We live below the poverty line, but it was our dream to own a home of our own. After several failures due to having no credit, we found the NHBA. We went in, got the whole excited talk about how they would help us by buying the home in our name and selling it directly to us at a monthly payment that we could afford, basically a rent to own program. We already had a house in mind, the home that my Partner grew up in. His mother was selling and we wanted to buy, but we needed financial help.
We decided to go through with it. We paid $880.00 with the help of loan from a friend, and I continued to pay an additional $87.00 a month for an additional ten months for us to be a part of the program.
However, after paying into the program, they told us that we have to go through a 13 month pre-qualification in order to qualify for 97% of the home's appraised value. That meant that we had to find our own home and live in it for 13 months before approaching the owner as to whether or not they would be willing to sell to us. If they would not, then we would have to find another place and live in it for 13 months and do it over again until somebody decided to sell of their house (That is how it was explained to us by Mr. Mark Alden).
We soon realized that people who want to sell a house, don't want to wait 13 months to do so and we could not financially afford to rent a home that we would find suitable to buy. My Partner's mother, who could not wait 13 months, had no choice but to sell to another party. We would never get that house.
Angry, I called the NHBA and made a complaint, then was told that we would have to be denied 10 times before we could get any money back from them. That would take 11 years or more to achieve on their 13 month qualification period. We put everything on hold, paid them nothing more... and now, a few years later, we still are unable to get a penny back from them.
They've got a lot of nerves to take people's dreams and bash them on the rocks like that, especially poor people. They ran circles around us and gave us one of those excited speeches about how we were guaranteed a home of our own and we got shafted.
Stay away from the NHBA and if they approach you or you suddenly realize that you are entering their offices, just tell them that you read all about them on Ripoffreport.com