What states have the NACA program?
NACA Headquarters. Boston, MA. 225 Center Street, Suite 100.
Does everyone get approved for 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: Priority Members: Homebuyer’s whose income is less than 100% of the median income for the Metropolitan Statistical Area (“MSA”).
Where is the NACA located?
Boston
NACA, headquartered in Boston, now has 16 offices in 11 states.
What bank does NACA use?
Bank of America
Bank of America’s is NACA’s largest and most important partner. It is important to give credit to Bank of America who has been working with NACA since 1994.
What is the catch with NACA?
Potential NACA Program downsides include a longer and more rigorous mortgage process, a financial reserve requirement, property price limits and property location limits. Borrowers should understand both the positives and negatives of a NACA mortgage to determine if it is the right program for them.
Is NACA a lender?
NACA is not a mortgage lender but rather prepares its members for homeownership through its extensive counseling and application process and partners with banks that provide the funding.
How long does it take to get NACA approved?
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 long does NACA Approval take?
What is wrong with NACA?
What is the NACA program for home ownership?
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. If my spouse owns a home, can we still purchase a home through NACA?
Can I buy a house through NACA if my spouse owns one?
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. If my spouse owns a home, can we still purchase a home through NACA? No.
Does NACA provide all types of mortgages?
No. NACA only provides a single mortgage product with two term lengths: 30-year and 15-year. NACA believes that everyone who wants to be a homeowner should adhere to the same underwriting standards.
What is the NACA membership assistance program (“mapâ€)?
Once you have closed on a NACA mortgage, your NACA membership provides you with a post-purchase assistance program through NACA’s Membership Assistance Program (“MAPâ€). MAP has trained and specially dedicated staff ready to provide comprehensive counseling to prevent financial difficulties and, where necessary, to get you back on track.