Before I started my process, I knew about NACA because of the financial institution I worked for. So I understood that it did work for some but mainly due to the people who you end up working with. So in about 2011, I went for my workshop, at that time you could buy the interest down to 0.75%. So I left knowing, I wanted to save money and buy interest down as much as I could. I made an appointment and saw a counselor face-to-face who pulled my credit and let me know what my action plan was. Fast forward to January 2014, I had worked on my credit (paid off my car) and because my rent was on the rise decided to pursue the NACA mortgage. I went by the action plan I had from 2011, submitted all requested paperwork and made an appointment over-the-phone. I got a call from the lady and as nice as she was, she had not had the time to look at my file before we talked, made another appointment 30 days out. Again sent in updated documents, bank statements, paystubs etc. Again she was not organized, but requested an action plan for me which was to write letters explaining any negative item on my credit report. I sent that in the very day, but still had to wait the 30 days. Got the same counselor again and this time I had my folder with all the paperwork I had sent in, including the last 30 days updated paperwork. When she asked for something, I told her exactly where it was and when I had faxed it in so she could find it. Very frustrating that again she was not prepared and was feeling her way through every phone call. Very quick to ask you to send anything else and reschedule the appointment again 30 days out. At this point it was March going into April, ugh!
My lease expires in May!
As I said I worked in a financial institution so I knew I had everything ready to go. I now insisted on making an appointment with someone else and this time face to face. I went with all my paperwork. I had a binder, with all my faxes, and once again updated paperwork. This time I met, Mickie Thompson in the Dallas office. What a breath of fresh air! She about made me cry, she was so organized, we went through my file, sorting out through the mess that had been made of my file. She was like don’t need this, don’t need that. And pulled my credit report. Come to find out, the lady over the phone had not pulled a current credit report and was working on the one from 2011. I have choice words for those that can be so incompetent it defies belief! Mickie put everything together and right there and then, submitted it to the underwriter that same day.
Two days later, I got my response, again Mickie is on point, responding to emails, and any questions. At this point, I’m thinking she should do an ad for NACA as professional and knowledgeable as she is. That very Thursday, I’m invited for the Homeowners Workshop and I get my qualification letter. Yay me!! (Point to note, it is an actual qualification letter they give vs. the pre-approval from most other mortgages, in other words, there will be no last minute surprises). I attend my workshop with my Realtor, Alecia Smith (North Texas Home Team). Next day we are out looking at homes. With it being a seller’s market during the months of late April/May. Sellers are getting offers on offers, but my Realtor made it look easy. Found me my house in May, sent in the paperwork, again between my Realtor Alecia and Mickie, a few repairs done, within two weeks, got the clear for closing, which we did on June 4th.
I had the perfect team of professionals working with me, a Counselor who was so on point and a Realtor who made me feel like I was her only customer and was knowledgeable about the NACA process (this right here is key). That was my NACA experience and I now a proud owner of a home with a mortgage closed at 3.875, and a payment less than what I was paying for rent! My time line - January 2014 to closing on June 4th 2014.
My advice? Be realistic about how much home you can afford. Keep each and every single paper that you send in, and the dates that you faxed them in. Be proactive in submitting everything requested on time. If you feel you are getting nowhere with your counselor, request someone else. NACA is the very best mortgage there is. Lastly if you are in Dallas area and need a Realtor, please call Alecia Smith at 214-274-6056, she knows her stuff!
Product or Service Mentioned: Naca Mortgage.
Reason of review: Fair pricing.