NACA’s mission is to provide affordable homeownership to low-to-moderate-income people and communities. Thus access to NACA’s Best in America Mortgage is limited to low-to-moderate income people (“Priority Members”) and people purchasing in low-to-moderate income communities (“Priority Areas”). NACA’s eligibility is based on the median family income for a Metropolitan Statistical Area (“MSA”). Since NACA offices service a few MSAs each with different median incomes, you may be a Priority Member in one MSA and not in another. Also, check with the local NACA office to verify the purchase eligibility criteria, since there may be local adjustments to achieve NACA’s mission and affordable outcomes.
Your purchase price plus any repair escrow funds (i.e. for repairs to be completed after closing) cannot exceed your approved Maximum Mortgage Amount or the current conforming loan limits. The current limits are $484,350 for a single family home in most areas and $726,525 in high cost areas with considerably higher amounts for multi-family properties. (Click here for multi-family conforming loan limits).
NACA is the best option for people who have been discriminated against and those who have neither perfect credit nor substantial savings. Everyone who meets the below criteria receives the same extraordinary mortgage terms.
- Member or anyone in the household cannot own another property when they close on the NACA mortgage.
- Member must occupy the home as long as they have a mortgage obtained through NACA.
- Members need to participate in whatever way they feel comfortable.
Priority Members – Low-to-moderate income Members (i.e. borrowers and co-borrowers) whose combined income is less than the median family Income for the MSA where they are purchasing a home (Click here for median income).
• Priority Members can purchase any property within a MSA within the conforming loan limit.
Non-Priority Member – Members (i.e. borrowers and co-borrower) whose combined income is equal to or greater than the median family income for the MSA where they are purchasing a home (Click here to check Census Tract Median Income) You will need to enter in the property address. Click search and then “Census Demographic Data” to view the tract median income.
• Non-Priority Members can only purchase in a MSA’s Priority Area with loan and required repairs within the conforming loan limit.
The first step in the purchase process is to attend a NACA Home buyer Workshop which is open and free to everyone. Every NACA office provides a number of workshops each month with additional workshops provided nationwide. These workshops are typically held on Saturday’s at various different local libraries, community centers & churches.