I reviewed on here last year after I closed(March 2015)... but I feel this organization is easily worth writing another review for. First I will start with the numbers of my loan, because... you know... everybody likes numbers.
I am a NACA ADDICT! This organization has changed the course of my familys life!
-Interest Rate: 0.0625%(Yes that is 1/16th of 1%) 30 years FIXED
-NO PMI, MIP etc.
-I paid NO closing costs
-Credit score at time of closing: 598, seriously.
-No down payment required("Principle Reduction" may be required if you buy the interest rate all the way down such as I did, but this is not the norm) This can get confusing very quickly, so for now just know there is no down payment required initially on loans, only if you decide to buy the interest rate down, and even then depending on how far you buy it down.
Purchase Price: 405k
Loan Amount: 383k
Total Mortgage Payment: $1474
Principle & Interest: $1074
Property Taxes & Insurance: $400
Under $1500 a month for a 6 YEAR old house with 1.33 acres located in Frederick County(little north of the DMV- DC/Maryland/Virginia)
Ill explain this as easy as I can. I paid 25k to the bank upfront to buy the rate from 3.5%~ to about 1.75%. I then put down 22k into a "downpayment" aka "principle reduction" and the bank matched that dollar for dollar in further reducing the rate to the lowest allowed by law through CITI BANK to 0.0625%. This is a fixed interest rate. In addition to the 25k interest I paid up front I will be paying roughly $3000 in interest amortized over 30 years(practically nothing) So total interest paid: 28k on a 383k loan. OH but not so fast... I just received a 6k tax refund solely due to deducting the points paid last year. So make that a total of 22k interest on a 383k loan! YOU CANNOT GET THIS ANYWHERE ELSE! IT IS CRAZY!!! The cost to pay for the interest rate upfront LITERALLY pays for itself in 1.5 years!
The amount of interest and fees I am saving over the course of 30 years is approximately $320,000!!!!! That is CRAZY!
FHA you need a 3.5% down payment, Conventional is what 10-20%? Then you have to worry about PMI and MIP... and another "fees" the banks charge you. Its all a bunch of ludicrous. The banks DONT CARE about you. NACA DOES care about you.
SO your saying to yourself: "WOW!!! There must be a catch......"
Here's the catch: You must be PATIENT, you must be PERSISTENT, and you must be DETERMINED. Naca doesnt just "give out" this mortgage terms. You have to EARN IT. You have to understand how the process works. You have to put in "SWEAT EQUITY". The process is not FAST. If your looking for a 123 quick mortgage this program is NOT for you. YOU have to be the one on top of your file 24/7. YOU have to be the one who wants "next level" home ownership REAL BAD. My process took pretty much the same amount of time an FHA loan would have taken, maybe 1~ month longer.
I typically try and speak at workshops in the Baltimore area at least once every 2-3 months or so. I used to be one of those people sitting in the workshops listening to official home owners talking about the program. Now I get to share my success story with everyone else. Nobody is going to stop you through this program but YOURSELF.
I read all of these negative reviews on here. Practically all of them have everything to do with ones own lack of preparation, lack of knowledge of the program, lack of personal responsibility, complaining the process is too slow, just generally being "privileged". Listen, the process WORKS. It really does. It does not work for everyone, but it can. The process is not perfect by any means. The counselors are EXTREMELY overworked. Some counselors may have 100+ people they are trying to assist! The way I look at it, some of the best things in life just TAKE TIME. You cant RUSH greatness.
Listen, I grew up on section 8 housing my entire life as a kid. For the first 9 years of my adult life I was renting one crummy apartment after another. I learned about the naca process in 2010. It took me YEARS to grow into the person that had enough DISCIPLINE to obtain these phenomenal mortgage terms. I developed an immense amount of patience. I made HUGE SACRIFICES. I just turned 30. Nobody in my family has accomplished anything of this magnitude. Dont ever let anyone tell you what you cant do. YOU have the ability to decide to go after whatever it is you want in life. My mother lives with me. I feel HONORED to be able to put my mother in such a wonderful HOME. I will NEVER have to worry about forclosure EVER. I am not some "special guy" I am not made of money. I am about as common as can be if you were to pass me on the sidewalk. However, I have this immense amount of DETERMINATION, AMBITION, that you cannot buy at walmart.
If you live in the DC/VA/MD area and would like me to assist you through becoming a "next level" home owner, feel free to email me at firstname.lastname@example.org and I will do everything within my power to help you. Having someone like me on your side through this process is PRICELESS.
Product or Service Mentioned: Naca Mortgage.
Reason of review: Good quality.
I liked: Program terms, Loan product, No closing costs, Program description, Great end result.