Is NACA com legit?

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Is NACA com legit?

NACA is a nonprofit and HUD-certified homeownership and advocacy organization that is committed to assisting economically disadvantaged individuals with becoming homeowners by offering loans at below-market interest rates with no down payment or closing costs.

How long does it take to buy a house with NACA?

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 much does NACA qualify you for?

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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. Member or anyone in the household cannot own another property when they close on the NACA mortgage.

Is NACA better than FHA?

While FHA is a good mortgage the NACA Mortgage is significantly better. FHA requires a down payment, has a higher interest rate, significant closing costs, and high mortgage insurance.

Can you buy a house anywhere with NACA?

Priority Members can purchase their home anywhere. Non-Priority Members: Homebuyers with income equal to or greater than the median income for an MSA must purchase in a US Census Tract where the median income is less than 100\% of the median income for that MSA (“Priority Area”).

How can I get out of my NACA loan?

You may refinance the loan at any time. You will have to have the lien released to do so, and can begin the process by contacting [email protected] with your request. They will walk you through the process from there.

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Can you buy any house with NACA?

Yes. There is no limit on purchasing other properties as long as the Member lives in the property purchased through NACA and they continue to have the NACA Mortgage. At the time of closing, the house purchased with the NACA mortgage must be the Member’s only home.

Can I sell my NACA home?

You can sell your home anytime. There is however a catch and that is naca has a lien on your house for the lifetime of the loan. In order to get the lien released you need to call naca and have them release it before you can proceed with the sale. It’s a pretty simple process.

Can I build a house with NACA?

You can buy new construction with NACA, the house just has to be fully finished before settlement can happen.

Do you have to pay back NACA?

The Neighborhood Assistance Corporation of America (NACA) helps remove some of the obstacles to homeownership for borrowers in need. A NACA mortgage requires no down payment or closing costs.

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Can I sell my house through NACA?

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 281-968-6222.