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Looking into a NACA loan. What is the general feeling about them in the housing/mortgage industry?

I am new to the home buying process, but I know enough to know I can't get a traditional mortgage.  I am interested in the NACA program.  Is there any stigma against them?  Can I get any house I want (within the max sales price of course), or is it up to the seller to accept?  Pros/Cons?  Experiences?  Thanks.
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April 28 2013 - Overland Park
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They offer a great rate. you do have to do some class work and you may have to pledge some time for their advocacy.  That could be a bit much but you cant argue with the rate/terms if you qualify.
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May 06 2013
NACA is a privately owned corporation that professes to help people who want to buy houses. You have to sit through classes and work with the real estate agent they assign you. You pay something like $50 extra per month to them but if you lose your job, they say they will keep up with the mortgage until you find another. Not sure how good they are about doing that. Some agents won't work with them because they take more than half of our earned commission. Some lenders think they're a little fishy. I knew a guy who bought a house using their system and then he did lose his job the following year. They did not help him. That's just one case; maybe others have better experience. The seller always has the right to accept or reject the financing used for purchase. If you can't get a traditional mortgage and see no way of doing so within a reasonable amount of time for you, you could always go and sit through their classes to see if you liked them. 
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May 05 2013
 
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Looking into a NACA loan. What is the general feeling about them in the housing/mortgage industry?
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Latest answer by shapiroamg
May 06 2013 | 2 answers
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