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bears85

NACA Mortgage Timeline- From Intake to Keys in 68 Days

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I would be hard pressed to accept a NACA offer for my house or townhouse. If I did I would definitely not give the buyers incentives or be as flexible on price knowing the deal will take much longer than other offers. The one story here on closing in 68 days is an anomaly. Most either give up as it takes too long/can’t get a response or closing is much longer than 68 days. The average days to close on a house is ~50 days.

 

I agree it’s a great deal if you can get it.

Edited by tiggerlgh

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I think the satisfaction/dissatisfaction with NACA is usually regional, based on the NACA office. The Dallas office is AWESOME with the best MC around. I do know some people are frustrated with the program and I can't blame them. It really doesn't matter how someone else does with the program. The only thing that matters is your experience.

 

We've actually looked into upgrading our home. However, we bought when prices were decent. Now, everything has exploded. We just made our 36th payment and have 12 years left. Our mortgage has gone from $215,000 to $170,000. The terms are just so unreal that I can't ever see leaving the deal.

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I think the satisfaction/dissatisfaction with NACA is usually regional, based on the NACA office. The Dallas office is AWESOME with the best MC around. I do know some people are frustrated with the program and I can't blame them. It really doesn't matter how someone else does with the program. The only thing that matters is your experience.

 

We've actually looked into upgrading our home. However, we bought when prices were decent. Now, everything has exploded. We just made our 36th payment and have 12 years left. Our mortgage has gone from $215,000 to $170,000. The terms are just so unreal that I can't ever see leaving the deal.

You had an unusually good experience. Its not regional. DLG has made plenty of statements about this as well.

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I think the satisfaction/dissatisfaction with NACA is usually regional, based on the NACA office. The Dallas office is AWESOME with the best MC around. I do know some people are frustrated with the program and I can't blame them. It really doesn't matter how someone else does with the program. The only thing that matters is your experience.

 

We've actually looked into upgrading our home. However, we bought when prices were decent. Now, everything has exploded. We just made our 36th payment and have 12 years left. Our mortgage has gone from $215,000 to $170,000. The terms are just so unreal that I can't ever see leaving the deal.

You had an unusually good experience. Its not regional. DLG has made plenty of statements about this as well.

Actually, my experience wasnt great. It was stressful the entire time. Everyone who goes through NACA seems to have a stressful time. Only thing is that I stuck it out.

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I think the satisfaction/dissatisfaction with NACA is usually regional, based on the NACA office. The Dallas office is AWESOME with the best MC around. I do know some people are frustrated with the program and I can't blame them. It really doesn't matter how someone else does with the program. The only thing that matters is your experience.

 

We've actually looked into upgrading our home. However, we bought when prices were decent. Now, everything has exploded. We just made our 36th payment and have 12 years left. Our mortgage has gone from $215,000 to $170,000. The terms are just so unreal that I can't ever see leaving the deal.

You had an unusually good experience. Its not regional. DLG has made plenty of statements about this as well.
Actually, my experience wasnt great. It was stressful the entire time. Everyone who goes through NACA seems to have a stressful time. Only thing is that I stuck it out.

And you had the time as yours was a new build vs an existing home purchase. Most don’t have that time to stick it out.

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I think the satisfaction/dissatisfaction with NACA is usually regional, based on the NACA office. The Dallas office is AWESOME with the best MC around. I do know some people are frustrated with the program and I can't blame them. It really doesn't matter how someone else does with the program. The only thing that matters is your experience.

 

We've actually looked into upgrading our home. However, we bought when prices were decent. Now, everything has exploded. We just made our 36th payment and have 12 years left. Our mortgage has gone from $215,000 to $170,000. The terms are just so unreal that I can't ever see leaving the deal.

You had an unusually good experience. Its not regional. DLG has made plenty of statements about this as well.

Actually, my experience wasnt great. It was stressful the entire time. Everyone who goes through NACA seems to have a stressful time. Only thing is that I stuck it out.

 

 

Then why were you praising the Dallas office? :dntknw:

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On 6/26/2018 at 8:19 PM, mendelssohn said:

 

Then why were you praising the Dallas office? :dntknw:

Simple explanation. NACA, in general, requires tons and tons of paperwork and sending in things that you’ve already sent in. The NACA underwriters are brutal. So are the BOFA underwriters. So every little thing that they notice, you need to be ready to explain it.

Also, our Home contract price was $214,850. The initial appraisal came in at $211,000. NACA will not close you if the appraisal doesn’t match or exceed the contract price. You can’t even pay the difference to close the deal.

So overall, the process was very stressful and overwhelming, but we continued with it and kept doing everything we asked. None of the foolishness we dealt with was because of the Dallas office.

Does that satisfy your question?

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On 7/2/2018 at 12:38 AM, Daddy said:

Simple explanation. NACA, in general, requires tons and tons of paperwork and sending in things that you’ve already sent in. The NACA underwriters are brutal. So are the BOFA underwriters. So every little thing that they notice, you need to be ready to explain it.

Also, our Home contract price was $214,850. The initial appraisal came in at $211,000. NACA will not close you if the appraisal doesn’t match or exceed the contract price. You can’t even pay the difference to close the deal.

So overall, the process was very stressful and overwhelming, but we continued with it and kept doing everything we asked. None of the foolishness we dealt with was because of the Dallas office.

Does that satisfy your question?

Not really because it doesn't make their office exceptional if they can't get past any of the issues you are complaining about. If they have no power to do anything different, they don't deserve praise for anything.

 

FWIW my NFCU mortgage was super easy, and I suspect that is "normal" these days. NACA is just a PITA and unless you can wait like you were able to, is not a good option in a competitive real estate market.

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Coming from personal experience with NACA. If you have no other choice or have 90-120 days to close it may be a justifiable option. I have nothing positive to say really. Make sure they're licensed to operate in your state is a big one. Like others have mentioned the ratio of negative/positive reviews is overwhelming. They have a good product that is not delivered well on any level in the organization. For what they pay people you're never going to get the level of expertise you would at a bank. 

Edited by EricDET

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On 2/19/2018 at 11:02 AM, bears85 said:

 

Are you uploading the documents through your webfile? I had issues from the start with the webfile so I instead emailed them to my webfile with the assigned email address and cc'd my mortgage counslor. I would then follow up the next day with my MC to verify it was in my file. I cannot answer for the qualification because I got qualified 3 days after my first intake. After you qualify you will attend the home purchase workshop. I feel it is better if you have a realtor who has been though the NACA process before or who is NACA certified. My real estate agent was not and it was a learning process with her. After the fact she stated she would do it again because it is not that much different other than having specific wording on some paperwork.

 

I would follow up with your MC to see where you stand in the process. If you are not getting results talk to the office manager.

Thank you for your response.  I did start uploading at both. I had two unfortunate situations going on; 1.) a new counselor and, 2. a not well trained counselor.  By September, I just was so disgusted.  No outstanding owes, nearly a year of perfect rent and other bills (2 less than $100 total) and a CC at "0" balance.  I had more than $32k in savings, I switched to a counselor in the local office and was approved within 2 weeks ( meetings). Closed in Oct., 2018 after 1st counseling session 11/17. It was a nightmare at every turn.  They gave me a date for closing, I moved to a new location and ended up having to live in a hotel for 3 1/2 weeks, pay the seller $300 a day for my household to be in the empty house because the long distance movers arrived before the closing because of the delay.  The delay was caused by NACA asking for a specific document that did not exist, but was  being given documents that provided the needed information but the Mortg Closer didn't recognize that.  The bank posted a 2nd close date but NACA didn't close for 20 days after that date.There were weeks where I could not get any NACA personnel to return my call or respond to email. I was having an anguish meltdown nearly three times a day toward the last 5 months.  At the time of my approval and closing, I had no debt and $53k in a savings account. My problem was I was trying to "understand" and be patient. I am now in my home in another state but still wonder if all the unhappiness and mishaps was worth it. Still recovering from the level of stress and mental pressures. The organization is simply taking many more clients than they can handle. The Mortgage staff is unprepared and unable to handle non-routine circumstances. My mortg: $240,000 2.13% $17k buy down/closing cost and $10,000 principal payment one month after closing. P&I: $887/mo 

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