I have excellent credit so I could not understand why it was taking so long to get approved. (it took over a year) Once I was approved I had questions but they only communicate through email and take forever to respond and the counselors are not very personable.

The interest rate they approved me for was the market rate not 1% less, my mortgage was going to be $1050 without PMI but it included a fee paid to NACA for the next ten years included with my mortgage. I had $64000 in government assistance they would not except and the amount they approved me for was not enough to purchase a home, I was done.

I went to an independent bank got approved for a home loan within a week and my house note is less than $900 a month. My suggestion is if you have good credit don't mess with NACA.

Review about: Naca Mortgage.

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n addition to NACA's considerable effort to counter all the negative feedback

in various places around the web, NACA in no way makes "housing more

affordable." NACA provides a dubious service for something that shouldn't be

allowed in this country to begin with, namely, predatory lending. The company

profits and sells it's product to Wall Street just as banks do, in addition to

a direct subsidy from HUD/US Government.


Marks is a professional *** artist who carefully set up his business with others to basically sell Banking services (lending, originations, etc) while fraudulently advertising itself as a pro-consumer group. Remember, the Banks that caused the housing crisis received an incredible bailout, have not been prosecuted, millions have lost and are losing their homes, millions more are shut out from ever purchasing a home at today's prices, and Mr Marks and NACA have generally made plenty of money the entire time.

Naca Verified Representative

We continue to be amazed almost daily by those such as “Anonymous” who begin the NACA program but think that the way our program works simply doesn’t apply to them. Most common are those who use their “excellent credit” score as justification for their complaint about not moving through the program a quickly as they would like.

Each and every person who comes to the NACA purchase program is told even before they walk in the door of the initial workshop that their credit score is not a factor in the NACA process whatsoever.

Likewise, having a high credit score is not a justification for taking shortcuts in what is deliberately an exacting process. This is why we tell people that that NACA Purchase Program is not for everyone.

The NACA program, while open to everyone, is designed primarily for low and middle income borrowers who would otherwise fall victim to predatory lending. It provides an affordable, fixed below market rate with no down payment or closing costs. It is able to do so because it uses traditional full document underwriting to resolve every question and undeniably show in great detail that the home buyer can legitimately afford the mortgage payment.

The program is not designed to be fast or easy, but the results are clearly worth the patience and effort.

We are not sure where “Anonymous” came up with the “1% less” statement, but the rate offered was indeed below market, though with market rates being so low the last couple of years that a rate a full percent below market would be simply impossible. However, even a half point lower on a $200,000 mortgage would save well over $15,000 in interest over the life of the loan.

The fact are also conveniently blurred in the reference to PMI and the NACA NSF membership fee. The typical PMI payment is roughly $200 per month and under recent FHA regulation changes is now charged for the life of the loan. This results in a total of $72,000 in insurance premiums over the life of the loan that protect the investor on the loan in case of default, not the homeowner.

The NACA NSF membership fee protected the homeowner through the creation of a fund which could provide direct assistance to the homeowner in the event of a short term hardship. The total NACA NSF membership fee over the ten year period is only $6,000, saving another $66,000 over the term of the loan while protecting the homeowner instead of the investor.

The $66,000 savings is by itself more than the $64,000 of undefined “government assistance” that NACA “would not except (sic)”. Additionally, the $50 per month fee no longer exists on loans originated after January 10, 2014. Virtually every form of down payment and other types of assistance can be used toward buying down the interest rate on the loan, which saves a minimum of three to five times the dollar amount compared to a simple down payment.

The interest rate can be bought down to as low as .0625% in many cases. Additionally, the statement “the amount they approved me for was not enough to purchase a home” actually translates to “they wouldn’t approve me for a bigger loan that I could genuinely afford”. In short, “Anonymous” is in reality paying tens of thousands of dollars more over the life of the loan than necessary while having no protection from defaulting due to an unforeseen hardship, which is most likely why they have chosen to remain unnamed.

We regret that you chose not to buy your home through the NACA program, and we wish you the best going forward. Tim Trumble Online Operations, NACA ttrumble@naca.com

to NACA_Online Chicago, Illinois, United States #829284

Thank you Mr. Trumble I'm just starting out I go to the class 7/12/14.

I am predicting that it will take some time because I want to have someone walk with me through the process so far I saved about 1,700, but don't expect to have something done in two years. If it's done faster I would be very happy but in two years I will have clear disposable income.

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