“My experience buying with NACA (Neighborhood Assistance Corporation of America)
Over the past 4 years, I have been going through the whole process of buying a home for the first time and spent plenty of time on this sub to learn from others. Unfortunately, there aren't many posts about NACA, so I thought I'd share my experience so far of trying to buy a home with them for the next person who comes looking.
Pros:
1. No down payment and no PMI
2. No closing costs or fees
3. Lower Interest rates than the actual market
4. Homeownership and personal finance education through mandatory workshops
5. NACA team helping with the process
Cons:
1. Can be a longer and more intensive process
2. Stricter affordability limits (making sure you don't buy more than you can afford)
3. Property location limits (some high-income earners are limited to where they can buy)
The number one complaint I read about NACA is how long it takes to go through the process. This can be true for those unprepared to buy, as NACA requires specific requirements to be met before pre-approval. This includes things like 2 years at your job, several months of saving your desired monthly mortgage payment and reducing credit card debt. But the process can be quick and easy if you've already met those requirements.
My main advice is to go to the Counseling Sessions prepared. If possible, have all the required documents completed before your first meeting (this includes things like bank and credit card statements, tax documents, rent payments, etc.). You already know what they’re looking for because it’s all listed in the various handbooks, and they explain it all at the initial Workshop. Pay attention, keep notes, and ask questions. I had already been putting money away into a ’saving for house’ savings account, so I didn’t need to make any adjustments to show that I could save. But if you need to start putting money away, do so as soon as possible. Other than that, I have been lucky to have an experienced and helpful counselor,
All in all, so far, my experience with NACA is good. I certainly wouldn’t have been in a position to purchase a home at this time if I had to provide a down payment with a worse interest rate. I can either buy a cheaper one or wait another year or 2 to save up a down payment. Through NACA, I don’t have to compromise, but I also know I wouldn’t overbuy because of their thorough approval process. Good luck, everyone!”
“I have been working with NACA while preparing for a new home for my retirement. Their counselors are very helpful with the qualification process and work closely with you to get you qualified. I highly recommend this program for anyone trying to own their own home. It's the best program out there !”
“Me and my partner just started the NACA process and so far everything has been a wonderful and eye-opening experience! The program itself is great for providing great opportunities for first time home buyers. The 4 hour webinar explained the details of the program and me and my spouse continued the process. Once we filled out most of the info we needed on the NACA portal, we connected with our MC Antonio and he has been very helpful with the process. I hope we can continue working with him and with the NACA program to buy our first house!”
“I am grateful for my MC Melinda Thomas; she is attentive, thorough, and professional.
Melinda answers my emails on a timely fashion,
Thanks again,
Wilma Machado”
“NACA is a wonderful program! Customer service is excellent, and the agents are informative and kind. All of my questions are answered in a timely manner. Moving forward I will ruse NACA for other home buying projects.”
“I have just started the NACA mortgage process. Everything that I’ve learned is very detailed. NACA makes buying a home affordable for me especially being a first-time home buyer. My counselor that I’m working with has a lot of patience with me as well. I look forward to purchasing my first home through NACA.”
“NACA is a great non-profit home lender. They offer zero down, no mortgage insurance and a competitive interest rate. The process is some what cumbersome, because they want to make sure you can afford your mortgage payment.”
“Naca has been an invaluable help to us during the home buying process. Thanks especially to Alex García he was very helpfull and efficient working with us in every step untill we get the goal and thanks naca our duren bécame reality”
“My experience with NACA from the time I started has been good, this is a very intricate/ detailed process, does take time however I am being guided step by step which I needed because this is all new to me. I do feel good about the direction we are heading in, and my counselor Shane works with me and is always available for communication, clarification, and support if and when needed. If you're considering purchasing for your homeownership and need guidance seek NACA.”
“I have just started the NACA mortgage process. It is very detailed; however, I was supported through every step of the process by my mortgage counsellor. NACA makes buying a home affordable for me especially in this economy. It's a pleasure working with NACA and I look forward to purchasing my home through NACA soon.”
“I have been working with a NACA counselor since May 2024. I tried to follow all of the advice from the counselor to put me in a better position for home buying. I had no idea that right before Thanksgiving that my file would be almost complete to submit for me to begin searching for a home! I would highly recommend anyone who is serious about being a homeowner to sign up ASAP!!!!”
