NACA for first time homebuyers
I wanted to share with you an amazing program for first-time homebuyers. I learned about it from a coworker. This program is national, but you can research your respective countries for benefits for first time home buyers.
Here is what a NACA loan program provides:
- No down payment,
- No closing cost,
- No fees,
- No requirement for perfect credit,
- And a below-market interest rate.
These are potentially very costly items, so this is a very good program. Let's look through them and I shall share my thoughts.
My opinion is that it is a very good idea to put as much down payment as you can afford to. So do not take the first benefit. Always save for a down payment. It makes a huge difference in your monthly payment. You can go on mortgagecalculator.org to see the difference.
The closing cost is the fees you pay people involved in putting your paper work together. The fees can go up to $12000 and depends on the value of the house. Most times you can get the seller to assist with a significant portion of the closing cost.
Next is the credit score benefit. A lot of people don't have a stellar score, this comes in handy. Since NACA provides the loan, they ensure that you can afford it despite what your credit score might say. That's a great one as a credit score is not always a complete representation of a persons finance habits. Sometimes it could contain wrong information, a missed payment from an old address that did not get forwarded and so on.
Lastly one of my favorites is that they offer below the market interest rates. This can potentially save the buyer a lot in the long run and make homeowning easier. Again you can go on mortgage calculator to see the difference that just a tiny change in your interest rate makes.
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It all sounds great but you do not want to wait till you are ready to buy a house to use such a program. It takes from 3-6 months to get approval and qualified.
Take care and enjoy the rest of your Sunday.
Thank you for this information. I have always preferred things like properties to car. This is because it is an asset and not a liability as a car. However, since I am not yet done with my programme here, I need to start thinking about things like this. Hopefully, steem will go up to 10 usd in soonest time and I can use it for something tangible.
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That's the right mindset turpsy. It's better to drive the same old car as long as it works and focus on getting assets. A lot of people can't do it though as it requires sacrifice and at times being different from normal.
In order to save faster I had to downsize though I didn't find it exciting, my plan worked.
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Thank you for the comment @leggy23. Yeah. It takes such discipline to get something profitable at the long run, in this present age we are.
I perfectly understand that feeling.
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I agree. Assets can be a lifesaver is something goes awry in your financial life. Also, I'm afraid the labor market is headed for utter mayhem thanks to artificial intelligence, automation and accelerating change brought about by those and other factors such as stiffer international competition. What this means is that to keep up people will have to update their skills at a more rapid pace in the future. There are limits to how much the average person's cognitive abilities will be sufficient for or mental health can withstand.
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You made a point there that made me to think. Do you know in my country for example, having a bachelors degree is like going to primary school?. Because every one has it. So for people to be competitive, they have to go for a masters programme. And I can say having a masters degree is now as common as air. So the all thing boils down to what addition skill can one add or display. And nowadays youths are adviced to take up some skills that are helpful.
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One interesting thing is the SBD/STEEM ratio.
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I have watched it yo-yo so much in the last couple of months. It's good now cause I'm more comfortable watching it swing.
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Oh my goodness. Is this just for the paperwork? What kind of paperwork is there? Does the paperwork include taxes, too?
The way it works in Finland is that most sellers hire an estate agent (realtor or real estate agent in American) whose fee is usually a percentage of the realized selling price. It is normally between two and six percent depending on the agent and general market conditions. The agent not only does the marketing but all of the paperwork, too. Whatever paperwork needs to be done for the government, is done for a fee measured in a few hundred euros at most. There is such a thing as stamp tax, however, that the buyer pays. For properties, the stamp tax is four percent of the selling price, and for shares of a housing corporation it is two percent of the selling price.
Finland has as a similar program, too. First-time home buyers may qualify for a government guarantee on the loan and a reduced interest rate. The reduction, however, has been rendered meaningless by the very low interest rates the banks offer these days. For example, our mortgage has a total interest rate of about one percent including the reference interest rate (Euribor 360) and the customer specific margin.
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Sound like you guys have a less costly time buying homes in Finland. Some people pay higher closing cost, but like I said most sellers cover the majority of the closing cost which is part of the negotiating process.
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When I was in America, I tried to buy one such house through NACA @leggy23
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How did it go?
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I think that NACA is a good program to buy a home. However it is not a quick process buying through them and you really have to have patience. You also need to make sure you turn in everything that they ask for to become NACA qualified. I think the money you could save would be worth the wait.
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After doing inspection on the house I just felt like I no longer like it too much so I'm back looking.
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Welcome to Steemit, I see today is your first day. Thank for your input . I will be going for one of their classes tomorrow.
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It looks like a good program and is probably worth the wait.
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I don't want to wait though. I wish I knew about it earlier. I have been looking for a year and now I'm just finding out about this.
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That's too bad but it is a big investment so it may be worthwhile if you can wait.
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I called them and they said it can be longer than 6 months. If you want to ever buy yours use his program.
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Home ownership is likely to make a lot of sense if you have a stable job and no need to relocate any time soon.
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NACA ia a pretty good Hud assistance program but it is not the end all of be all.
If you cannot afford your property and payments are falling behind, you may want to sell it and capture your equity instead of losing it as many do..
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Do you know any other ones?
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This program is good for everyone as it's affordable and one can purchase in due process. Property is one of the most secure investments out there in the market.
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I agree. Everyone needs shelter.
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wow,NACA (Neighborhood Assistance Corporation of America this is a good tropic for u. i buy a home from naca and use such a programme provides.this is a good home of naca.thank u very much for ur good post sharing..dear friend.. @leggy23
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You are welcome.
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thank u dear.. @leggy23
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Very good post and very informative. Thanks for the tips and advice.
Greetings from Venezuela.
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You are welcome. Good information is always so invaluable. Always happy to share and learn more.
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Very nice post :) Thank you
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Thanks.
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thanks for the upvote
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You are welcome.
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that's cheap i thought a house in the us would start at a 1/4 million ,your very smart am actually about to start a small investment of my own from my farm i will buy and sell vegetables weekly
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am going to make 100 usd a week in about 3 months
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