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That is great to hear! I am glad you stuck with it, and that’s quite an amazing interest rate.
The toughest part about NACA is definitely the communication from MCs at times. Mine wasn’t too bad in this regard but I’ve heard many stories from others on this board over the years. That’s definitely the #1 complaint about NACA, for sure. To the MCs credit, they are definitely understaffed and overworked.
I hope NACA can fix that going forward, because it’s a great program otherwise!
@nybuyer84 I am sorry but that math is not even close to being accurate. You are assuming that all of those 2.7 million members didn’t already have a house through NACA and are actively going through the program. And that is factually incorrect.
For example, I bought a house through NACA in 2019, @Nelsont bought in either 2018 or 2019 I believe as well. We are still NACA members, lol. You don’t stop being a member once you buy a house. The program has been around for decades, so most of those 2.7 million members likely do have a house.
The only way your numbers would be accurate is if those 2.7 million people were the amount of people ACTIVELY in the program without a house yet. Which is obviously not true, so no, your numbers are NOT correct. Not even close, sorry.
- This reply was modified 6 months ago by Peapod0609.
@trt2100 well I can tell you how NACA is funded, and that is through Bank of America. Honestly, I am not sure how someone in the program wouldn’t know that as they go over that in detail at the workshop with the video they have you watch. Maybe things are different now with the pandemic and they don’t spend as much time with that in the workshops? I don’t know. BOA just renewed their contract with NACA and are spending a ton of money (billions of dollars) with them, it’s on the NACA homepage still, I believe.
I imagine the pandemic has complicated things, but have you tried just going into your local office? If there is not one near you, this may not be worth it. But if there is a local office near you, call them up, explain your situation, and see if you can talk to the office manager. I would also try just visiting the office and asking if someone can help you out. Other members have successfully done this in the past.
I closed with NACA in late 2019, and I certainly had delays and trials and tribulations along the way as well. But once I got my offer accepted on the house we bought, things went relatively smoothly and quickly. It was just an issue getting to that point in the first place.
As one other above pointed out, despite all that money from BOA, they are certainly overworked and understaffed at NACA. It’s by far the most glaring negative of the program, in my opinion.
- This reply was modified 6 months ago by Peapod0609.
I haven’t posted on these forums in a hot minute, but I can tell you with absolute certainty that NACA is not a scam.
My wife and I purchased our home through NACA in November of 2019. The interest rate buydown is absolutely real, as is everything else they are offering. In lieu of the seller dropping the price for the home, we had them keep the listing price, but offer additional interest rate buydown instead. In the end, that got us a 1.625% interest rate at the time, which was absolutely amazing. Add in the fact that there was no down payment, no PMI, and no traditional closing costs (beyond things like escrow and taxes, which are unavoidable) and it is a great mortgage product compared to what else is out there.
That isn’t to say that there are not hiccups in the process. We started our workshop in January of 2019 and did not get approved until September. Most of that was due to saving our MRF and paying off debts that were in collections. And even after getting NACA approved, we had some issues with our counselor on getting what is called a Property Specific Approval, but we worked through them together and made it work. I even contacted @ttrumble by phone and email and he gave me some very helpful tips on how to get through that. One of the things I had to do was contact a regional manager and he told me I was right and that my counselor was incorrect, and later that day everything was straightened out. If you search my profile you might be able to pull up some of those posts from September of 2019, it was a real fun time lol.
You may have to resort to the same thing. You haven’t had luck with the office, or your counselor. You can ask member services to get you in touch with a regional manager. That’s what I did, and they gave me his cell number. Which honestly, I am not sure if they were supposed to give me his number, and he even told me I probably should have went through the office manager first, but in the end it worked out.
There are many other people I was in contact with on here in 2019 that also crossed the finish line. I see that @Nelsont still posts here, they purchased in either 2018 or 2019 and still comments on here sometimes. One thing to understand is that the #1 complaint about NACA is actually the thing you’re describing, and that is the counselors not responding to emails and phone calls. One of the issues is that they are very overworked and understaffed, at least that was the case in 2019, and I am sure that not much has changed. It sounds like your case is a little worse than most, though. Your frustration is absolutely warranted. It is also possible that maybe your counselor no longer works for the company, and that for some reason maybe you were not properly re-assigned or something. It happens, people slip through the cracks. Or maybe you have a bad counselor, too.
My advice, is to contact the office manager and politely describe your situation. Call up your local office, ask who the manager is, and ask to speak with them. Tell them you are frustrated with the complete lack of response from your counselor, and that you would like an update on your file. If their response is not sufficient, get in contact with the next higher up manager through Member services. There are regional and national directors you can reach out to and escalate if you’re having very bad issues. I would start there.
I think at the Credit Access stage your “final” rate may not be locked because it may or may not take into account grants or interest buydown from you or the seller at that point. By the time you get to the bank app your rate will be finalized and can’t go up or down for any reason without restarting parts of the process (like signing a new contract and going through Credit Access all over again).
I like to think of it as your “base” rate is locked, and won’t change anymore based on the daily market rate you see on the website. In other words, your starting rate is good to go, and can only get lower if you apply more interest buydown or get a grant or something like that.
Hope that helps!
@the4byrds yes, that sounds exactly to the letter the same issue I had with my MC. I have no idea how this even happened, as everything pointed to us being priority members. Part of the issue I think for me was that I was purchasing in a separate MSA than the one I lived, so my MC started going by the Chicago MSA that I LIVED in instead of the Lake County MSA where I was PURCHASING. Funnily enough, even if I WAS purchasing in the Chicago MSA, my income was just barely under that amount for a priority member, anyway. So it was all very weird. A bunch of emails and a slightly tense phone call did not seem to help the issue at all. We weren’t getting anywhere. So I ended up contacting the regional director by the advice of @Ttrumble and the director straightened it out same day.
My advice, copy your office’s manager on your emails. If you don’t know who that is, call your local office and find out, and maybe also see if you can speak to them on the phone. Try that first, and if that does not help the situation, call member services and ask if you can be put in contact with your regional manager. My regional manager said I should have gone through the office manager first, but he did get the situation fixed.
Looking at the info you provided, it sounds like you should be a priority member. I see the Raleigh-Cary, NC MSA is $93,100 as you said, and it seems that your MC might have gotten the $75,100 number from the Durham-Chapel Hill, NC MSA. Looking at the geomap and the FFIEC MSA data, it appears that you are right. But for whatever reason, MC’s sometimes have a hard time with this.
One final note, the purchase price of the house being under the median income for the MSA in irrelevant, that doesn’t matter at all. It is all about how much money you make. Get verification on exactly what NACA calculated your income as and make sure it is under that $93,100 amount, too.
@BakerTheBaker congratulations, and wow what an interest rate. I’ve been following your journey for a while and there seemed to be a lot of twists and turns but it is so amazing to finally close, isn’t it?
Definitely post your full timeline when you can, timelines are so helpful for other people going through the process. It definitely was for me.
Gotta love last minute curveballs. I had one myself where the seller was actually being very unreasonable the day of closing and we were there for over 4 hours and I ended up having to cut them a check for like $450 or so. I did what I had to do to close that day, as we were still getting money back at closing anyway. But that really sucked!
@BakerTheBaker hang in there, you are right at the finish line!
Congrats @bakerthebaker I remember like a year ago when you started posting on here around when I did! Glad that the light is finally at the end of the tunnel!
Make your MC and/or closing coordinator aware of any errors, but sometimes it is not a big deal. I noticed some discrepancies with my disclosures as well, and they ended up getting fixed. The info is not always correct as it is always changing until the day you close.
You may notice that a few items are incorrect, but they should be finished by the time you get your final disclosure, right before closing.March 26, 2020 at 11:01 am in reply to: What to Expect With Conditions During Mortgage Process #66532
You are ahead of schedule, if anything! Keep doing what you’re doing, but it looks like things are flowing well from my perspective. Getting conditions within 2 days is pretty quick, actually, as well as a 2nd round of conditions already.
You are on the right track, for sure! Just continue to stay on top of it, and you will easily close by that 4/30 date. You probably don’t need to check 3 times a day, but honestly, I checked that much every day when I was closing. It does add a bit of extra unnecessary anxiety, though. I think checking once early in the day and once later should be more than enough. You are pretty far along in the process for a closing date 5 weeks out, so try not to stress too much, you’re doing fine.
I just tried it and it worked! That is very cool!
@TTrumble, has NACA ever considered using something like this to assist members and agents in finding priority areas? This seems to be an extremely useful tool.
At the very least I think @llamafilm should get some volunteer credits out of this, because this could help a ton of NACA members.
@BakerTheBaker very nice, the new credit check is from Bank of America (or a company they use, more specifically) and that plus the conditions mean they are reviewing your file.
Progress is good! I hope the whole COVID-19 stuff doesn’t keep files from being worked on.
I don’t have an iPhone but that is really cool! I am sure that will help members a lot. Anyone else able to use this tool that @llamafilm made?