Buying a Home with NACA in 2023.
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- čas přidán 29. 04. 2023
- NACA is America's best mortgage. You can purchase a home with NO DOWN PAYMENT, NO CLOSING COST, and NO MORTGAGE INSURANCE!
To get started with NACA message me or click the link below!
Desmond Combs
713-878-1734
www.descombs.realestate/naca
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Straight to point - I appreciate you for this.
Good info!l Since i hear its a 'slow' process I'm starting in a few months in hopes to be ready by August 2024. Peace & love
Awesome informational video. Attending a workshop on July 8th. Looking forward to it!
Thanks Dez!
Hi Dez I noticed that the pre-approval letter does not have a dollar amount on the qualification letter is ok to utilize this and present to a realtor?
Can you make a video about the modular homes and the 1$ lots? Will we have to find the lots? Do you think there will a waiting list for the modular houses? I can't find any additional information on those topics.
Unfortunately, this information has not been released. Probably later or beginning of 2024 for more information. Also keep in mind, NACA hasn't released which areas they are primarily focused on, but I would assume states like New Jersey and Texas would be on the top of the list 💁🏾♂️
Does NACA work with OFF SHORE housing
I've been working my main job for about 17 1/2 years I have a part time job but it hasn't been a year yet won't be until maybe late August and; I go to the seminar on the 30th of this month do I need to include my part time job info or it doesn't matter?
Yes, any source of income has to be for 2 years to count. Underwriter will not be able to use that part time job.
3:39 is that pull on the credit
Thanks for the info. My seminar is scheduled for next month but now I'm a bit disappointed. I have great payment history with my credit cards and my car note but I've been late with my rent a couple of times . At $2500 with nothing included has kept me juggling. I've come to the conclusion that a mortgage payment would be much less than my 2 bed rent. Will having a scratchy rental payment history disqualify me?. Keep in mind my credit score is 780 and everything else is on time.
They’ll delay your process for a year!
If you’re late again, you’ll have to wait another year!
Just buy your own home in 9 months you can use it for money income if you use any of these programs your basically stuck with a house paying and can't rent it out or do anything with it even trying to sell it if it's through hud you can't
You have to wait 5 years before renting it out anything can happen in one year 5 is way to long
NACA has no consideration for your credit score but only rent payment history
I have already reserved my workshop. I did not work in 2022, but from 2021 and back I have great rental payment history and evidence of stable income from my job. Does NACA want to see rental payment history for the most recent payment history (as in the last 12 months), or will the 2021 income/rental payment history be weighted equally, given that I am currently working and have a steady income. Thanks Dez!!
Everything for the last 2 years will be taken into account. So yes, they will need some of those documents from 2021 since we are still in the middle of 2023. The more documentation you have, the better.
Good Afternoon Dez, if you own land, can you become approve to build on that land via NACA? Or does it have to be an existing property?
Great question. No you can’t use NACA to develop unimproved land. However there are other programs available via USDA and FHA. The terms are similar to NACA because the land itself is used in as down payment. A local lender would be able to tell you what’s available in your area.
Hello Dez, I am currently in this program and have a few more months of payment shock left. My counselor is advising to look for grants to add to my profile. Do you know any grant approvals for Florida that works with NACA?
Hi. Yes there are grants to assist. Let me check with my lender to see what grants still have funding. Those grants can be used to buy down the interest rates. Message me at (713) 878-1734. Once me lender responds back I’ll let you know.
what states do you work in
Thanks for the info, but I have one question: I'm in desperate need of another vehicle. The one I have is costing me money in constant repairs. Will purchasing another vehicle hurt my chances of NACA approval? Thanks!
It definitely can change your debt to income ratio if the payment is a lot more than what you are currently paying for car note. As long as you make your payments on time it can hurt the approval. Your purchase power can change.
Would there be any advice you’d give if someone wanted to look into purchasing a multi family unit? My wish would be to go this route and eventually generate passive income for myself to create generational wealth for my kids..
If you are looking to purchase a multi-family home using NACA I would say the first step is to go ahead and get started with the NACA process by attending the workshop. You would still need to get qualified. With multi-family homes you need to find the property, because they will need the information from the property to approve you for a home that expensive. They need purchase price, how much rent the other units could demand, condition of the property, etc.... So you would need to get approved to purchase, then find a multi-family home and submit the property to NACA. Depending on where you live will determine how fast you can locate a property.
Keep in mind the home does not have to be move in ready. NACA also will allow you to buy one and renovate it.
Hello, Sir. I’m attending the NACA program soon as a first time home buyer. I would like for you to represent as my realtor threw the process. Do you have social media, or contact info. Thanks!
i am an agent . I just closed a deal with naca mortgage...THEY ARE THE ABSOLUTE WORST MORTGAGE COMPANY to deal with
So, you are complaining about closing a deal with NACA? I think everyone in America knows NACA is not the easiest company to work with as a buyer or agent. But we also know that NACA is there for the buyer's best interest. If you didn't want to deal with them just pass your client on to the NACA agent next time. If your client was able to purchase a home with NACA you should be celebrating and thinking about ways to make the experience better the next time around when a client reaches out to you needing help.
Congratulations on your closing!
@@DeztheRealtor excellent response...
@@DeztheRealtor very informative video. THANK you. Do you represent first time buyers in the DMV area?
@@teejenkins2101 thanks. So I’m only licensed in Florida, but a college classmate of mines Keith James is an incredible agent in that Area. @keithjamesrealtor is his handle on instagram. He works with a lot of first time homebuyers and is also well informed on NACA.
@DeztheRealtor Question: Hoping to get my daughter in the program... Are they a stickler for the 2 years of employment? She started her job November 2022 and has been there ever since, but that is not 2 years. and before that she worked 11/2021 until 3/2022.
Yes you are going to have to show 2 years of documented steady income. You can have a small break in current job if you changed jobs. But March 2022 all the way until November of 22 is way too long of a break.
@@DeztheRealtor Thank you so much :)
Can you get approved for both a single family and a multi-family simultaneously or does it have to get a approved only for single family or only for a multi-family?
Only one
What if my husband worked one job for consitantly 2 years and then swiched to a different carrer the following year and worked more than one job. Will this be a waste of time? should we wait 2 years from now to start this program?
It’s ok if the income remained the same. Meaning if you switched a w-2 job for a w-2 job or 1099 for a 1099 job. If the income changed from w-2 to 1099 or vice versa then you have to wait. Also the 2nd source of income would need to equal 2 years of employment to use that. Consult with a lender to have them look at your file if you are not sure. It wouldn’t be a waste of time to attend one of the NACA workshops to get the information. I’d say sign up for next workshop and attend. They will have all the personal on hand for answer these questions.
I read you can buy a foreclosed home with NACA. How do you do that if you're in the housing phase with NACA?
You can purchase foreclosed homes with NACA, but most of them homes have to have a court approved offer. If it's already in foreclosure and no longer in the pre-foreclosure phase, then bank owns the property, and it would be even harder to get the offer accepted since they are looking for a quick sale of the property. NACA takes their time closing on homes.
But to answer your question you would have your agent submit the offer same as on any other property. If its bank owned, then sometimes it's listed for public auction. Those are risky because you need to put down a deposit to hold the property. If you fail to close withing the time frame given, then you could lose that money.
Can you build a duplex on property you own with NACA
Hi Nadirah. You can buy and renovate a duplex, but you can’t develop one from unimproved land.
Is this only for primary residence or can you use NACA for an investment/rental property?
Yes after 5 years I suggest getting to the point if you have good credit and little money start slow without help
How much savings i should have or should be saving monthly?
That’s up to you. NACA just want to see that you can comfortably afford a mortgage without being house poor. But you definitely have to show them you are not living check to check.
Have you ever sold a coop through NACA?
No I haven’t. Only single family homes so far.
Can your rent payments be used to show a consistent 12 month payment history?
Yes
My mom and I are only bringing in about 45k per year rn. I am pulling in an extra 6k this year but I haven’t had the same job for a year so it probably won’t count. We live in MA and can only afford a house for 150k at the most. We’ve been to a couple banks already. Can we afford a house for 300k through NACA or will we get approved for the same amount?
You would have to go to the workshop and start the process. In order to get to see the counselor who will do your affordability letter they have to see your file. Your budget will be based on what you can comfortably pay and still be able to save every month. So I can’t tell you if you would get approved for 300k. They absolutely need to see your overall file to determine that.
@@DeztheRealtor hoping to have all our information in by the end of this week and eager to see if there is more wiggle room through NACA.
@@DeztheRealtor we did take the workshop. We are working on completing the application this week and already paid $25 membership fee.
I called a agent he said that you can’t get out of naca with section8. It’s for the life of the loan. Also their is a 25 percent lean out done on your house if you ever wanted to move. And if you wanted to you have to refinance out of naca just to get into another home crazy!!! What are the benefits seems like none
I have never had a section 8 client so I would just go with what the NACA realtor told you.
The benefits of using NACA is the fact you can purchase the home without down payment, closing cost, and no mortgage PMI. You also will have a much lower interest rate than using a traditional lender. All these benefits with or without good credit.
If you have good credit, have savings, and make decent income NACA may not be the best option. It just depends on your overall intentions for the property. As of today there are 100 percent financing options through FHA as a alternative to NACA. But NACA interest rates will always be lower than the market.
Where are the homes located? Do you get to pick them yourself? I want to become a home owner but prefer not to live in a bad neighborhood lol.
Are you asking about where you can purchase with NACA? If so you can pick where you want to live if you are a priority member. If your income exceeds the average minimum income for the area then you may be considered non priority member. If you are a non priority member you are restricted from purchasing in certain areas.
So if I have everything except rental evidence, is this a waste of time? I never rented. Home with parents to finish school..worked and saved $. Helped financially around the house. They never charged me rent. So should I invest in the workshop or keep it moving?
No it’s not a waste of time. Let’s just say you are looking for a $2000 a month mortgage. They will just ask you to show that you have the ability to save that amount every month. They will probably ask you to do this for about 4-5 months.
okay perfect. I do that, so I will sign up. Thank you @@DeztheRealtor
Hi,
i have good icome around 80k a years,
i dont pay rent and my expenses are low, because i live in Miltairy base.
this will effect bad or good to get approved?
thank you
Without paying rent currently you will be asked to demonstrate you can save the amount you want your mortgage for every month while still maintaining a quality life. So if you want to get a $2000 a month mortgage, they will have you show you can save $2000 a month along with about $350 for basic savings.
So your chances are still great to get approved. You just have to take extra steps to get there.
@@DeztheRealtor Thank you.
my goal is to pay a lower mortgage than i can afford, for ex: if i cann afford 2000$ i want mortgage 1700$ or lower. ( is that pssoible)?
@@Mohamedelarabi yes. $2000 was just a random number I through out other. You get approved for a max budget and you can always purchase well under the budget they approved you for.
What documents do they need? Is NACA program for citizens only?
what about if you on section 8 can you still do it
Yes!❤ it’s actually even more helpful, having section 8 from what I’ve researched.
Yes! Especially sect8….
Would you advise linking bank accounts to naca?
I would just submit fresh documents every Friday. I am not a fan of linking my bank account to anything. Thats just me.
No!!
How does NACA program compare to first time home buying programs?
Low interest rate
No Down Payment, No Closing Cost, No PMI & You Can Also Buy Your Interest Rate Down, No Credit Score. Just Based Whats On Your Credit. Far As On Time Payments Etc 😊
Do NACA still Drag their feet .... Hard to use them because seller will not wait for all NACA Red Tape....like chasing a carrot
NACA is definitely not a fast process in the beginning, but once you get your pre-approval and get under contract the seller has to abide by the terms of the contract.
That would be hard for a seller to do since it is a Seller market. They would not wait for the LONG process of NACA... It takes NACA about 3 months to a year. Just even get your approve and I'm a license loan officer for 20 years They have me jumping through so many hurdles Very unacceptable
@@cincinnatiohio5345 The Seller has nothing to do with NACA. It can take a BUYER 3-6 months to get approved. Once they get their pre-approval then they begin to search for homes. Not before. So yes it may take the buyer months to get approved, but once they get to that point it’s just the same as accepting any FHA offer. The only requirements NACA has is inspection and Appraisal. Those are also the same requirements for FHA approvals.
What’s your location?
Orlando, FL
This naca stuff is a bunch of red tape and i was told that caseworkers are very nonchalant lazy rude and no help hard to contact them
Everyone keeps taking about what they were told. Either you block those people out and chose to take action yourself, or use a traditional mortgage lender. Save up 6.5% of the purchase price for down payment and closing cost and you want have to worry about the red tape.
NACA is providing funds to help you get into a home with basically no money. If it was no red tape involved then everyone would use them and the program wouldn’t be around to help those in need. If you go to their website someone closes on a home every week because they took action.
Did you do your own research into the program? Unfortunately a lot of people like to tell misleading information and they don’t really know themselves?
@@thor2070 Yes I did do my research on it and like i said a bunch of red tape headache and heartache that I'm just not up for if it take all of that to go through to get a house It better have jacuzzi pool a maid that part !
@@TinaEnriquez-bj1nhso why are you on this video. I wouldn’t still research things that I’ve decided I wouldn’t use.
Naca is saying my mortgage can only be $1000 a month. How much house can I afford with that amount??
They base your approval on income, debt to income ratio, and what you have shown them you have the ability to comfortably pay and still have a normal quality of life.
If you have height debt then you may need to either add a co-applicant or find a way to decrease your current debt.
You can call me at (713) 878-1734