Type of Loan

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    Hi, what is the type of loan that sellers will see on the contract? My real estate agent is wary given the current climate that some sellers won’t want to move forward if I have a NACA loan. I just wasn’t sure what the paperwork would show– FHA, Conventional, etc.


    First of all it is not a naca loan. Naca does not offer loans. Naca is a consumer advocacy group that offers mortgage counseling. The loan is a conventional loan from bank of America. Naca will counsel you to stricter standards than banks will hold you to so that by the time they pass you onto bank of America you won’t be turned away. Naca will act as a mediator once you sign your bank application but the underwriting at that point is not at all in nacas hands and 100% up to bank of America. Any agent who doesn’t understand this or understands this and still is weary in my opinion doesn’t fully understand naca, the market or the regulations. Your agent is supposed to be your biggest proponent and fight for you. If they want to hide things or prevent you from doing things that they think could possibly be a deterrent to the seller before you even look at houses then they are more interested in comission and do not have your best interests in mind. Plus the seller has the right to not entertain your offer but doing so is walking a fine line because of federal housing discrimination laws.


    I myself as a living testimony was advised the same thing from a former real estate agent that wasn’t in the Naca program.

    Once the paperwork process began with the lender my agent recommended it was HORRIBLE! The different interest rates began changing higher. The down payment became more. Whatever, you do STAY with NACA!

    You are the second person I had to advise. Please keep your patience with your counselor and the program.

    I pray this helps. The program really work. We just went and selected our property today. Our Naca agent is doing the contract in the morning?


    Congratulations @blessed65! I just purchased through NACA with a great rate and more house! Had I went to the bank and its traditional methods I wouldn’t have qualified for the amount; it was have been substantially less with a higher interest rate!

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