Making Home Ownership Possible!!
Affordable home ownership has historically been inaccessible to millions of Americans but a transformation is now occurring. The non-profit Neighborhood Assistance Corporation of America (“NACA”) has created an model of affordable home-ownership on a large scale for those who have been historically prevented from accumulating wealth and achieving personal security through home ownership.
NACA’s mission is to provide affordable home ownership to low-to-moderate-income people and communities. NACA’s eligibility is based on the median family income for a Metropolitan Statistical Area (“MSA”).
Everyone who meets the 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.
- Members must adhere to NACA’s policies and procedures.
- A. 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.
- B.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
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.
Solutions to Barriers
NACA Provides Solutions to Barriers of home ownership problems:
- Barrier #1: High Savings Requirement NACA Solution: No Down Payment & No Closing Costs
- Barrier #2: Unaffordable Terms NACA Solution: Below Market Fixed Rate & Aggressive Buy-Down
- Barrier #3: Restrictive Underwriting based on Credit Score NACA Solution: Character Based Lending without Consideration of Credit Score
- Barrier #4: Racism & Biases NACA Solution: Pre-Approval & Advocacy
Achieve the Dream Events
Come to a NACA Home-buying event and complete every step of the qualification process in one setting. Thousands of home-buyers attend NACA’s “Achieve the Dream” events in cities across the country. Many are pre-approved for the NACA Mortgage in a single day!
NACA’s Best in America Mortgage
Everyone receives the same incredible terms:
- No down payment
- No closing costs
- No points or fees
- No credit score consideration
- Below market 30-yr and 15-yr fixed rate
How to Start
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.
If you are interested in taking advantage of this program you can fill in the form below and we will be happy to answer any questions you have. We can also attend a seminar with you, if you would like. Call or text us any time at 702-782-5111 with questions or concerns. We look forward to working with you!