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This is the absolute WORST financial institution I have ever dealt with. It's a total scam.

They are so unorganized, understaffed, and inexperienced people I have ever met. We should file a 'class action suit' against them. 11 months later and still not approved for a mortgage because they request the same paper work over and over. I have invested so much time and money sending faxes and repeat copies to the BUFFALO {new York} office.

If I was smart I should have started a '1st time home buyer program' with my local bank and by now I would have had my house. DO NOT start the NACA program. Also a realtor I was working with had mentioned the NACA home inspectors won't pass a home for the most ridiculous reason and you as the buyer are expected to fix out of pocket before you even own the home. How ridiculous is that?

Who would put money into a home they don't own?

The horror stories I have heard are unbelievable. Save yourself the headache and aggravation, do not use this service!!!!

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TheNeighborhood Assistance Corporation of America ("NACA") is a non-profit, community-advocacy and homeownership organization the primary goal of which is to build strong, healthy neighborhoods nationwide through affordable homeownership. NACA pursues this goal by, among other things, providing its primarily low- and moderate-income clients (whom NACA calls "members") with free housing counseling and related services designed to assist members with obtaining or maintaining an affordable mortgage.

NACA is not a “financial institution”.

One such initiative is NACA's Purchase Program, the focus of which is to provide primarily low- and moderate-income individuals and families, who are generally shut out from traditional sources of credit, with access to affordable residential mortgage loans. NACA's Purchase Program is unique because it offers NACA members the opportunity to obtain a mortgage with extremely favorable terms - that is, low interest rate, thirty-year fixed term, no down payment, no closing costs and no predatory features - regardless of each member's past credit or other financial problems. To participate in the Purchase Program and obtain a NACA mortgage, NACA members are required to undergo NACA's comprehensive Purchase Program counseling process, through which each member participates in numerous counseling sessions with NACA employees and establishes a track-record of financial responsibility - such as budgeting expenses, reducing debt and saving income. Only those members who demonstrate the prospective ability to make payments on their desired mortgage for a sustained period of time graduate from NACA's Purchase Program counseling process and become ready to apply for a mortgage - that is, they become NACA Qualified.

As part of NACA's mission to stabilize neighborhoods, NACA offers members the opportunity to finance the cost of necessary repairs for homes they wish to purchase. The purpose of this program is to ensure that clients buy homes that will be free from major defects for many years after closing. NACA does not require members to purchase homes that require repairs or renovation, and clients are free to choose not to buy homes in need of repair. NACA will not, however, allow members to purchase homes with health and safety issues unless there is a plan in place to address these issues.

The truth is that NACA does not allow, let alone require, members to complete repairs on properties prior to closing. Only if the seller is willing to complete repairs will repairs be completed prior to closing.

The work to be completed in a rehab project is determined based on an independent inspection report, provided by a home inspector of the client's choosing, in consultation with HAND Department staff and the client. The member agrees to all repairs before the rehab is finalized.

The member was free to choose any properly licensed and insured contractor or home inspector, and was not required to purchase a home with repair issues.

There are alternative means of submitting documents to your NACA file such as email and direct internet upload, so the claims about “time and money sending faxes” just don’t hold water. Most NACA offices also have self-service kiosks where members can submit documents. Offices that do not yet have kiosks will gladly scan and enter documents into a member’s file any time a member stops by the office during open hours.

The NACA program requires commitment and effort on the part of the member as well as a healthy dose of patience in many cases, but the benefits of having a sound home while saving thousands of dollars in closing costs, PMI and excessive interest are well worth it.

The nearly 40,000 families who have safe and affordable homes through the NACA Purchase program would hardly call it a “scam”. Tim Trumble Online Operations, NACA

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