I attended a homeowners workshop after a recommendation to the program from my boss. From there my wife and I embarked on a journey that ended in a low interest mortgage for our first house.
The thing is, NACA is designed to provide mortgages to people who typically dont have great credit. The process is hard, and you have to have a lot of patience, but its not impossible. The way it works is that NACA, as a broker, works between you and the bank to get you approved. They encourage you to buy down the interest rate on your mortgage, because it increases up front cash flow for you after you close (If you put money towards buying down interest up front, monthly payments are less than if you apply to principle.) They also provide counseling to peopel who are not as fiscally responsible.
The huge benefits with that are there is no PMI, and the bank pays your closing costs. Im not going to lie it sounded too good to be true and I was skeptical and did a lot of research but I took the leap and I managed to get my home with an interest rate 1% below market. Just remember, its hard. You have to work hard for 1-3 months - on top of your email - ready to get documents at a moments notice - and see houses as soon as they hit the market.
But if your willing to put the time up front now, you will be happy with your mortgage payment for a long time.
If I ever default on my payments, NACA will make a payment for me for a few months until I am back on my feet. It really is a great program.
Product or Service Mentioned: Naca Mortgage.
Reason of review: Fair pricing.
I liked: Overall result of the work put into my loan.