FHA vs. NACA Mortgages: What You Need to Know Before Buying Your Next Home
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- Опубликовано: 5 сен 2024
- In this video, I provide a quick and informative overview of what you can expect when purchasing a home with an FHA-backed loan or through the NACA mortgage program. Whether you're a first-time buyer or looking to understand your financing options, this video will guide you through the basics of both mortgage types.
Ready to take the next step?
Visit www.naca.com to explore in-depth information, schedule upcoming webinars, and join their workshops to learn more about the NACA mortgage program.
To learn about FHA loan products, reach out to your preferred lender or ask for my curated lender list.
Ayanna Hawkins, Realtor®
⭐All-Star Home Advisors
Simple Realty Professionals
(623) 207-7146
www.allstarhomeadvisors.com
I’m going thru NACA now and I must say your video was excellent and answered my FHA vs NACA questions perfectly!!🙂
Loved this video! Just closed on my 4 bedroom house purchased through NACA last month. It wasn’t the smoothest process but worth the headache- My interest rate is 1.75 percent!
1GorgeousGodzilla omg that’s amazing would you mind talking to me me about your process I’m 22 and looking to buy my first home
That's what I'm talking about!! Congrats to you!!
Congratulations 🎉
God Bless You! 🤗
How much was closing if you don’t mind ? What was the actual amount of money to get into the home ? That would be helpful to us if you could tell me. Thank you 🙏
Thank you, Thank you and Thank you!!!
Hands-down the best video to differentiate the difference between both programs. Definitely very knowledgeable and informative about everything to be expected from both programs.
Thanks for your special video, I will be in touch!
Thank You! You explained everything perfectly!
You are very welcome!
Thanks for sharing, great information
You did a phenomenal job explaining everything, thank you I appreciate you...
You are very welcome! Thank you for watching!
Fantastic Break Down and Comparisons
ThankYou😘💐
Great informative video. You can refi to get out of the NACA loans. But I agree the process sounds tedious though.
Thank You for sharing.
Thank you for your time, this was very helpful. 💟😊
Very informative. I had to step back because I had a lot of things coming at me I didn't know when I did the FHA and the mortgage broker route.
Thank You!!!! Very informative!
Great Vid. Thanks for the useful info. 👊🏾👊🏾
You are very welcome!
Thank you for all the info. I'm just getting started so this helped a lot. I"m in Houston texas btw.
Good luck!
Thank you
See how the universe works! Once you clear your mind, and notice the signs are there. Thank you Ayana for taking the time to create this video.
You're welcome! Let me know when you close :-)
Very informative thanks for sharing!
You're very welcome!
Great video
Really like this video
Thank you for this video!
Good morning,
If you don't vote because of religious reasons, you can write a letter explaining that because of religious reasons you don't vote. Thank you so much this is great the way you explain this is perfect!
Thank you so much for the info! Very clean and got to the nitty gritty
You're very welcome!
Looking at this in 2021 thank you for the video was trying to make up my mind if to continue with Naca I have my 2nd interview coming up next month
Good Luck🙏🏾🙏🏾
Wow.. thanks .. I have a little more hope now . The process just drives me crazy. Sometimes I don’t know where to begin such as which FHA company to choose and a realtor.. nonetheless thanks for the explanation
You're very welcome. Start with a Realtor, make sure they are familiar with NACA. You can check Realtor reviews on Zillow. Facebook is also a great place to seek Realtors and Lenders. Good luck in your journey!
Thanks for this video! Very informative information. The financial break down was very helpful. I recently looked into NACA & wasn't aware of the membership fee. Thanks for the heads up on that! 😊
Thank You for the info.
I will be forwarding this video to all my people who is looking to buy a house 🏡
Thank you very much!
Thank u
Great job!
I believe the membership fee is $25/year not per month. Correct? Pretty sure that's what their website says unless I read wrong...
Yes, it is per year, my apologies. That’s what happens when you try to do videos unscripted lol
@@buywithayanna I do appreciate the video though. It was very helpful!
This was awesome! I'm just curious if we should find the home first before starting these programs?
No, you want to start with the webinar first if you plan to use NACA 🙂. You will want to connect with a lender first is you plan to go the FHA route.
@@buywithayanna You're awesome, thank you!
Thank you!
Salute to you!! This is a very thorough comparison. Slight suggestion, a better mic, but I'm being picky lol.
Thank you and I agree about the mic lol
I LOVE thIs!! I’m so inspired and proud! You look beautiful. I was sitting here scrolling and learning some real estate stuff and you popped up :).
Jehaan
Thanks Lady!! I appreciate the love!
Your video was very helpful! I am planning on going through the NACA process, i am going to attend the webinar in August ☺️
Good luck, please keep me posted on your progress!
Update on your NACA process
@@tyronemosley3352 it took way too long and i ended up getting the First time home buyer credit with BOA.
@DJ. I am going through this right now. I'm thinking about doing what you did.
My problem right now is I’m not a citizen so is my husband so we have to wait until we’re citizens to go through NACA
Thank you for breaking down :)
You are very welcome!
Down payments are not bad. They reduce the price of the home and saves you money. It’s only bad if you don’t have the funds.
Very true, but if you can use down payment money to buy down your interest rate to lower your monthly payment or to keep in your savings which are great things also!
The membership fee is a ONE-TIME payment of $25. I've had a NACA mortgage for 5 years.
THEY RECOMMEND THAT YOU PAY IT YEARLY FOR THE TIME OF THE MORTGAGE
Hhhmmm Ivoire, is that new? I’ve had my NACA home for 8 years and didn’t pay any fees after the 1st year.
@@miater-re2758 same. I've never paid another fee. And I'm getting a 2nd home through NACA currently. My 1st house just has to be sold by the time i close on the new one.
Thanks ✌🏿👍🏿👍🏿👍🏿👍🏿👍🏿
Thank you for this. NACA is such a great program. Now that things are a bit different the process has changed too but the counselors are extremely helpful and informative along the way.
Very true! I try to let all of my clients, at least, know abut it.
So does this work for homes in New York area?
I'm sorry, I thought i replied to your comment. You'll want to check naca.com to find the nearest NACA office to you. :-)
I'm upset that NACA only help citizens and not permanent residents/ green card holders. We want to buy homes too, would love to go through Naca. It sounds like the best help for wanna be home buyers. It makes me sad😞😞
Do you have credit that appears with the 3 major credit bureaus? If so, check out this program for buyers: bit.ly/38UW8eU
I have a question. Does Naca Work with Various Home Builders, as we are looking at Builders like, KB homes, Meritage, Pulte and Lenner Home Builders.
Hi Michael, NACA will work with them all but some of them won’t work with NACA. You’ll have to ask each community individually or have your Realtor confirm for you.
Hi. Thank you for you video. My question is with the pandemic and a lot of people losing their jobs how is NACA handling that, would you have to start your work history over?
That's a good question. If you're on Facebook, this is a great group to join, they answer all kinds of questions just like the one you asked: bit.ly/38hE1gR
I live in Los Angeles can you help me?
Hi Adrian, I wish I could. If you are seeking a referral for an agent please email Red@naca.com with your name, location, phone, and email address. They have the ability to connect you with a Realtor in your area. There is also a NACA buyers group on Facebook that I recommend you join. Tons of good information and actual buyers there who are either going through the process or have purchased their homes.
I noticed that you did not mention USDA loans. Which is better a USDA loan or a naca loan
USDA loans are also a 100% financing option however between FHA/NACA/USDA, USDA is the hardest to qualify for, credit score wise, and it’s limited to where you can use it.
@@buywithayanna Ok thank you very much. That makes my decision easier
Where.Do I start the procedure?
Morning, you’ll want to go to NACA.com and sign up for the homebuyers webinar. They are hosted every Saturday. That is the first step. 🙂
About how long is the naca process
It really depends on your situation. I've seen people takes a few months, and I've seen people takes years.
Good Morning, I loved your video it was very informative. I have a question if my payment amount with NACA is stated to be $796.00. How much of a house is that with PITI? Am I not going by the chart that is in the workbook that states NACA mortgage calculator?
Morning! That $796 should be PITI but the exact numbers will depend on the taxes and homeowners insurance amounts for the house itself.
@@buywithayanna Thank you so much for your response. I was told that it will be 132,000.
How I wish you were in Jersey I would have used you. Am meeting my mc next month very nervous.
Don't be nervous! If you haven't already, join the NACA Unofficial Home Buying group on Facebook. There are people like you going through the same process. :-) God luck with everything!
Can I refinance with NACA.
Yes
In Florida can you get a NACA loan by refinancing a condo that was paid in cash and has no mortgage on it
That is a good question. Since the loan would be conventional, you should be able to. Download the NACA purchase workbook at www.naca.com, all the types of homes you can purchase are listed there.
Anyone else having a hard time finding grants or down payment assistance that work well with the NACA program? Question coming from Jacksonville, Florida resident. Thanks in advance!
Bank of America offers a down payment assistance program. Considering that they fund NACA mortgages, I would reach out to them about theirs: bit.ly/2At8NX3
When you say grants what do you mean
@@saharasimpson4350 funds you do not have to pay back neighborhood works America offer community block grants in the form of city of down payment assistance program offer up to 45% of your loan towards your home
Why is it no one seems to be talking about the volunteer requirements (types, times places, etc.)? No one has made a video yet but everything else they have. Just saying!
There's not much to say on the topic. Visit the NACA forums for more information about the volunteer requirement. They honestly don't ask very much (5 volunteer activities per year) but as much time and effort as you can give definitely would be appreciated, I'm sure. forums.naca.com/?p=30735
@@buywithayanna ok, thanks.
So if I had an issue with BOFA in the past and paid off the debt, should I even bother with NACA?
Marilyn Marie It should not affect your ability to work with NACA but you can reach out to them directly and ask that question. I don’t want to tell you the wrong thing.
Ayanna Hawkins of eXp Realty Thanks 😊
New subscriber...so if I buy using NACA and say in a few years move my elderly mother in, she can't live with me without a fine???
Yes she can live with you, you just can't move yourself out :-)
@@buywithayanna Lol ok thank you
I'm still waiting for my NACA counselor to submit my file. I have everything uploaded. I'm nearing the end of my lease. I may have to apply for FHA loan instead. NACA is full of it.
I'm sorry to hear that. The program is not without flaws, I can't deny that but it's still one of the best home purchases currently available. Good luck with your new home!
hey girl did they fix your issue yet? I hope they did ❤️we're currently renting with our lease being up next june 2021 so I'm trying to get on it as soon as possible how much time did you give yourself?
@@JustNakitaVlogs My lease is up at the end of this month. I started the NACA process 10/2019. I should have been approved in April 2020. I ended up filing a claim with BBB, so that sped some things up for a bit. However, they're still slow. My file is finally with the bank, but I'm not sure if closing will happen prior to my lease being up. I'm a little irritated, but thankfully I'll be able to go to a hotel for a few days if need be. This process has been exhausting.
@Wyn dang sis i'm so sorry i hope they hurry so you dont have too go through another loan process ☹️
@@JustNakitaVlogs I hope your experience is a more positive one. I'm in Philly. So maybe it'll be different where you are.
I am relocating to Alabama and my husband and I am planning to buy a home there. Can we use NACA to purchase our first home if we are relocating?
You'll want to contact the NACA office in Birmingham to check area-specific info for Alabama (205) 942-8111
My minimum required funds is 1600. I wonder how much home I can afford based off the naca numbers
Shaquille Boyd message me in person and let’s talk about it. Buywithayanna@gmail.com
@@buywithayanna just sent email
You answered my concern with buying a manufactured home through NACA. Thank you
You are very welcome
Is manufactured the same as new construction?
So why is Naca so stressful for people ? I'm thinking about doing Naca but people say it's the worse process. I'm just wondering why are those fees the reason? I just cleared off my credit so I'm back at a 650 and does Naca have an income limit or a mortgage loan limit ?
There is no income limit. The mortgage limits change by area and are usually similar to FHA loan limits. It CAN be stressful depending on your situation. NACA is run mainly by volunteers and the employees they do have are stretched pretty thin. If you aren't in an immediate need for a new home, I recommend NACA but if you're needing to purchase within 6 months, I would maybe consider working the NACA program simultaneously with a traditional lender and seeing which one comes through first. Check out the FAQs section of the NACA website or join the Unofficial NACA buyers group on Facebook (facebook.com/groups/1312047098938880) where you can chat with actual buyers who went through the program, and some who opted not to.
@@buywithayanna so if I make $2600 a month before taxes. I can afford a $1000 mortgage? I mean I'll save my money and work with Naca for a year if I have to it's not a problem
@@carmenhunter7818 They usually don't want your mortgage to be more than 30% of your total income. NACA is about affordability. They do not want you to be house poor.
@@buywithayanna so who could qualify on income wise? Sorry. I'm still not understanding this income stuff with loans.
@@carmenhunter7818 Anyone can qualify...it's just the amount you qualify for that may be lower the lower your income is. NACA also typically has lower interest rates than traditional loans which adds to your purchase power. NACA has a mortgage calculator on their website that you can play around with.
The realtor for this program must be from NACA?
No sir, I'm not.
@@buywithayanna thanks. Just wanted to make sure I could have my own realtor if I choose to or if I needed to have a realtor assigned from the NACA program
@@kbos0310 You sure can! They will have to take the NACA certification though if they haven't already.
@@buywithayanna thank you so much for the reply. I’m gonna stick through the process with patience
@@buywithayanna Happy Holidays! One last question... can I use NACA to purchase a new builder/ construction home?
Is there any phone number that i can call Naca to get more information in Dallas?????
Thankyou .
You sure can. The number is (972) 283-1171. Also join "NACA *UNOFFICIAL* Home Buying" Group on Facebook. They are a great help there.
Ayanna Hawkins of HomeSmart Lifestyles Queen Creek . Hi’ Ayanna , thankyou very much. God bless you, have a great day.
Thank you Ayanna! Great comparison video presentation! I just went through the NACA first webinar, I'll have to review if they'll charge for PITI in their page, I believe they don't but I may be wrong, what I think I learned, is that they don't charge for insurance in their homes, only the mortgage but again, I may be wrong. With all, NACA does make much more sense to start acquiring a property.
You're welcome! PITI is your principal, interest, taxes and insurance. That's standard stuff. What NACA doesn't add is Mortgage Insurance which is additional fee that traditional loans sometimes (usually) include unless you have placed a substantial down payment on your home. Good luck in your journey, anything i can do to help, please let me know.
What is your IG handle?
Jay Mama It’s @buywithayanna 🙂
Hahaha she type Ellie Mae, Its Been Fannie Mae for decades lol...
Well I can only hope everything else was worth the watch for you. :-)
thank you for this super helpful video ❤️Anyone experience NACA in Chicago or anywhere else in Illinois ?
Check out the NACA *UNOFFICIAL* Home Buying Group on Facebook..there is wealth of information and support there!
Very informative video! Thank you
You're super welcome!