I contacted NACA a little over four months ago to get my profile started (i.e., obtain the list of Action Plan items needed so I can have everything in place in the few following months when the two years waiting period has expired after my bankruptcy), as I read that it takes months to get a NACA mortgage. I just had my follow-up call earlier this week and was advised that the first counselor was incorrect about some things. Despite the number of hours already spent in this and not seeing the logic in some of the things that I was now being told and requested of, I complied with this new counselor’s list. However, that did not seem good enough. I was even questioned about the validity of some of the paperwork in spite of it coming from the original source, which noted page information in the header.
I am beginning to get discouraged, as I have been advised by an actual mortgage firm that I can obtain a mortgage from them. However, I would like to go thru NACA not only because of the countless hours already spent in this process but also because of the great benefits (e.g., below-market interest rate, no down payment, no PMI, etc). But now I feel like I should give up when I read about all of the issues and negativity that people are experiencing and now it is happening to me on top of the mortgage rate increasing. What do you do?May 30, 2014 at 10:15 am #10188nbsParticipant
The process is daunting, but do the math on what you would actually be able to get from a traditional mortgage lender versus what you will be able to get from NACA. Make sure you factor in closing costs, PMI, home inspections, etc. For us, the difference was roughly $200,000 over the life of the loan. Even if we are only in the home for a few years, the time we spend now will pay off. If it helps, I have looked at it like a part time job, that will pay out over time and will certainly pay much more than any part time job will.May 30, 2014 at 12:02 pm #10189jodi616smiParticipant
nbs is correct in that you need to look at this as a part time job. That is really what it is. Getting qualified is actually the easy part, the real work starts when you are actually trying to purchase a house and then when you are under contract and trying to close. Everyone has to decide how bad they want or need it. In my case the NACA mortgage was the ONLY way my family would ever be able to be in a house of our own. Because of closing costs and PMI combined with the high cost of homes and very high property taxes where we live it was our only option so I wanted and needed it very badly. You will need to stay focused on it every day and never give up. You will also need a little luck along the way and a decent counselor. I think if you show your counselor you are serious then things go differently. We had 2 counselors during our process and I assured both of them in the beginning that I would do anything they asked and that is exactly what I did. There will be some things out of your control and problems for sure along the way, you need to go in expecting that. But just don’t give up and just give them what they ask for right away with a smile on your face. Never complain at them or say you already provided something or that they said you didn’t need it before, etc. etc. I think the biggest hing is to constantly show them you are serious and that you will do whatever it takes. Then they will feel that you are worth they’re time. Good luck!May 30, 2014 at 5:38 pm #10197TTrumbleMember
Thank you nbs and jodi616smi. You answered this question far better than I could have since it came from your experience.
OnlyMe, remember the old saying “Anything worth having is work working for”.
By the way, since you seem to consider NACA something other than an “actual mortgage firm”, please remember that we are in fact Bank of America’s biggest lending partner, as former BOA CEO Hugh McColl predicted we would be.
Read through the Forum and you will see that I have always preached the mantra of “Patience and Persistence”. Stay with it and never give up. In the end it will be very well worth it.
Online Operations, NACA
email@example.comJune 3, 2014 at 3:32 am #10228
Thank you all for your responses! It is always motivating to hear from others who have succeeded and know more than you. I’m typically on the others side, as I have even referred others to start the NACA process and encouraged them to continue. However, I became discouraged when I felt like what else is there to do when I have not only provided more than what was asked of me and roadblocks that I don’t understand have appeared coupled with the interest rate rising, missing out on great home deals and knowing that crucial time is passing, as I have less than 60 days left before my current lease is up. Yet, I was told my file is going to be put on the back burner awhile because focus has to go to an upcoming event. Yet, I already had to wait months for an appointment and I’m patient, as that is one of the things they teach in the military along with humility. Indeed, it is like a second job.June 6, 2014 at 3:10 pm #10263
Thanks for all of your responses! They were most helpful. However, it has been a week since I have provided not only everything that was requested of me but also additional supporting documentation that I thought would be helpful and still I have not heard back from my counselor. In fact, I have heard more from the traditional mortgage counselors than from my NACA counselor. I would have like to receive my qualification by now but definitely before next week, as I will only have 45 days left before I have leave my apartment. I am not sure what to do.
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