Who qualifies for NACA program?

Who qualifies for NACA program?

NACA focuses on low-to-moderate income homebuyers called “Priority Members” and low-to-moderate income areas “Priority Areas”. Thus everyone is eligible adhering to the following: Priority Members: Homebuyer’s whose income is less than 100% of the median income for the Metropolitan Statistical Area (“MSA”).

What is the income limit for NACA?

Hello New beginning 23, What she said about making too much money simply is not true, period. Forgive me for being a little blunt, be she needs to tell you the truth, which she hasn’t done. THERE ARE NO INCOME LIMITS TO PARTICIPATE IN THE NACA PROGRAM, EITHER HIGH OR LOW.

How much is NACA membership fee?

All you have to pay is NACA’s $25 annual membership fee, which is considerably cheaper than the average PMI payment.

Is NACA a good program?

NACA’s signature loan is “America’s Best Mortgage Program” No down payment. No closing costs. No fees. No requirement for perfect credit.

Is NACA better than FHA?

While FHA is a good mortgage the NACA Mortgage is significantly better. With NACA there are no upfront costs or fees, no down payment, no credit score requirement, lower interest rate (including a generous buy-down option), and no monthly mortgage insurance premium (MIP).

Does NACA check your credit?

NACA does not consider credit scores and instead focuses on the Member’s payments that he/she controls. This is fundamental to doing “Character Based Lending”.

Does NACA pay your down payment?

NACA does not pay towards the down payment of the property nor does it required one. Actually a down payment is forbidden in NACA. This may be a little confusing for new members since in the mortgage industry, down payment and principal reduction is sometimes use interchangeably.

How long does it take for NACA approval?

Many Members can be NACA Qualified (i.e. pre-approved for the NACA Mortgage) in about three months. It should not take more than six months unless there are extenuating circumstances such as a foreclosure, bankruptcy or charge-off within the last two years. Also liens that need to be paid-off may take additional time.

How does NACA no down payment work?

NACA perks No closing costs. No points or fees. At or below market interest rate (everyone receives the same terms) Ability to buy down points to virtually zero (the points a member can buy down typically depends on the buyer’s income and chosen mortgage – 15 year or 30 year)

Can you buy a multi family home with NACA?

You can purchase a multifamily through NACA, but in order to qualify for such a house it would have to be up to code.

Does NACA require PMI?

None – As a NACA Member you do not pay private mortgage insurance (PMI) which only protects the lender. You have access to NACA’s comprehensive post-purchase program through the Membership Assistance Program (MAP), free of charge for as long as you have your NACA mortgage.

How do I get a NACA ID?

Visit the Web-File login page and click on “Get my NACA ID”. The Member need to enter their email address and last four digits of their social security number. Select “Submit” and the Members NACA ID will be displayed. In addition, you will receive an email with the number.

Can I sell my NACA home?

The process of selling your NACA home is no different from any other with one exception. You must obtain a release of the lien we place on the home to enforce the owner occupancy requirement. To do that, call the NACA Member Assistance Program at