The Neighborhood Assistance Corporation of America (“NACA”) is a non-profit, community advocacy and home ownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable home ownership. NACA has made the dream of home ownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home.
Started in 1988, NACA has a tremendous track record of successful advocacy against predatory and discriminatory lenders as well as providing the best mortgage program in America with $13+ billion in funding commitments. NACA is the largest housing services organization in the country and is rapidly expanding by growing its existing 40+ offices nationwide. NACA’s confrontational community organizing and unprecedented mortgage program have set the national standard for assisting people to achieve the dream of home ownership.
Everyone gets the same incredible terms, including the always below-market interest rate, regardless of their credit score or other factors. NACA also provides free, comprehensive housing services. NACA counsels Members into the extraordinary NACA mortgage using character-based lending criteria that takes each Member’s circumstances into account to determine whether they are ready for home ownership and what they can afford. This is in contrast to risk-based pricing where people are often given loans they cannot afford while brokers and others make tremendous fees and profits.
NACA has revolutionized mortgage lending with its mortgage services and advocacy. NACA’s organizing department continues the aggressive advocacy against predatory lenders and the fight for economic justice. NACA is a high-profile organization, with its program and advocacy featured in the national media, including the Wall Street Journal, Prime Time Live, Boston Globe, Washington Post, major news outlets, and local networks nationwide.
Investing in working people
The NACA home ownership program is our answer to the huge subprime and predatory lending industry. NACA has conclusively shown that when working people get the benefit of a prime rate loan, they can resolve their financial problems, make their mortgage payments and become prime borrowers. NACA’s track record of helping people who have credit problems become homeowners or modify their predatory loan debunks the myth that high rates and fees are necessary to compensate for their “credit risk.”
NACA has a tremendous track record of successful advocacy against predatory and discriminatory lenders as well as providing the best mortgage program in America with $13+ billion in funding commitments. NACA is the largest housing services organization in the country and is rapidly expanding by growing its existing 40+ offices, headquartered in Boston, MA, opening many new offices nationwide, and expanding the services it offers its membership. NACA’s confrontational community organizing and unprecedented mortgage program have set the national standard for assisting low- and moderate-income people to achieve the dream of home ownership.
NACA – America’s Best Mortgage Program
The incredible NACA mortgage allows NACA Members to purchase their homes with:
- 100% FINANCING, NO DOWN PAYMENT REQUIRED
- NO CLOSING COSTS – Lender Pays All Costs
- NO FEES
- NO PRIVATE MORTGAGE INSURANCE – Makes FHA Loan Near Obsolete
- NO PERFECT CREDIT REQUIRED – NACA will not check your credit score, only recent 2 years history. 500 credit score & 750 score individuals are treated the same.
- BELOW MARKET INTEREST RATE, AS LOW AS 0.125%
- Always below market interest rate in the nation- typically .25-.5% lower.
- 30 year loan buy down= 1 point = 1% of loan amount= .25% off interest rate ($300,000 1 point = $3000)
- 15 year loan buy down= 1 point = 1% of loan amount= .5% off interest rate (300,000 1 point = $3000)
- (No origination fees, application fees, underwriting fees, document fees, processing fees, private mortgage insurance).
- Lender pays appraisal, attorney fees, settlement agent fees, title insurance, transfer tax, all closing costs.
- Home inspection & termite inspection must be completed.
- Typically 45-60 day closings, sometimes can be quicker, its variable.
- Owner occupancy– Must live in the home you are purchasing. (Can rent portions of home such as basement, rooms etc)
- Program is open to all individuals, not just first time home buyers.
- NO INVESTORS
- There is no income minimum or maximum. You can earn for instance $20,000 or $1,000,000 a year.
- No restricted purchasing areas (for priority/targeted members). Entire DC, Maryland & Virginia areas serviced.
- Non priority members must abide by conforming loan limits in DC, Maryland & Virginia
- Properties eligible for purchase are: Single Family detached, Townhouses, Condominiums, Mixed use, Multi Family, Co-Op.
- Purchase types allowed through the program: Resale(MLS), For sale by owner(FSBO), Real estate owned(REO), New construction.
- MRF(Minimum Required Funds) Pre-paids Required( Initial Escros Deposit, Taxes, HOA, Insurance)- Typically between 2-5k.
- All individuals must be represented by a NACA approved real estate agent, or team. By developing relationships with NACA counselors, departments heads, and regional program managers over the last decade Kristopher Fraley & his team have guided many buyers through the program successfully. we are proud to put our knowledge and expertise to work for you. We are the only team in the DC, Maryland & Virginia area with a NACA Approved Realtors and an NACA Buy down Specialist. When you work with us, you get more than a single realtor. You’re welcome to contact us by visiting here.
Tips to be successful through the NACA program quicker:
- Choose a NACA approved Real Estate Firm to assist you with your purchase.
- You must be extremely patient, persistent, and determined.
- Gather all documents as soon as possible and keep them organized.
- Avoid withdrawing cash from ATM’s.
- No late payments(Must have 1 year record of all payments on time).
- Strong rental history.
- Solid employment(2+ years recommended).
- Always do what the counselor asks for, as soon as possible.
- Do not make any large purchases, especially with credit.(buying new car, appliances, furniture, personal loans etc- always consult your counselor).
- Clean up your last 2 years credit history(if needed).
- Be completely honest about your financial situation during intake meeting.
- Never miss a scheduled appointment with your counselor.
- Scan documents into PDF files for ease of return access to them if necessary.
Everyone gets the same incredible terms, including the below-market interest rate, regardless of their credit score or other factors. NACA also provides free, comprehensive housing services. NACA counsels Members into the extraordinary NACA mortgage using character-based lending criteria that takes each Member’s circumstances into account to determine whether they are ready for home ownership and what they can afford. This is in contrast to risk-based pricing where people are often given loans they cannot afford while brokers and others make tremendous fees and profits.
Property Renovation And Foreclosure Prevention
NACA also provides property renovation assistance and Membership Assistance for NACA homeowners. NACA’s Home and Neighborhood Development (“HAND”) Department addresses repair issues, and where appropriate provides rehab assistance throughout the renovation process. NACA’s Membership Assistance Program (MAP) provides comprehensive counseling for Members who are delinquent on their home payments, including establishing payment agreements and providing financial assistance to help Members avoid foreclosure.
Innovative Technology
The NACA program has developed state-of-the-art mortgage software for web-based counseling, processing and underwriting, which is the envy of the mortgage industry. This is a paperless system that allows for character lending, loan processing and underwriting to be done on a very large scale.
Powerful National Advocacy
NACA has revolutionized mortgage lending with its mortgage services and advocacy. NACA’s organizing department continues the aggressive advocacy against predatory lenders and the fight for economic justice. NACA is a high-profile organization, with its program and advocacy featured in the national media, including the Wall Street Journal, Prime Time Live, Boston Globe, Washington Post, major news outlets, and local networks nationwide.