Naca Org Home Buying
This is the first step to getting a NACA mortgage. The workshop not only provides information about homeownership, but also explains how the NACA program works in detail. Workshops are held multiple times throughout the month in different cities.
naca org home buying
Similarly, many programs make the dream of homeownership financially easier for first-time homebuyers. Along with down payment and closing cost assistance programs, several mortgage programs allow low down payments.
The Chenoa fund provides down payment assistance to first-time homebuyers with low-to-moderate incomes. You can use the fund with both conventional and FHA loans. This program provides different solutions, such as a 10-year down payment loan, and a down payment second mortgage forgivable after 36 months.
NACA Members who own a home purchased with the NACA mortgage can purchase a new home through NACA with the same NACA Mortgage after a period of at least five years. Members must meet the eligibility requirements including not owning other properties at the time of the closing and participation. For subsequent home purchases with the NACA Mortgage, a major underwriting factor will be their on-time payment of the original NACA Mortgage. The Member may need to reimburse NACA depending on how long they had the NACA Mortgage.
Priority Members are low-to-moderate income members that have a combined income less than the median family income for the MSA where they are purchasing a home. Non-Priority Members have combined income is equal to or greater than the median family income for the MSA where they are purchasing a home.
The purchase price plus any repair escrow funds (i.e. for repairs to be completed after closing) cannot exceed the approved Maximum Mortgage Amount. The current limits for 2023 are $484,350 for a single-family home in most areas and $726,525 in high cost areas. There is a considerably higher limit for multi-family properties.
The NACA mortgage product is not limited to first-time homebuyers. Members must still adhere to the requirement that they do not own another property when closing on a home purchased with the NACA Mortgage.
No. The NACA Mortgage product cannot be used to purchase second homes. The NACA program is designed to help low-to-moderate income families and people purchase in low-to-moderate income areas become homeowners. No member of the household can have an ownership interest in any other property.
Some Members with a NACA mortgage may need to continue paying a $50 monthly fee which can range from five to ten years depending on the mortgage amount. This applies to NACA homeowners with a mortgage that closed with Bank of America before January 1, 2014 and CitiMortgage before March 1, 2012. For more information including how much longer they are required to pay, contact the NACA Membership Assistance Program (MAP) at 281-968-6222 to speak to a representative.
No. Property or other real estate investors are not eligible for the NACA Purchase Program. The NACA program is designed to help low-to-moderate income families and people purchase in low-to-moderate income areas to become homeowners. No member of the household can have an ownership interest in any other property.
You must attend a Homebuyer Workshop. This is a free educational forum which is open to everyone prior to determining your status as a NACA Member or Non-Member. There are a number of workshops each month. The Homebuyer Workshop will provide you with an overview of the home buying process, real estate issues, and mortgage options including HUD mortgage programs and the NACA Mortgage. You will receive important information about becoming mortgage ready and NACA Qualified. Upon completion of the Homebuyer Workshop you should access your NACA Web-file to schedule an appointment with a NACA Housing Counselor. To make an appointment follow the steps described in your Web-file: submit required documents, complete information, sign Membership and Authorization, and pay your Membership Fee and credit report. If you are unable to complete this, contact the local NACA office or Member Services for assistance.
At your first meeting, the Housing Counselor will answer your questions about NACA and start your preparation towards homeownership. Your Housing Counselor will review your debt and other payments you make to determine if you are currently ready for homeownership or what steps you need to take. He/she will also help you determine a mortgage payment you can afford by reviewing your finalized comprehensive budget detailing your income and expenses. This budget will identify your potential available savings and the amount available for a mortgage payment. It will also identify opportunities for you to reduce your expenses providing additional funds for purchasing a home or for other items. You will receive an action plan that identifies any additional documents, information and next steps for you to become NACA qualified. After each counseling session you need to make a follow-up appointment until you are NACA Qualified.
Since you have identified your property, time is of the essence to submit your bank application in order to close by the deadline agreed to in your Purchase and Sale contract. It is now crucial to meet with your Mortgage Consultant to be approved for NACA Credit Access which requires verification that you are still NACA Qualified. Approval of NACA Credit Access will allow your licensed Housing Counselor to complete your NACA Mortgage application and submit it to a participating lender. NACA has full discretion in approving NACA Credit Access which you can apply for at any time during the home buying process with the approval based on meeting the requirements listed below. If you are denied, NACA will provide you with the reason for the denial.
Making the transition from renting to owning may require significant sacrifices and changes in your spending habits. You will probably incur higher utility costs than in a rental property. You will no longer be able to rely on a landlord to arrange necessary repairs. You will need to make your mortgage payments on-time and, if you miss a payment, the lender will expect two payments the next month. Although your NACA Housing Counselor will discuss these issues with you throughout the NACA Qualification process, post-purchase counseling may be needed to help you adjust to the financial responsibilities of being a homeowner.
NACA provides Members with comprehensive post purchase assistance. Thus, instead of private mortgage insurance, which provides no benefits to the homeowner, the NACA membership which is free to the Member after closing, provides free assistance for Members having difficulty making their mortgage payment.
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. funds 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.
Priority Members - 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 for Census 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.
I lost my first house during the housing crisis. I never dreamed that I would become a homeowner again. I heard of NACA through my daughter. I went to a NACA event and sure enough was put on the road to becoming a homeowner again. So thanks to NACA I am living the American dream again
NACA, a non-profit organization established in 1998, is defined by its leadership as a community advocacy and homeownership organization with the primary goal to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. They report that they have made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or modify their predatory loan with far better terms than those provided in the prime market.
What is Detroit Home Mortgage? Detroit Home Mortgage (DHM) is the only mortgage that lends you the amount needed to buy and fix up a home that needs renovation or to buy an already renovated home.
FHA 203K (STREAMLINED OR FULL) HIGHLIGHTS*: Purchase a home and turn it into a dream with the Streamline 203(k) loan. This product offers the ability to buy a home, finance minor repairs and upgrades with a single mortgage loan.
Current homeowners who are struggling with an unaffordable mortgage should come for assistance in obtaining an affordable mortgage modification. For documents needed and to register, go to www.NACA.com or call (425) 602-6222. Walk-ins are welcome. 041b061a72