Grant compatibility

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  • #47625
    frankysmom
    Member

    I have scoured this forum and have yet to find a testimony for the successful use of grants with NACA. I would like to be that exception by doing the leg work now.

    Is there a point of contact local (nyc) or national within NACA for grants. I’d like to get in contact as soon as possible to settle any issues. Thank you.

    #47671
    TTrumble
    Member

    Hello frankysmom,

    More often than not, finding and receiveing grant money is a matter of old-fashioned leg work more than anything else. There are literally hundreds of grant programs across the country and it’s simply impossible to track them all.

    In addition to many community and local government grant programs, there are grants through labor unions (don’t forget that’s how NACA got started), first responder programs, programs through charitable, professional and fraternal organizations, and many more. While your NACA office will have information on some, especially in NYC, there are going to be even more they probably don’t know about.

    The best thing you can do is start researching and start asking around. Not just on line, but make phone calls to any sort of professional, community or other organizations with which you are aware or may be involved.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 2 years, 7 months ago by TTrumble.
    #48200
    frankysmom
    Member

    Hello again

    May I send you the term sheet to a grant. At first I was told NACA clients outright are not eligible. After escalating it to higher ups, I am now being told they don’t have a policy against NACA “per se” but their term sheet might be an issue. Would you mind seeing if there is in fact anything that would prohibit its use with NACA. Thank you.

    #48235
    TTrumble
    Member

    Hello frankysmom,

    Go ahead and send me the sheet. I’ll take a guess however that the program works with Bank of America, just not when you go through a broker, which is technically NACA’s role in the mortgage process. That’s the problem with the Wells Fargo LIFT program. they require that you go direct to BOA.

    Send the sheet over and I’ll take a look at it for you.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #48273
    frankysmom
    Member

    Thanks! Email sent, subject line has “frankysmom” in it.

    #48300
    TTrumble
    Member

    Hello frankysmom,

    Unfotunately, the program cannot work with NACA. Not only are there a couple of technicalities they could use to say no if they wanted to, my suspicion above turned out to be correct. “Mortgage brokers are not permitted”. NACA is by definition a mortgage broker, so that will shoot you down for certain.

    Additionally, these could cause a problem:

    “Complete a homebuyer education course taught by an HPD-approved counseling agency.” – I do not know if they recognize NACA as HPD-approved.

    “203K loans are not an acceptable loan product” – While the 203K loan is actually an FHA product, the ability to include rehab funds in the NACA loan might throw up a red flag with them.

    “Maximum Loan to Value (LTV) 97%” – this is referring to the buyer making a 3% down payment. However, if the purchase price is not more than 97% of the appraised value, this would still technically qualify.

    So as appealing as the NYC HomeFirst program might be, it’s not going to be compatible with NACA.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #48870

    Hi @frankysmom Did you ever find any grants that worked in NYC? I actually got my certificate from the HPD grant but they want you to use it with the loans they provide. They only tell you that at the end. I don’t know if @ttrumble knows differently but that was what I was told.

    #48893
    frankysmom
    Member

    Hi, I didn’t find anything. I also learned that HPD simply does not want to work with NACA and it seems they even changed their term sheet to make it impossible.

    #48906
    2BLESSED
    Member

    GSFA Platinum® Down Payment Assistance Program. I qualify for this program as a worker of the State of California. However, I do not see Bank of America as one of the participating lenders???? is there anyway someone can find out if Bank of America can participate as a lender in the program. Money does not have to paid back, no second mortgage on the house, etc.

    #48908
    southflorida
    Member

    what you need to find out is if NACA is compatible with the loan assistance program, not Bank of America

    #48915
    2BLESSED
    Member

    Clarity. Yes I am trying to find out if NACA would look into being part of the program. This is free money for all first responders and staff. Not getting any response from NACA is not only frustrating but have been recommended to another staff person, (who I will not mention) but has not returned my email…. I have an appointment on 5/28 and with Gods blessing will be going into Housing Search. I don’t want to reach outside of a NACA realtor to process the grant application….

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