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NACA: The Neighborhood Assistance Corporation of America

The Neighborhood Assistance Corporation of America (NACA) is a nationwide non-profit organization dedicated to increasing affordable homeownership opportunities in low-to-moderate income communities and for working-class families.

What NACA Does:

Mortgage Counseling and Education: NACA provides comprehensive pre-purchase and post-purchase homeownership counseling. This includes financial literacy education, budgeting assistance, and guidance throughout the home buying process.
Mortgage Programs: NACA offers its own unique mortgage program with significant advantages over traditional lenders.
Advocacy: NACA fights for fair lending practices and pushes for policies that promote affordable housing.
NACA's Mortgage Program Details:

No Down Payment: NACA mortgages require no down payment, making homeownership more accessible for low-income borrowers.
No Closing Costs: NACA covers all closing costs associated with the mortgage, significantly reducing upfront expenses.
Competitive Interest Rates: NACA offers competitive fixed-rate mortgages, typically lower than what subprime lenders offer in similar situations.
No Private Mortgage Insurance (PMI): NACA mortgages don't require PMI, saving borrowers additional money every month.
Flexible Qualifications: NACA uses a holistic approach to qualifying borrowers, considering factors beyond just credit score. They take into account income stability, employment history, and willingness to save.
Who Qualifies for a NACA Mortgage?

NACA prioritizes two categories of borrowers:

Priority Members: These are homebuyers with an income at or below 100% of the Area Median Income (AMI) for their Metropolitan Statistical Area (MSA). NACA members can purchase a home anywhere in the United States.
Non-Priority Members: Homebuyers who fall above the 100% AMI threshold can qualify for a NACA mortgage if they purchase a property in a designated "Priority Area." These are typically low-to-moderate income census tracts within the MSA.
In addition to income level, NACA considers:

Savings: While there's no down payment requirement, NACA does require potential borrowers to demonstrate responsible saving habits.
Debt-to-Income Ratio: A manageable debt-to-income ratio shows lenders you can afford your mortgage payment on top of other existing debts.
Willingness to Participate: NACA requires borrowers to go through a comprehensive counseling and education program to ensure they are prepared for homeownership.
Key Points to Remember:

NACA's program is unique and offers significant advantages over traditional lenders, especially for low-income borrowers.
Qualifying for a NACA mortgage requires more than just meeting income requirements.
There is a focus on financial education and responsible budgeting to ensure long-term success as a homeowner.
Resources:

NACA Website: https://www.naca.com/
NACA General and Eligibility FAQ: https://www.naca.com/faq/general-and-eligibility/

General and Eligibility | NACA 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: