NACA Experience Let me start by saying that we are thankful to have bought a home and that some of our situation is simply bad timing. However, Here is my current situation.
About 2 years ago we completed the NACA process and purchased our home for $200k. The process was aggrivating to say the least. No communication, no way to really get ahold of anyone on the phone, things didn't happen as or when they were promised. But in the end, it did work. The process took about 5 months if I recall and we were in VERY good shape at the time. We were borderline for an FHA loan, had $12k in the bank for expenses, some issues with credit, but nothing recent. So the process is not fast, even if you are in a "ready to buy" state financially. We were very happy with the home and glad to be done with the lenghty aggrivating process. We thought that was the end of it...
About a year later, I had to take another job out of state. I was able to go ahead and get an FHA loan in the new state. So I had two $1200 house payments, but I was very fortunate to have enough income to make them comfortably. Even so, it is still painfull paying $1600 (Mortgage, elec, yard maintenance, etc) on a house in another state that you can't rent out (against the terms) or do anything with.
So during that time I am trying to sell the house. Keep in mind that I bought it after the market crashed, so I am thinking that it will be tough to sell, but at least I shouldn't be upside down on the equity. WRONG! Even after putting $10k more into the house in landscaping, stainless appliances, Wood Blinds, etc the best offer I could get (and we got several) was $191k even though it appraised for $225k. So we took it. Clearly not NACA's fault, just market and timing. We closed two days ago and thought... Whew, at least that is one worry off of us...
Wrong again... Now I am hearing that NACA hasn't released their lien on the property. The buyer is mad and threatening to sue, both real estate agents are mad, and I can't reach ANYONE at NACA that knows ANYTHING about how to release the house. I am having flashbacks to the buying process where no one returns calls, you have 100 different numbers that you get routed to and no one seems to know who can help or how to help, and everything is taking 10 times linger than it should.
I even tried contacting NACA months ago telling them the situation, that the house was for sale, etc and asking for them to release then, just to avoid this situation and they wouldn't.
Bottom line, if this is the ONLY (and I mean absolute ONLY) way you can get a house, then suffer through it. If you have ANY, and I mean ANY other options, be advised to take them. This is such a shame too, because they have a good product...
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