Rants And Gems 41: What you NEED to know about NACA 

Congrats! How did you find the 3 family?

@@friendlytester6861 NACA provides you a list of their real estate agents.

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Are you referring to your primary or investment property?

My primary. I still live in the home I purchased through NACA, 17 yrs later.

U can get a house here in the bay? Doesnt the naca loan have a limit of 720k or somethin ? If u can get back to me much appreciated

@@Enigma_408 17 years ago the Homes in the Bay Area were not this expensive. Depending on the size home you want to purchase, have you considered Bay Point, Antioch, Pittsburg, Oakley or Brentwood all have suburban neighborhoods as well. If you have children the best school Districts are Pittsburg and Oakley. The homes in Oakley are the cheapest because it's an extremely small but family oriented city. I was looking to purchase a second home in Oakley and asked why the homes were cheaper than Brentwood.

Any updates???

@@hoodempress9082 Any updates in regards to what?

Same 0.85%‼️🙌🏾

Please can you explain how you got your rate down to 0.87% ? With this rising interest, I'm trying to learn how I can get the lowest possible rate. Thank you

The 10 step Documents that they request in the beginning for the pre screening or are there more documents that will be needed?

Shoutout to Cleveland 🫶🏾🥰

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Could you elaborate? How did they allow you to keep the first home ? I was under the impression that you can't own a home at the time of closing through NACA

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What roadblock did you run into & how's the process been now?

@@J972Mthe process now isn't much different. You need a 680 credit score. You should have at least 15-20k in savings liquid. This proves you can handle a financial emergency. You need to be able to prove income. W2's income tax returns, pay stubs. If you are self employed my advice is file as an S Corp, and pay yourself through payroll like a W2 employee. Your credit should be commendable. Meaning no current delinquencies, charge offs, or collections. Outside of that, it a matter of patience and going along with their requests, and system. It will take a while, so buckle up and enjoy the ride.

How long was your process?

@@kamaria07 I had credit related things to clear up w my student loans so my process was a bit longer (about a year) but when it was all said and done …my credit score improved, my expenses were limited, my savings were on point and I even bought down my interest rate to 2.5%. I was prepared to be a successful homeowner. It’s been close to 3 years ☺️

Love this 🙏🏾

How much did you have to be saved

@@sophycarter6747 they give you the mandatory required funds amount based on your income and target mortgage amount so it differs from person to person. But they want you to have 2-3 months of mortgage payments saved

This is awesome. I am in the process too. I have my 3rd session next Friday. ❤️💜

@@Dreamsareareality yay!! That’s really exciting and hopefully they have great news for you then!!

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I read up on it a few days ago. Excellent.

🤣 facts

Is that true when you want in the future to sell the home they sell your home less price?? I meant below market value I mean ?

Compliment * lol

I need more information.

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That was a jewel but it's said business credit doesn't even take that long.

@@creativemanifestation8295 now it doesn’t! I just got approved under my six-month old LLC. I’m hearing that businesses even younger than that are getting approved. Times have changed for the better for sure.

NACA told me you can’t buy property under your LLC through them.

@@StopSelfDoubting that’s correct. It’s an owner-occupied loan. What I’m saying is if you have a multifamily that you purchased through them, you can start an LLC… that has nothing to do with NACA. We’re not talking about how you purchase the property but how you manage the business aspect of multifamily real estate investing. I’m not an attorney or accountant. Research what’s best for you. Hope this helps.

Ok so follow up: we have started the NACA program in Los Angeles. We’re making sure we update our newest bank statements and everything as it comes. So very excited. I also have told all my siblings and clients that don’t own a home about the program.

Sounds like they want investors to revitalize neighborhoods & investors do not sell property

naca has a forum with helpful admins that answer questions plus other members who ask and answer questions they helped me alot.

How do you calculate the reserve?

That’s was where my 1st appointment was.. Now in NC.

Facts

I am in the same boat here in Philly I completely understand

That money doesn’t go to NACA. They want you to hold it in an account for YOURSELF for building repairs and maintenance. They don’t want you to become a multi family property owner who has to go into foreclosure because you don’t have enough money for repairs and maintenance on your building.

I was under the impression that if you had a NACA Mortgage, you could not hold any other properties in your name.

So, it took me about that amount of time. Preapproval was very speedy because I was well-qualified. However, changes in their policies made me have to change up my game plan a bit. BUT, it did not cost me any extra money just because it was a triplex. The $14,000 is likely the reserve money you need to have on hand. That’s what would be required anywhere else. It’s worth it. Figure it out and get it. If you have a 401k, you can use that as your reserve money. At the time I did it, they were saying it must be liquid. But, they ultimately changed that rule… so the money sitting in the 401k qualifies. You could get some money gifted that sits in your bank account to qualify for the reserves. What you do with it after closing is up to you. There were some minor fees.. but it was so little… I can’t even remember. It was nowhere near thousands.

Also… you do have to put up earnest money… just to show you are serious. Each market is different. I only had to give $1,000 in STL

I quit twice too, got good reasons…

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I have about 5% of my portfolio in bitcoin any advice on any other crypto currency that I can grow my $30k?

The crypto market is highly profitable with an expert broker just like Mr Michael Saylor. I got recommended to him and since then my financial life has been a success.

Wow I know Mr Michael Saylor. I met him at a conference in The Dome at America's center Life 2016 where he introduced us his business strategy, he helped me cover my losses trading myself.

Trading crypto with Expert Michael Saylor has being a game changer for me

Please I need someone to help me trade or invest the Forex or crypto market, I'm tired of trading and looses myself. I've blown my account twice and it's frustrating

Is it true that you need 3 months of bank statements or is it more for those with W-2 forms? I know the irs documents are required for two years.

What part of NC you in? I'm in Eastern NC and I'm going to start calling this week to find a NACA Agent.

I had the same experience My counselor in Raleigh canceled my second appointment because she was not going to be in and never called us or replied to our emails . Luckily we use that money she told us to save every month and got us a house

It is best if you use a NACA in house agent that work with NACA clients only. You can use an outside referral agent anytime you want though. Everyone in this video was great!!!! I believe the realtor on the second part of the video is what we calm a referral agent that works with everyone!! But she has a ton of experience working with clients using NACA.

NACA SUCKS

@@freshboy2015I’m going to the Raleigh location as well, just not looking forward to it… I remember the rudeness and the many of people that wanted to ask questions and couldn’t…😩😳🤷🏼‍♀️

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How much did you have to save

How has ur process been?

Once you paid off the home why didn't the lean just fall off??

They didn't like it that I paid it off before 5yrs are over. It got nasty quickly. I was accused of mis using the system. That I had bought home to make money of. Any genuine question I asked was rudely handled.

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Don’t give up 🙏🏾

@@Renaissance125 trying not to

Keep trying. You got this.

Yeah that’s what they told me two years ago.

they don't hv a credit score requirement but they do look at your credit report specifically the last two years. no negatives and three positive trade lines

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Yea the hand department is hell

@@Renaissance125 there were some mishaps but nothing compared to the loan mortgage process, in my experience.

@@Renaissance125 One thing I wish they would have told me is that I could be reimburse for work that I got done instead of relying on contractor and going through their slow process.