How We Bought a Home with 0 Down + 0 Closing

Ok, it’s been almost a 9 month process now.  What process?  Our mortgage process.  The NACA process.  You know, the program I keep mentioning but haven’t yet said which it is.  You know…that one!  Well, today I’ve hit my wall.  We’ve been given several close dates <SEVERAL> and none of them have happened yet.  We’ve even been given a call to come down, to only find out that it’s changed….until today!  Today we finally received our keys!

Now, don’t get me wrong…I’m patient.  I can wait if given information.  I can wait especially if I know a below-market interest rate is in our near future; I can wait.  But this company…this company that we are going through has such a poor communication with their customers is horrible.  When one takes a job that will deal with the general public you would hope they have in place a communicable way of explaining their process, practices and any information pertaining to their program.  NOPE!!   What is keeping me from walking away from this 9 month process you ask?  Well, aside from the fact that we have invested 9 months of our time but their are two VERY import pieces that I’m sure you already know about.

No Money Down, No Closing Costs and a Rehabilitation Budget (i.e.Wish List) 


Reason enough right!

It’s been a long drawn out process, but that I finally have hit the frugal mother loads of all finds…We are homeowners!  And homeowners without putting any money down…I know I still can’t believe it.

The Work

Looking back on this whole process, this appeared to be the most difficult process but not I know it was the easiest.  In this stage you will:

  • attend a local workshop
  • get familiar with your counselor and the NACA process
  • as far as your credit history goes your counselor will advise you on what specific items if any that need addressing.  And in some cases not all things will need to be cleared before moving forward.   Keep in mind that your credit specific situation will be unique to you and this could be a long or short process depending on what needs to be done.
  • you will also be assigned a Realtor if you do not have one.  My Realtor was there every step of the way and amazing.  He also had to attend a class to become NACA qualified and I’m so glad he was willing to do that for me.  If your in need of a realtor…here is his contact information:

Bryan Mitchell

Realty Executives

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  • become NACA qualified and move to the next step in the program

The Waiting

We thought this would have been the easiest part but now know it was the hardest.  In this stage you will:

  • wait
  • and wait…
  • and wait some more…
  • until finally someone tells you that your wish list items (home improvement items that can be financed into your loan) are approved and have been finalized into the final loan amount.
  • and wait more and more
  • and email
  • and email more
  • and call
  • and call more and more people to make sure they are doing their job.  I can’t stress this enough.  We could have been done with this process months ago if it weren’t for the lack of NACA’s communication and lack of checking on our file.  HUGE flaw in NACA’s system.

 The Finale

This depends greatly on which state you live in.  As we learned here in Nevada, with the all the effort we put into this process to ensure we have a smooth closing, there is always something that pops up last minute.  Here in Nevada on your closing day you will not receive your keys.  This will happen 24-48 hours and/or when you record. For us it’s going to look a bit more like 72+ hours.  Even though NACA says no closing costs, you will need to be prepared to have funds for Escrow and close of Escrow (this amount will vary depending on lot’s things like HOA, Master Plan, Garbarge, etc).

Our process was short according to the posts I read on Google.  When I read all the reviews on NACA before we started our journey I wanted to run.  They all sound horrible.  They basically begged me to run the other way.  I won’t lie, it was grueling work.  It was many many days of following up and double checking to make sure everyone was doing their job (this part was the most frustrating).    But at the end of the day, we are homeowners.

I hope this helps someone who has felt like they would never save enough to purchase a home, like they could never get into a home because of their credit, like there would be no way they could get a 30-year fixed mortgage and a below-market interest rate.  You can!  We did it and I’m here to say it’s possible with dedication, determination and hard work because it’s a great organization but you will need all of that to get through it.

Good Luck to you!