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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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THE BEST PURCHASE PRODUCT IN AMERICA
NACA has access to billions of dollars of mortgage funds for primarily low- and moderate-income people and people purchasing in low- moderate-income communities. NACA provides this incredible purchase mortgage product for all Members.
| PURPOSE: |
Purchase
Purchase & Rehab
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| PROPERTY TYPES: |
One to Four Family, condos, and co-ops.
Existing, New Construction, and Renovations
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| DOWN PAYMENT: |
None |
| CLOSING COSTS: |
None (paid by lender) |
| INTEREST RATE: |
One percent below the prime market rate
Current Interest rate: 4.25% 30 year fixed (as of 11/16/2009)
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| BUY-DOWN: |
Additional funds can reduce the interest rate
Paying one percent of the mortgage amount up front reduces the interest rate by one quarter of a percent (.25%)-- a tremendous added benefit.
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| APPLICATION FEE: |
None (paid by lender) |
| POINTS & FEES: |
None (paid by lender) |
| CREDIT HISTORY: |
Perfect credit not required |
P.M.I.:
(Private Mortgage Insurance) |
None |
NSF/Membership:
(Neighborhood Stabilization Fund) |
$50 per month for five to ten years
This payment occurs once you purchase through NACA and is part of your mortgage payment. This is a required payment as a NACA Homeowner Member, and as a Member you can receive assistance to NACA’s membership assistance program if you are ever at risk of losing your home. You would also receive the other benefits of NACA Membership.
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| OTHER TERMS: |
No yield spread premium; No pre-payment penalty; No balloon payment; No required credit life, or other unnecessary or overpriced insurance. |
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