907 views
New Reviewer
Resolved
3 comments
stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full
2.9
Updated by user Apr 02, 2018

I received my original approval.

Original review posted by user Mar 27, 2018

We started the process in 2016, we attended a workshop and met our first MC, she prepared us well for the process and told us to be patient and what to expect. We were patient and did everything that we were asked, even sending the same items multiple times.

After a few months we were approved. We expressed an interest in having a home built and the MC said that they didn't do construction loans but if we found a contractor willing to do a turnkey that we could have it done. We searched for one and after several nightmarish encounters with contractors we decided to just find a house. In the meantime the first MC left the company and we got a new MC and she wasn't as competent as the first one, she rarely returned calls in a timely manner and she mishandled paperwork often after several months she eventually left and we got our 3rd MC and she came in just as we found the perfect house and as we made an offer on the house the selling agent asked for an approval letter and that's when we found out that our 2nd MC had let our approval expire without telling us so we had to start the process all over again...

So patiently we did, needless to say the house sold before we could even began. Well we were approved again but for some reason the underwriter lowered the approved amount significantly but nothing had changed, income was the same, no new debt, as a matter of fact I had paid several accounts off, first he stated that we were not saving our payment shock and so we went back through our statements and highlighted our payment shock for every month over $1100 a month and then he said it was the number of bank accounts we have, I have children in college and these accounts are how I send them money. So my kids graduate and the MC tells us to wait 2months and close the accounts and everything should be fine so patiently we do and the underwriter still doesn't raise the approval back to the original amount and I have now paid off my car and credit cards so I have absolutely no debt and I can't get a reasonable explanation of why this underwriter seems to have a wild hair for me. So after nearly 2years of patience we still don't have a home.

We did everything we were told we sent and re-sent everything they asked for we knew it was a process and we were patient only to have it all wiped out by what I can only imagine is a vindictive underwriter.

I didn't write this review to bash NACA but I would not recommend this to my worst enemy. Their motto is "The best mortgage in America" they should add "But only for some people" My parents always told me that if something seems to good to be true then it probably is.

Reason of review: Problems with payment.

Location: B, 2, 10101 Siegen Ln, Baton Rouge, LA 70810, USA

Do You Have Something To Say ?
Write a review

Comments

chat-icon

Please avoid publishing any personal information and promotional content

You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment
Guest

How long did it take you to close though? Thats my problem with this company.

You have to give them at least 2 years to close. Most people don't have 2 years to wait. If you have the time Naca is for you but if you're in a rush to get your home go somewhere else. You will not close in months..

don't let these so call good reviews fool you, they gloss over the fact that it takes years to actually get approve and close on the home using the Naca program. I don't like reviews that say just be patient or stick to it? Umm, I think 2 years of constant appts and backforth is more than patient.. I wouldn't recommend them.

It's not worth it.. by the time you get through the program you would've saved up the downpayment. You no longer need 20% down. We did the Fannie Mae 3% down program.

PMI falls off once 20% equity has been reached.. i was so done with naca I welcomed the pmi...

NACA Online

Congratulations on sticking with it and getting the approval amount you were seeking. It once again shows that patience and persistence do in fact pay off with the NACA program.Payment Shock is in determined by the difference each month between the sum total of the ending balances of all bank accounts and not just a single savings account or group of selected accounts.

Highlighting a regular transaction each month in a specific account does not prove Payment Shock has been successfully saved as that can be shown by just moving money between accounts rather than actually saving the money. I'm certain the bank accounts for your college students added an additional wrinkle to the situation, though, If it was a regular amount each month, adding it to the budget should have accommodated that. If they were sporadic deposits, I can see where it could get confusing pretty easily. In any case, I'm sorry for the confusion and delay that happened.Stay focused on the end result and never give up.

You'll have your new home soon at a payment you can genuinely afford. It will definitely be worth the effort.Tim TrumbleOnline Operations, NACAttrumble@naca.com

Guest

I agree with the OP that NACA is very unorganized. I disagree that itโ€™s too good to be true.Facts:No downpaymentNo PMINo closing costBelow market interest rateMore facts:UnprofessionalSlow pacedCrazy guidelinesUnorganizedNACA is a great program, just needs a lot of work.

NACA Reviews

  1. 237 reviews
  2. 102 reviews
  3. 51 reviews
  4. 32 reviews
  5. 56 reviews
NACA reviews