Sign in

Neighborhood Assistance Corporation of America

Sharing is caring! Have something to share about Neighborhood Assistance Corporation of America? Use RevDex to write a review
Reviews Mortgage Broker Neighborhood Assistance Corporation of America

Neighborhood Assistance Corporation of America Reviews (53)

By way of background, NACA is a community advocacy and homeownership organization that provides housing counseling and related services to its primarily low and moderate income clientsNACA offers its clients access to a mortgage product with incredible terms - that is, no downpayment, no closing costs, no predatory terms, and a low fixed interest rateNACA also offers its clients the ability to finance the cost of necessary repairs for the home they wish to purchaseAs a courtesy, NACA provides its clients a list of contractors who have been recommended by other members or by real estate agentsThese contractors are not affiliated with NACA in any way and clients are not required to use contractors from the listAdditionally, NACA provides its clients an extensive program description and outline of responsibilities that clearly explains the client is fully responsible for the home renovation and for obtaining and vetting contractorsNACA is not responsible for providing contractors to complete a renovation projectNACA provides this disclosure and program description to its clients well in advance of their closing on a home and clients have ample opportunity to review it and ensure they understand the program fully prior to closingNACA encourages this client to interview contractors both on and off the list and to contact NACA's HAND Department if she has questions regarding how to register a contractor who has not previously worked with NACANACA does offer post-closing counseling for clients who are struggling to afford their mortgage paymentsTo access this counseling, this client should contact NACA's member services department to schedule an appointment

By way of background, Neighborhood Assistance Corporation of America ("NACA") is a non-profit community advocacy and homeownership organization the primary goal of which is to build strong, healthy neighborhoods nationwide through affordable homeownershipNACA pursues this goal by, among other things, providing its primarily low- and moderate-income clients with free housing counseling and related services designed to assist clients with obtaining or maintaining an affordable mortgageOne such initiative is NACA's Purchase Program, the focus of which is to provide primarily low- and moderate-income individuals and families, who are generally shut out from traditional sources of credit with access to affordable residential mortgage loansNACA's Purchase Program is unique because it offers NACA clients the opportunity to obtain a mortgage with extremely favorable terms - that is, low interest rate, fifteen- or thirty-year fixed term, no down payment, no closing costs, no predatory features, no PMI, and qualification based on a client's financial circumstances rather than a credit scoreTo participate in the Purchase Program and obtain a NACA mortgage, NACA members are required to undergo NACA's compehensive Purchase Program counseling process, through which each client participates in numerous counseling sessions with NACA employees and establishes a track-record of financial responsibility - such as budgeting expenses, reducing debt and saving incomeMuch of what this client has alleged in her complaint is accurate, but is only a portion of the storyThe client began the Purchase Program in August of and iparticipated in individual counseling sessions with a NACA counselorThe NACA program helps clients create a houshold budget to determine what monthly mortgage payment they can afford and clients tell their housing counselors how much they want to pay per month towards a mortgageHousing counselors help clients determine what their desired monthly payment translates to in terms of a total mortgage amountThis client informed her NACA counselor that she wanted a monthly mortgage payment of approximately $per monthHer counselor reviewed that information and informed her that this would mean she could obtain a mortgage of about thirty thousand dollardIndeed, the housing counselor also told her that if she was willing to pay about $per month she could be qualified for that amount and could obtain a larger loanThe client responded that she did not want a higher monthly payment but she also wanted a loan larger than thirty thousand dollarsUnfortunately, even NACA cannot provide mortgages of any size at whatever monthly payment a client wishes to makeThe client was understandably disappointed with this news and stated that she no longer wished to continue with the programHer file was accordingly deactivatedThe client then contacted a local NACA office to inquire why she had not heard from anyone at NACAThe office assured her that they could activate her file and she could continue with the program if she wishedThe offer remains true, and NACA would be happy to continue working with her if she so chooses.The client has inquired as to why NACA requires a credit check before a client can obtain a mortgageWhile it is true that NACA does not rely on credit scores, a client's credit history is a very importan factor in qualifying for a loanNACA has strict underwriting criteria a client must meet in order to be qualified for a mortgageThese criteria include making on-time payments on credit accounts and falling within certain debt-to-income rationsThe credit report shows whether a client is making payments on relevant credit lines and how much other debt the client is carryingClients are informed that they must undergo a credit check before they begin the NACA process and all clients sign an authorization form allowing NACA to obtain their credit report before such report is pulledThe client paid the actual cost of the credit report that NACA obtainedNACA would never obtain a client's credit report or attempt to charge a client a fee the client had not authorizedNACA is not seeking to charge this client any fees.NACA is happy to comply with this client's request to inactivate her accountShould she wish to continue the NACA program in the future, NACA would welcome the opportunity to assist her in reaching her goal of homeownership

By way of background, NACA is a non-profit community advocacy and homeownership organization the primary goal of which is to create strong, healthy communities nationwide through affordable homeownershipNACA accomplishes its goals by, among other things, providing its primarily low- and moderate-income clients with free housing counseling and related servicesNACA is unique in that it offers its clients access to a mortgage product with incredible terms: no downpayment, no closing costs, no PMI, no predatory features, a low fixed interest rate, and qualification based on a borrower's individual financial circumstances and not a credit score.In order to qualify for a NACA mortgage, clients must comply with various requirements, including obtaining a pest inspection from an appropriately credentialed and insured pest inspectorNACA clients select their own pest ispectors and are permitted to select any inspector of their choosing provided the person meets insurance and credential requirements and has not been otherwise banned from the NACA program for misconduct or service issuesAs a courtesy, NACA provides a list of such inspectors to its clients along with an explanation that these inspectors do not work for and are not supervised by NACAClients are free to choose inspectors who are not on NACA's list if the inspector is willing to provide insurance and license information to NACAThis client's complaint would be properly addressed to the pest inspector she selected to conduct an inspection on her homeSince inspectors are not affiliated with NACA in any way, NACA does not and cannot guarantee their workNACA provided this information to the consumer in writing at several stages of her home purchase processNACA urges the client to contact the pest inspector directly to address her concerns

After receiving this complaint, NACA staff immediately reached out to the members to address their concerns and provide guidance to move them through the processAs the conversation concluded on good terms, NACA believes that this issue has been addressedTo the extent that it has not, NACA responds as follows.By way of background, Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community-advocacy and homeownership organization the primary goal of which is to build strong, healthy neighborhoods nationwide through affordable homeownershipNACA pursues this goal by, among other things, providing its primarily low- and moderate-income clients with free housing counseling and related services designed to assist clients with obtaining or maintaining an affordable mortgageOne such initiative is NACA's Purchase Program, the focus of which is to provide primarily low- and moderate-income individuals and families, who are generally shut out from traditional sources of credit, with access to affordable residential mortgage loansNACA's Purchase Program is unique because it offers NACA members the opportunity to obtain a mortgage with extremely favorable terms - that is, low interest rate, thirty-year fixed term, no down payment, no closing costs and no predatory features - regardless of each member's past credit or other financial problemsTo participate in the Purchase Program and obtain a NACA mortgage, NACA clients are required to undergo NACA's comprehensive Purchase Program counseling process, through which each member participates in numerous counseling sessions with NACA employees and establishes a track-record of financial responsibility - such as budgeting expenses, reducing debt and saving incomeOnly those clients who demonstrate the prospective ability to make payments on their desired mortgage for a sustained period of time graduate from NACA's Purchase Program counseling process and become ready to apply for a mortgage - that is, they become NACA QualifiedNACA does not recommend that any member execute a contract to purchase a home until they have become NACA Qualified and are eligible to apply for a mortgage through NACA's program.This complaint arises from a number of factors in the members' personal financial backgrounds which have complicated their progress through the NACA programWhile NACA is committed to working with potential borrowers for as long as it takes for them to become ready to purchase a home, NACA will not Qualify a potential borrower until he or she has fully documented any past derogatory credit issues, such as bankruptcies, tax liens, missed payments on credit accounts, etc., and has established a track record of demonstrable financial responsibility NACA will not disclose the confidential financial information belonging to its members, and will thus only point out that these members had a number of complicating factors which needed to be fully explained and documented before they could become NACA QualifiedNACA encourages these members to continue working with their NACA counselor and to maintain contact in order to ensure they understand requirements and are making progress towards their goals

Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community-advocacy and homeownership organization the primary goal of which is to build strong, healthy neighborhoods nationwide through affordable homeownershipNACA pursues this goal by, among other things, providing its primarily low- and moderate-income clients (whom NACA calls "members") with free housing counseling and related services designed to assist members with obtaining or maintaining an affordable mortgageOne such initiative is NACA's Purchase Program, the focus of which is to provide primarily low- and moderate-income individuals and families, who are generally shut out from traditional sources of credit, with access to affordable residential mortgage loansNACA's Purchase Program is unique because it offers NACA members the opportunity to obtain a mortgage with extremely favorable terms - that is, low interest rate, thirty-year fixed term, no down payment, no closing costs and no predatory features - regardless of each member's past credit or other financial problemsTo participate in the Purchase Program and obtain a NACA mortgage, NACA members are required to undergo NACA's comprehensive Purchase Program counseling process, through which each member participates in numerous counseling sessions with NACA employees and establishes a track-record of financial responsibility - such as budgeting expenses, reducing debt and saving incomeOnly those members who demonstrate the prospective ability to make payments on their desired mortgage for a sustained period of time graduate from NACA's Purchase Program counseling process and become ready to apply for a mortgage - that is, they become NACA QualifiedTo provide a member with counseling and in order to assess each member's individual financial circumstances, NACA obtains a credit report, as is standard in mortgage lendingAll members sign an authorization for NACA to obtain a credit report prior to NACA's obtaining such a report.This member's complaint arises from her participation in the NACA Purchase ProgramThe member began participating in NACA's program, and completed a preliminary workshopAt the member's subsequent intake session, she signed an authorization allowing NACA to obtain a copy of her credit reportThe credit report does not make any representations regarding the type of pull that will be made, nor did NACA make any such representations to the memberAt no point does NACA specify or restrict whether the credit pull used is hard or softThe standard NACA Member Agreement, Page 7, Section A states, “Members are required to pay for credit reports, which are credited to the Member at closing, and home inspections” The same page is also footnoted, “NACA has negotiated a reduced-rate fee for credit reports charged by the reporting agencies; these fees are collected by NACA in order to purchase a reportThe credit report obtained by NACA is used as part of the NACA Program and is not provided to the Member” These are the only references to the credit pull in the Member Agreement and do not restrict which type of pull may be used Also, Pages and state in Section F that “ by the signatures below, the Member acknowledges and understands the risks involved in purchasing, refinancing, renovating and owning his/her own home and hereby forever and fully releases and agrees tohold harmless NACA, its affiliates, directors, officers, staff, agents, independent contractors, consultants and programs from and against any and all claims (including claims of negligence), suits, losses, costs, expenses or damages (including attorney’s fees) or any kind that may result from, arise out of, or otherwise relate in any way to his/her application, membership, or participation in NACA including, without limitation, from the purchase, financing, renovation of his/her home, or participation in or exclusion fromNACA or other NACA Program benefits and services” Such pulls are routine in qualifying for a mortgage and have little or no effect on the Member’s credit scoreIn fact a minimum of three credit pulls will take place during the home buying process, which is considered routineLikewise, no matter the source for a mortgage loan, a home buyer will always be counseled to not open any new accounts until after closing on a homeAdditionally, credit scores are not used at any point in the NACA processThis makes concerns over her creditscore a moot point during the home buying process as the only pulls being done should be those associated with obtaining the mortgageWhile we regret any confusion that may have occurred, the fact is that no actions were taken that were outside the procedures used in the NACA process - and, in fact, the entire mortgage industry- with each and every Member who joins our program to buy a homeAs demonstrated above, the Member has agreed to those procedures in writingConsequently, any attempt to rescind the credit pull would be inappropriate as she has already been advised by NACA supervisory and management staffIf the member desires to purchase a home, she will need to provide her broker and lender access to her credit report.NACA encourages this member to consider the many benefits the NACA program can provide her and she continues down her path to homeownershipShould the member desire to continue working with NACA, NACA staff would welcome the opportunity to assist her in reaching this goal

The role of a housing counseling organization is to provide housing counseling and education to individuals. NACA provided that. The role of a mortgage broker is to help individuals get loans. NACA provided that. As a courtesy, NACA also provided a list of home inspectors available in the area. All the documentation NACA provided with this courtesy list explained very clearly that the inspectors on the list are not NACA employees and that NACA cannot guarantee their work. If the pest inspector did indeed make a mistake, this complaint would be properly addressed with him and his insurer.

That is a bunch of BULL!!!!! Yea naca has contacted me, but then they dont get back to me once I reach back out to themLook at the screen shot I have providedI sent it on August 5th [redacted] n the so called head of that department responded back days later!! And this happens with everyone I try to get in contact withThe second screen shot was my responseThat was a week ago and no one has contacted my contractor or IIt is ridiculous!! I closed on the house July 8th and I have not been able to do anything because of the lack of consideration for peoples time and moneyI agreed to do a wishlist which was all cosmetic stuffThat was in the range of $32,I will not be doing anything cosmetic and would like my money put back into the principal of the loanYou cant tell me I am obligated to remodel my house if I dont want toEspecially when I cant get NACA to call me backThe other $15,was for safety repairsI really dont even want to do that, but I guess I have no choice in the matterI dont have year to be chasing naca around to do repairsI need that $32,put back into the principal immediately and Somone needs to contact Roberto who is the person who will be doing the garage roof and repairsHis number is [redacted] Someone needs to get designated to my file so I dont have to wait weeks for a call back and take care of businessWhen your own staff has told me that NACA is under staffed, it is a proplem!!!!!!

Revdex.com: I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted] Please add your rejection comments below I have not received a response to my complaint from the companyThey stated that they would be contacting me, but they have notThis is exactly the what I have been experiencing for over years Regards, [redacted] ***

NACA is a nonprofit community advocacy and homeownership organization that provides housing counseling and housing-related services to its clients. NACA's two primary programs are its Purchase Program, which offers clients the ability to purchase a home, and its HomeSave Program, which assists... clients with unaffordable mortgage obtain loan modifications from their servicers or lenders. This client's complaint first addresses NACA's HomeSave Program. While NACA offers its clients housing counseling, budget counseling, and assistance applying for a modification, the servicer or lender ultimately makes the decision regarding the consumer's modification. NACA does not own or service loans and cannot unilaterally change the terms of a consumer's mortgage. The client's second complaint pertains to NACA's Purchase Program. The client is correct that he was initially qualified to apply for a loan and that the loan was denied when he submitted a complete application. The denial was not, however, based on inaccurate information present in the credit report. The client misrepresented information about the debt obligation he referenced in his complaint, and failed to maintain his payment obligation between pre-qualification and application. NACA's underwriting criteria looks at whether an applicant has missed any payments in the past 12 months. This client had missed payments on his debt obligation between being qualified and applying for a loan. For these reasons, his loan was not approved. Additionally, NACA does not contact an applicant's landlord without a signed authorization from the client. This client provided his landlord's contact information to NACA and signed an authorization specifically allowing NACA to contact the landlord to obtain a verification of rent.

NACA is not sure why this client has asserted that no one from NACA has contacted himNACA's escalations manager reached out to him two weeks ago for an in-depth discussion and has subsequently followed up with him as promisedNACA has worked diligently to address this client's concerns and believes that a resolution has nearly been reachedNACA is always committed to working with its clients until they are entirely satisified with the services they receive

By way of background, Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community-advocacy and homeownership organization the primary goal of which is to build strong, healthy neighborhoods nationwide through affordable homeownershipNACA pursues this goal by, among other things, providing its primarily low- and moderate-income clients (whom NACA calls "members") with free housing counseling and related services designed to assist members with obtaining or maintaining an affordable mortgageOne such initiative is NACA's Purchase Program, the focus of which is to provide primarily low- and moderate-income individuals and families, who are generally shut out from traditional sources of credit, with access to affordable residential mortgage loansNACA's Purchase Program is unique because it offers NACA members the opportunity to obtain a mortgage with extremely favorable terms - that is, low interest rate, thirty-year fixed term, no down payment, no closing costs and no predatory features - regardless of each member's past credit or other financial problemsTo participate in the Purchase Program and obtain a NACA mortgage, NACA members are required to undergo NACA's comprehensive Purchase Program counseling process, through which each member participates in numerous counseling sessions with NACA employees and establishes a track-record of financial responsibility - such as budgeting expenses, reducing debt and saving incomeOnly those members who demonstrate the prospective ability to make payments on their desired mortgage for a sustained period of time graduate from NACA's Purchase Program counseling process and become ready to apply for a mortgage - that is, they become NACA QualifiedAs part of NACA's mission to stabilize neighborhoods, NACA offers clients the opportunity to finance the cost of necessary repairs for homes they wish to purchaseThe purpose of this program is to ensure that clients buy homes that will be free from major defects for many years after closingNACA does not require clients to purchase homes that require renovation, and clients are free to choose not to buy homes in need of repairNACA will not, however, allow clients to purchase homes with health and safety issues unless there is a plan in place to address these issuesIn this case, the client elected to purchase a home with necessary repairs and finalized a rehabilitation budget with the NACA Home and Neighborhood Development Department (HAND)The client's complaint seems to stem from misunderstandings about the rehabilitation processFor NACA transactions involving a rehab, NACA's participating lenders provide up to $for inspections after closingThe remaining funds in the rehab escrow are agreed to by clients prior to closingThe NACA HAND Department does not change the amount of a rehab escrow without a client's agreementIndeed, clients must sign an application form requesting the full amount of the loanNACA allows clients to select any contractor of their choosing provided the contractor is properly licensed and insured and is willing to provide documentation of such to NACA and to agree to NACA's processNACA does not allow, let alone require, clients to complete repairs on properties prior to closingOnly if the seller is willing to complete repairs will repairs be completed prior to closingThe work to be completed in a rehab project is determined based on an independent inspection report, provided by a home inspector of the client's choosing, in consultation with HAND Department staff and the clientThe client agrees to all repairs before the rehab is finalizedIn the current case, the client appropriately agreed to all repairsThe client was free to choose any contractor or home inspector, and was not required to purchase a home with repair issuesThe client also has concerns about NACA's post-purchase assistance programThe client is incorrect in asserting that the program was terminatedNACA continues to provide the program to its clients and the program has not been changed in any wayAdditionally, the client signed a contract with NACA agreeing to all terms of the program as it currently operatesNACA will reach out to the client to provide further clarification on these issues and any other concerns the client may have

Revdex.com: I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted] Please add your rejection comments belowI signed the credit authorization only because a manager from your company stated this was a soft pullAs a company your management should enforce the accurate informationAlso as a company it's your responsibility to correct what [redacted] stated! She told me it would be a soft pull and you all need to accommodate what she stated! I would never want to do business with this company due to the deception behind it! [redacted] stated there is no way this would be a hard pull because your company is not a lenderFix the mistake she made! Regards, [redacted] ***

RevDex.com: I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted] . Please add your rejection comments below. I spoke with Mr. [redacted] and discussed the refund. I am waiting to hear back from him. [redacted] . Please call

The members' NACA counselor did not fail to review or process their file timelyRather, she diligently reviewed the information supplied by the members and continued to work with them to fully document their unique financial circumstances and help them to demonstrate that they were ready for homeownershipAs noted in NACA's previous response, these members had certain challenges in their file, including documenting employment history, that needed to be fully documented and explainedThe members represented to their counselor that they could provide documentation to address these challenges, and the counselor assembled the documentation they were able to provide and presented the case to her supervisorThe supervisor ultimately decided that the members would not be eligible for NACA Qualification until later in It is important to understand that certain complex financial situations must be reviewed by a supervisor in order to determine the correct application of NACA's guidelines and proceduresThe counselor handled the file correctly in documenting the members' financial circumstances and referring the matter to her supervisor for a decisionNACA understands that the members are frustrated that the decision was not one they would have preferredNACA reiterates, however, that this result was not caused by any failure on the part of NACA or any of its employees

Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ***Please add your rejection comments below.
[If you are rejecting the business's response please enter your rejection comments here.] NACA was made aware of the sales contract and told not only but my realtor to proceed with home and termite inspection and also $of earnest moneyI was never told that I couldn't afford the houseNACA hasn't responded to neither email nor phone callLast I heard was that I would receive a call back to see if the lender would finance an auction homeI have emails where I contacted them when the contract was available and also Ms *** insist that I utilize my packet to proceed on a search for home inspectorsEven after home inspection uploaded into NACA's system the hand dept (their repair team) contacted me ready to move forwardNow how could all these things get done if they told me I couldn't afford the propertyI do not have $dollars laying aroundI worked hard to save my money and for NACA to not even be in contact with me is flat out ridiculousSomeone need to be getting my money back! Not to mention $for home inspection and $for termite inspectionThe problem is no one looked took the property time to go over the sales contract, until it was too lateThey've held my personal information up and caused me not to better my credit becauseit wouldn't have been in my best interest to open up any accounts They haven't owned up to their mistake yet, still up until now hadn't contacted me I have emails and receipts of my purchase and the go aheadsNot only was I told to go ahead, my realtor also.
Regards,
*** ***

Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ***I must say this was one of the worse written letters from a company who states they try to help people and advocate for themBased on the additional information you provided, was very shocking and disturbing to me. One of the most valuable services NACA can provide is the ability to protect its customers’ privacyYour company NACA leading non profit is to keep your clients personal information accurate, confidential, private and secure. The information you have provided is inaccurate, we did not have multiple loan modifications, We filed chapter years ago due to a separation, we filed chapter and for years we paid faithfully, after the chapter was done and completed the Judge made *** do a loan modification. I use to work with NACA back in in the home preservation department and the group of people I worked with back then were competent professionals.Bear in mind that me and my husband, children and grandchildren went through something very traumatizing, when my husband was told he had cancer and had to take chemo for months times a week. The letter seems like you are implying that we a re looking for a handout, and that’s not the case at all, we had some serious personal problems that were a major setback. My husband went from a figure income to a disability check and this is really disturbing usYou do not have to be compelled to take on your client’s problems, but you can show understanding while we sort out our troublesGood grammar is credibility, especially on the internet, in blog posts, on *** statuses, in e-mails, and on company websites, your words are all you haveThey are a projection of you in your physical absenceAnd, for better or worse, people judge you if you can’t tell the difference between their, there, and they’re. When you send an email or write a letter to the Revdex.com, you are representing your company and influencing the way the client perceive you and this letter does not make you look like a professionalIf you are not a strong writer, consider taking courses to improve writing skills since you are in a leadership role so that people will perceive you as a competent professional in your industryI pray you never have to walk in my shoes and if you do, please do not forget me *** * ***. #WehaveGodonmyside
Regards,
*** ***

By way of background, Neighborhood Assistance Corporation of America ("NACA") is a non-profit community advocacy and homeownership organization the primary goal of which is to build strong, healthy communities nationwide through affordable homeownershipNACA pursues this goal by, among other
things, providing its primarily low- and moderate-income clients with free housing counseling and related services designed to assist clients with obtaining or maintaining an affordable mortgageOne such initiative is NACA's purchase program, the focus of which is to provide low- and moderate-income individuals and families, who are generally shut out from traditional sources of credit, with access to affordable residential mortgage loansNACA's program is unique because it offers NACA clients the opportunity to obtain a mortgage with extremely favorable terms - that is, low interest rate, thirty-year fixed term, no down payment, no closing costs and no predatory features - regardless of each client's past credit or other financial problemsThis client's complaint arises from her participation in the NACA purchase programAfter becoming qualified to purchase a home through NACA, this client identified a property she wished to purchaseUnfortunately, when she presented the purchase and sales contract to NACA to apply for a mortgage, it became clear that she was not able to meet the financial obligations required by the purchaseThe client's complaint is not with NACA's program or underwriting guidelines, but rather with the terms of the purchase that she was not able to meetWhile NACA provides thorough housing counseling and education to its clients, it is ultimately the client's responsibility to locate properties he or she can affordNACA cannot approve a client's purchase of a home that the client cannot afford

Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community-advocacy and homeownership organization the primary goal of which is to build strong, healthy neighborhoods nationwide through affordable homeownershipNACA pursues this goal by, among other things, providing its
primarily low- and moderate-income clients (whom NACA calls "members") with free housing counseling and related services designed to assist members with obtaining or maintaining an affordable mortgageOne such initiative is NACA's Purchase Program, the focus of which is to provide primarily low- and moderate-income individuals and families, who are generally shut out from traditional sources of credit, with access to affordable residential mortgage loansNACA's Purchase Program is unique because it offers NACA members the opportunity to obtain a mortgage with extremely favorable terms - that is, low interest rate, thirty-year fixed term, no down payment, no closing costs and no predatory features - regardless of each member's past credit or other financial problemsTo participate in the Purchase Program and obtain a NACA mortgage, NACA members are required to undergo NACA's comprehensive Purchase Program counseling process, through which each member participates in numerous counseling sessions with NACA employees and establishes a track-record of financial responsibility - such as budgeting expenses, reducing debt and saving incomeOnly those members who demonstrate the prospective ability to make payments on their desired mortgage for a sustained period of time graduate from NACA's Purchase Program counseling process and become ready to apply for a mortgage - that is, they become NACA Qualified.NACA believes this consumer's complaint to have been premature, as the client's loan is cleared to close and she is scheduled to close todayAlthough the consumer experienced some delays around the time of bank application, these delays were not caused by NACA as the consumer has allegedNACA advises all clients who are seeking to purchase a home not to take on new debts or make material changes to their credit prior to submitting a bank applicationThis consumer disregarded NACA's advice and made material changes to her debt obligations immediately prior to to signing a purchase and sales contract to buy a homeThis action as well as other issues beyond NACA's control caused minor delays and required additional documentation in order for the loan to be approvedNACA worked tirelessly with the consumer to help her continue with the transaction and is pleased that its efforts to assist her have been successful

Revdex.com: Naca is not stating the truth and there are so many members being hurt by the lack of communicationAlso it should not take days to make some one aware of a decisionThe contract was submitted March 24thThanks for contacting NacaI have nothing else to say to NacaJust wish I would of been informed right awayThanks and Have a Blessed day
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ***
Regards,
*** ***

By way of background, NACA is a non-profit community advocacy and homeownership program the primary goal of which is to develop strong, healthy neighborhoods nationwide through affordable homeownershipNACA accomplishes this goal by, among other things, providing housing counseling and related
services to primarily low- and moderate-income individuals and communitiesNACA's Purchase Program is unique in that it offers its clients access to a mortgage with very favorable terms: no downpayment, no closing costs, no fees, a low, fixed interest rate, and qualification based on a client's financial circumstances rather than his or her credit scoreNACA's Purchase Program requires clients to complete comprehensive housing counseling and demonstrate the prospective ability to repay a loan before they become eligible to apply for a mortgageThis client's complaint arises from his participation in the NACA purchase programThis client is currently participating in housing counseling and has not yet become NACA Qualified; that is, he is not yet eligible to apply for a loan through NACA's programIndeed, NACA's last communication from the client was a request to postpone a scheduled counseling session due to the fact that the client has just returned to work after some time and needed time to establish an income historyIf the client is ready to continue the counseling program, NACA is happy to work with himNACA's committment to its clients is that it will work with them for as long as it takes for them to become homeownership readyNACA does not, however, guarantee that a client will be NACA Qualified by a particular date because Qualification depends upon a client's individual financial circumstances and compliance with NACA's underwriting critieriaNACA will not allow a client to apply for a mortgage until the client has demonstrated that he or she is ready for that financial obligationBecause this client has not yet applied for a mortgage and, indeed, is not even eligible to apply for a mortgage at this time, NACA is not processing a mortgage on his behalf

Check fields!

Write a review of Neighborhood Assistance Corporation of America

Satisfaction rating
 
 
 
 
 
Upload here Increase visibility and credibility of your review by
adding a photo
Submit your review

Neighborhood Assistance Corporation of America Rating

Overall satisfaction rating

Address: 5765 S Rainbow Blvd Ste 102, Las Vegas, Nevada, United States, 89118-2537

Phone:

Show more...

Web:

This website was reported to be associated with Neighborhood Assistance Corporation of America.



Add contact information for Neighborhood Assistance Corporation of America

Add new contacts
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | New | Updated