Has anyone worked with a buyr using NACA?
There is a young couple really interested in our home, but they are working through an organization called NACA. I don't think they are income- or credit-challenged (a standard mortgage broker had them prequalified and then they said "but we'd like to stick with NACA.") which makes it odd they are working through this group.
Essentially, NACA is a program for low-middle income folks that appears to focus on budgeting and being sure they can afford the house they eventually buy. It also provides quite low rates, and 100% financing without PMI, but there is a "membership fee" involved and "participation" by the borrowers in the future for training, peer counseling, etc.
There are also some tie-ins, such as they must have a NACA-approved agent and a NACA-approved inspection. If you read between the lines (and you don't have to really even squint), it appears the organization is designed to protect folks from predatory lenders and overpriced distressed properties (which ours is not, although it's priced higher than others in the historic neighborhood based on size and condition).
I'm just wondering what we're in for. The couple has had my listing agent show them the house three times, the parents have all seen it, etc. But now a new buyer's agent will have to get into the process? I also wonder if there will be a hardcore push for concessions of some kind, given the "approved" agent and inspector. Or, it could be that the agents and inspectors aren't anything special, but have just paid a fee to get the referrals from NACA.
So, has anybody worked with this group before?