Naca Neighborhood Assistance Corporation of America

I can say that so far I have had excellent customer service with my mortgage consultant Joyce Leake. Getting all the paperwork together does take some time, so be patient with the process. I am now in the process of getting approved. I am so happy that I stuck with the program. The savings will be phenomenal and I will finally be apart of the american dream. Thank you NACA for supporting and taking a stand for hard working people that may have experienced some problems in the past and that does not have an 800 credit score. Thank you for giving us a second chance.

We’re excited! My husband and I are still in the process of getting approved, but so far everything has been smooth with the help of our great counselor Joyce Leak, who has been helping and guiding us in every step of the process.
We suggest you to have all the documents ready in digital form before you start the process to avoid any delays.

I found out about NACA last year from a coworker. I attended the orientation and immediately knew that I was interested in this program. I have a great counselor, Joyce Leake, who is there to guide me through the steps needed to get approved for a home loan. I have been participating in this program for less than a year and hopefully I will be able to purchase property within a couple more months. As long as you submit all of your required paperwork in a timely manner, the process will run smoothly. I highly recommend NACA for anyone who is looking to purchase a home and needs some assistance with the closing fees.

I’m excited to close as I am currently in escrow. The process is a bit slow but it is moving along. I started in December 2015 and was NACA qualified in March. It was competitive and we put in about 20 offers before one was accepted. I am in escrow for a 405K home (NACA recently increased maximum purchase price to 415K). No PMI, No closing costs and I was able to buy down my interest rate to 1.62%. My single family home is in Norwal/​Cerritos area, 4 bedroom 2 baths. I put 4k in earnest and am a few weeks in escrow.
I will say that NACA appears to be understaffed. You have to be on top of things so that you can move quickly when needed. But this program works. At least it has for me.

This is a great program, especially for the first time buyers. However, I would get all your ducks in a row before you start process of getting a loan through NACA if you wish speedy result.
My wife and I are still in the process of getting approved, but it is moving pretty fast. We attended a NACA workshop in October, but really started pursuing this option in December last year and we are expecting to be approved very soon.
As some of other reviewers have written there are many benefits as well as some drawbacks.
Benefits of going with NACA are $ 0 down payment, $ 0 closing costs, no PMI, and a lower than market interest rate. What you should also be aware of is that the process takes some time so don’t tell your landlord you are moving next month. The loan limit for a single family home is $ 400,000 so in some pricey metropolitan areas like Los Angeles you might have hard time getting exactly what you want, but i would still accept the price limit to a bank loan. This also keeps us in budget which is helpful in mercurial job markets these days.
Our counselor was very pleasant and responsive. I believe many bad reviews I see come down to bad relationships with the NACA counselor and not being prepared for a more drawn out process than you would have with the bank. If you are prepared, make a giant folder with all the information NACA asks and keep updating it it will go faster than you think.

All I can say is Thank you NACA!
I just closed escrow on a 4 unit building in San Fernando valley and I am so grateful!
I’d heard all the nay sayers and it just goes to show that if you go through the process it will work!
My credit isn’t perfect and I have student loans up the yin yang, but! IT WORKS!
Can it take time? Sure, depending on you, your circumstance and preparedness. I met a lady who got through the process in a fraction of the time I did but my circumstance was different and that’s ok!
In the end I have a new building to live in and provide a home for others for no money down, no closing costs with a 30 year fixed 3.246% interest and no PMI!
#WINNING
Everyone in the LA office is so kind and really helpful. I love how they work together to help get things done!
My counselor is Shari Mims and she is a real live Angel! She worked so hard and really advocated for me to get my through the process. She changed my life!
I was so nervous going into escrow, but my escrow was a smooth 55 days and now I’m on to the repairs.
So I’m sure you can tell by all of the above that if you’re looking to own a new home I highly recommend this program!
(Truth be told, I signed up 8 years ago. I got jaded and didn’t follow through. If only I’d known then what I know now)
I LOVE NACA!
:)

My wife and I recently closed escrow on the purchase of a property using a NACA loan. While the loan program is amazing, the process is best described as working with the DMV.
We were able to purchase a $ 500,000+ triplex with 0% down and a 3.273% interest rate fixed for 30 years with no PMI payments! NO JOKE.
However, our escrow process dragged on for close to 6 months and we almost fell out of escrow because of it.
I would recommend this loan program to any first time home buyer, but if I were to do it over again, I might use one of their in house real estate agents who knows the process. Our mortgage counselor was not an advocate for us and you really need someone to help you understand the process and hold your hand every step of the way.

The NACA counselor treated us very nice when we met him the first time. He promised me our case will be finished after only 2 weeks when we finished all the documents they needed. We believed them and told our landlord that we are going to move after 2 months. Unfortunately, after that, we contacted NACA at least 37 times every week by any way we could, like email and calling for an appointment. They always gave us so many different excuses, such as, our counselor had quit, the system didn’t reschedule you, send me the documents again and again, your case will finish next week. After 5 months and over 24 emails with documents from my partner, we realized something is wrong with NACA. We ceased dreaming of buying a house and got angry about NACA. I did some research and I realized the problems are not just at the local office, but come down from the very top of NACA. When I searched google «NACA suck», the members talk about how NACA probably is a scam company. They help a few members get a house, but NACA gets a lot of benefits and money from the government, and they don’t use it to help people or pay their employees. I moved out of my house and stayed with a friend based on NACA’s sweet words «your case will be finished next week».
I have a steady job and high credit score. My partner, too. Unfortunately, in California, that is not enough to get a traditional mortgage. Our jobs are new so we have not saved up money yet for a down payment. We wanted to stop renting and get our own house when we got married and the LA Times featured NACA in a story that seemed too good to be true. So we contacted NACA and started the process. The experience has made me a realist. I will start to find another project and rent a new house. Also, I will work hard for my downpayment. I understand the saying «There is no free lunch».
See more I searched from google that the members experience:
How bad they treat NACA’s employees:

Well, I’ve barely gotten started with NACA and I’m not liking their process. I faxed/​emailed ALL of my required documents, I called their customer service number and I was told to wait 14-​days for an appointment with a housing counselor. Well it’s been more than 14 days, I called and their phone was either disconnected or not receiving calls. Thus bothers me because I faxed all of my personal information and I haven’t been updated yet!!! I need to find another way to buy a house.

NACA is a loan program aimed towards first time home buyers with 30 year fixed rates under national averages with 100% financing and NO PMI, but there is a blind second mortgage against the house if you sell it. Sounds like a killer deal, right?
Here are the drawbacks. Their loan limits are $ 400k on an SFR in LA or Orange County. Also, they make you attend a seminar from 10−3pm on a Saturday in a craphole in LA or Carson. Afterwards, you pay a membership fee of $ 20 – 30. You have to perform 40 hours of community service to promote NACA per year AKA a waste of time for working professionals. From there, you’re assigned to a NACA loan consultant/​banker and they schedule a random appointment time at their office in Hawthorne usually on a weekday. Mine happened to be on Wed 2pm. (thanks for making me skip work). My banker named Virgil Flowers asked me for all my paperwork to get my income qualified and ran my FICO score at 794. My debt to income ratio is at 20%. I work in the industry, so I know the loan process and how easy it is to work on loans for people with, good credit, and little to no debt + verifiable income with w2’s.
All this happened in January. It is now May and he still has not submitted my loan to processing or underwriting. WHAT THE EFF IS HE DOING? In general, NACA is very disorganized and reminds me of the DMV. If you have good credit with assets and good income, I highly recommend you dont use the NACA route. It’s not worth your time and money. I ended up buying a house with a nice down payment and walked into a nice chunk of equity.

Doing the foot work to get the loan that will be our first house and we will be able to afford. We are grateful for this process.