It's great for some, a nightmare for others. The purchase program really helps first time homeowners get affordable fixed rate mortgages they can keep.
There is no customer service and most processing is disorganized. Expect low to no communication, lost documents, missed deadlines, and impersonal interactions.
Some people can deal with it, others lose patience and bail before any benefits are realized.
No down payment, no closing costs, no PMI, and below market interest rates, make it all worth it if you can stick it out.
I'm a member and I expect to get a 30Yr fixed at around 1.75% in July 09. The National average right now is about 6%. See the benefit?
My mortgage on a 4Br, 2.5bath, 2 story, with attached 2 car garage, on a great lot in a great neighborhood, will be less than my 1Br apt in "little mexico".
NACA for me!!
