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America's Best Mortgage!
One Mortgage Product - $10 Billion Committed
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4.25%
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Fixed 30 Year (as of 11/16/2009)
No Down Payment, No Closing Costs
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Membership Overview
NACA Membership gives you access to the Best Mortgage Program in America and helps you become active in the fight for economic justice in our communities. To learn more about NACA you can attend a free NACA Workshop. Remember that while NACA services are free you will need to participate in support of NACA’s mission.
To become a Member:
- Read and approve the Membership Agreement.
- Read and approve the Authorization.
- Pay the annual dues ($20 per household for 2009)
You will need to either fax your signed Membership Agreement and Authorization or bring them together with your annual Membership dues and $10 per credit report to your first counseling sessions at your local office. We prefer check or money order.
Post-purchase assistance
NACA provides you with an unprecedented post-purchase program, which includes continued assistance and counseling from NACA, the opportunity for active involvement in your neighborhood, and the ability to impact national issues.
There are two major components to NACA’s Post Purchase Program. First, the Membership Assistance Program provides comprehensive individual assistance to protect you from foreclosure. NACA provides comprehensive financial counseling, payment agreements, and financial assistance for as long as you have a mortgage through NACA.
Second, the Neighborhood Stabilization Committees (NSCs) helps you keep your neighborhood safe from drugs, violence, predatory lenders and other destabilizing influences, and facilitate the continued involvement of NACA homeowners in their communities and in nationwide activities. NACA is continuing to develop other post-purchase programs for its members to improve their access to equal credit opportunities and economic justice.
The Homeowner Member dues of $50 a month for between five and ten years, depending on the mortgage amount as stated below, provides you with access to NACA’s unprecedented and comprehensive post-purchase program – Membership Assistance Program (MAP). The Homeowner Membership dues funds MAP and once you have completed payments you become a lifetime NACA Member. The Homeowner Membership dues costs much less than mortgage insurance, while providing you substantially more of a benefit. See the chart below for a comparison between Private Mortgage Insurance fees and the Homeowner Membership fees (which are included in the monthly mortgage payment).
Mortgage
| Mortgage Amount |
Mortgage Insurance1 |
Membership Dues |
| Fee2 |
Term |
Cost |
Fee |
Term |
Cost |
| $99,999 or less |
$75 month
$900 year
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12 years |
$10,800 |
$50 month
$600 year |
5 years |
$3,000 |
| $100,000 - $199,999 |
$150 month
$1,800 year |
12 years |
$21,600 |
$50 month
$600 year
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7.5 years |
$4,500 |
| $200,000 or more |
$227 month
$2,725 year |
12 years |
$32,700 |
$50 month
$600 year
| 10 years |
$6,000 |
(1) based on a $100,000, $200,000 and $300,000 no down payment mortgage for buyers with very good credit.
(2)The MI cost is .91% of the loan amount per year (if MI was required on the NACA product, it would be greater than 1.00% per year). MI must be paid until the mortgage balance is reduced to 78% of the original loan amount, which typically takes approximately 12 years.
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