Real Estate

The NACA BRA states that there are no additional costs to the Member and sets the terms and conditions for both parties. It is important for effective work and communication during the housing search. The BRA also allows you to terminate the relationship with your agent at anytime for any reason. You should not be required to work with any real estate agent you are not comfortable with.

NACA requires all its In-House Realtors and Referral Agents to have a BRA with the Member prior to beginning the housing search. In addition, NACA strongly recommends that Members working with outside agents have a BRA.

  • The outside agent is strongly recommended to register and attend NACA’s New Agent Training Webinar “RED Introduction to NACA” under Live Webinars to learn about the NACA Purchase Program.
  • For Members working with an outside agent, the Member would be referred back to the outside agent upon NACA Qualification if the Member was not an existing Member prior to attending a NACA Homebuyer’s Workshop.
  • The outside agent must upload a Buyer Representation Agreement with Member in the NACA Real Estate Portal prior to the Member attending the NACA Homebuyer’s Workshop. The outside agent must first register in the online NACA Real Estate Agent Portal prior to uploading a BRA.

No, NACA works with thousands of real estate agents nationwide. NACA has established an extremely effective program to return home buyers to the real estate agents who refer them to NACA. NACA wants to ensure that your client has the time to become NACA Qualified (i.e., mortgage ready) and then would be in the best position to work with you. Once your client is NACA Qualified they will attend a NACA Purchase Workshop. For Members working with an outside agent, the Member would be referred back to the outside agent upon NACA Qualification if the Member was not an existing Member prior to attending a NACA Homebuyer’s Workshop. The outside agent must upload a Buyer Representation Agreement with Member in the NACA Real Estate Portal prior to the Member attending the NACA Homebuyer’s Workshop. They will then be referred back to you and ready for the housing search knowing what they can afford and the next steps in the home buying process. NACA does not charge the agent a fee and does not reduce their real estate commission.

No. NACA’s services are free. NACA prohibits Real Estate Agents from charging fees in addition to the commission earned from sales transactions. A contract will not be accepted if the following applies:

  • Broker Fees passed on to the Member
  • Transaction fees
  • Retainer Fees
  • Non-Profit Process Fees
  • Additional commission charged above the amount the seller is paying stated in the MLS

Yes. If you meet the eligibility requirements and take all the required steps to become NACA Qualified and adhere to the Purchase Program requirements.

Yes. You can represent yourself in the purchase of your home. However, you are prohibited from earning a commission on the sale of your home. With your Broker’s permission, you can negotiate with the seller to use any commissions earned as a seller’s contribution towards a price reduction, interest rate buy-down, repairs, or seller’s concessions.

We select the Referral Agents based on the quality of services they provide our Members and the number of people they refer to NACA. You must complete three NACA closing transactions from your circle of influence and have a high overall customer service rating. To request being a referral agent, the Referral Agent Agreement needs to be completed and emailed to NACA’s Real Estate Department at red@naca.com.

You will first need to reference your Buyer Representation Agreement and follow the contract steps to terminate the agreement. You will then need your new real estate agent to register at NACA website to get access to the online Real Estate Portal and upload the new Buyer Representation agreement to complete the agent assignment.

Go to the NACA Website > Sign up > Select Real Estate Agent > Scroll down and select not registered, input your information, and submit.

To work with a NACA In-House Realtor (“IHR”) select Realtor Sign-Up in the Realtor Section of the NACA website or contact NACA’s Real Estate Department (“RED”) by emailing red@naca.com and they will refer an IHR to you.

Yes. In the Realtor Sign-Up, you can select a particular NACA IHR or contract NACA’s Real Estate Department (“RED”) by emailing red@naca.com.

Go to the NACA Website > Buy a home under the menu > click live webinars.

The agent should have extensive knowledge and experience with NACA. Their experience in closing homes with the NACA Program is most important or willing to educate themselves with the NACA processes. The real estate agent should be a full-time agent and committed to showing you as many homes you want for you to feel comfortable making a decision to buy a home.

NACA recommends you work with a real estate agent that represents you and not the seller. The agent should represent your best interests and not be conflicted. Thus, Dual Agency is not recommended.

NACA has designed a streamlined process to move your file to closing as quickly as possible with the goal of closing within 35 days from the executed Purchase & Sales Contract for a home with no major repairs, and 45 to 60 days from the executed Purchase & Sales Contract for a home with major repairs.

NACA provides a mortgage product with financing for a wide range of property types. The eligible properties are: Single Family Homes, Condominium/Townhomes, Co-op, Multi-Family homes – Two to Four Units, Mixed-use Properties, Manufactured/Modular Homes.

Log Homes, Lots, unique properties, working farms and ranches, single wide mobile homes and single resident occupancy (i.e., “SRO”) or single room occupancy.

  • Copy of the MLS Listing
  • Days on the Market: If longer than 30 days it may be overpriced.
  • Listing History: Price reduction, back on the market.
  • Comparable Market Analysis: R.E. Agent and you should do research of similar homes for sale in the same area to see what they are selling for or sold for in the last 30, 60 or 90 days.
  • Homes Sold: What was the list price compared to sold price? Was seller’s concession negotiated? How many days on the market?
  • Property Taxes & Utilities Cost: Research the costs and determine eligibility for property tax relief.
  • Disclosures: Review seller’s Property Disclosure and Community Association Disclosure to identify issues or concerns.
  • Your area eligibility status will determine the location where you can purchase.
  • A Priority Member – Bank application income at or less than the MSA median family income – 100%) is eligible to purchase anywhere in the MSA.
  • A Non-priority Member – Bank application income is greater than the MSA median family income) can only purchase in a census tract where the household income is equal to or less than 100% of the median area income for the MSA

Yes.  NACA loan limits are determined based on contract price and the cost of repairs.  In most locations, the NACA loan limit for a single family is $484,350 and in high-cost areas $726,525 with higher limits for multi-family units. You can use the NACA Loan Limit determination tool on the website to search the loan limit in your location which can be filtered by state and county.

Yes.  Allowed if total offer price is within your NACA Qualified approved maximum mortgage payment. However, the lender will not lend more than the appraised value. You may be responsible for paying the difference between the appraised value and contract price. Your R.E. Agent can provide you with a comparable market analysis of similar homes in the community and what they sold for.

Yes. If total offer price is within your approved maximum mortgage payment. However, the lender will not lend more than the appraised value. You may be responsible for paying the difference between the appraised value and contract price. Your R.E. Agent can provide you with a comparable market analysis of similar homes in the community and what they sold for.

No.  NACA provides the opportunity for the Member to finance required repairs/renovations to be completed after closing.  Waiving the inspection contingency waives your rights to terminate the contract if there are repair issues that makes the property problematic or unaffordable.  It also puts the Member at risk of losing their earnest money.

You can purchase a new construction, foreclosure, short sale, exiting properties, and properties needing repairs/renovation.

Single family, Town home, Condominium, Cooperative, 2-4 multifamily home, Commercial mix use.

  • Approval letter from lien holder agreeing to the terms and conditions of the sale. Verify the date on the approval letter to ensure the date has not expired.
  • Home inspection should not be completed until you receive the approval letter from the lien holder.
  • Minimum 50% owner-occupied, or sufficient financials to meet future operating cost for the next 12 months HOA (delinquency cannot exceed 10%)
  • Road Maintenance Agreement if there are private roads within the community.
  • Must be primary residence – Member must live in one of the units which must be vacant prior to closing. Contract must specify which unit will be empty
  • For rental unit, 75% of the rent is used as income
  • Reserves – 3 to 6 months reserves required based on the number of units
  • Landlord tenant training course certificate of completion.
  • Leases – Copies of the leases for all current tenants
  • Minimum $400 per month surplus.
  • Must be double or triple wide home (single wide homes are ineligible).
  • Must be permanently affixed to real estate (land). A trailer hitch, wheels and axels must be removed.
  • Secured, permanently affixed on a concrete slab or masonry foundation.
  • Utilities and sewer lines must be hooked to permanent connections.
  • The unit must have been constructed under the Federal Manufactured Home Construction and Safety Standards of June 15, 1976.
  • The certificate of title must have been surrendered and the property must be taxed as real estate by all local taxing authorities.
  • 50% Square footage or more dedicated residential. Meets zoning requirements
  • Member does not need to be the owner and the operator of the business that will occupy the commercial space.
  • Appraisal value of the property must be primarily residential
  • The commercial portion of the rent will be calculated similar to a multi-family unit.
  • The amount needed to rehab a property will be added into the loan (if the Member is qualified for the mortgage payment with the Rehab Escrow)
  • The property value will be looked at two ways: (1) “as-is” – is the property’s value in the condition in which it is being sold; and (2) “subject-to” – is the property worth after all repairs are made
  • The loan amount with rehab can be up to 110% of the “subject-to” appraised value
  • Renovations are completed after the Member closes on their home
  • The funds are held in a Repair Escrow account at the lender and paid to the contractor once that portion of the repairs are completed and inspected
  • If the Member is unable to live in the house because it needs significant renovation, s/he would not have to make a monthly mortgage payment for the first six months
  • New owners may be subject to board approval. Per policy, a down-payment may be required.
  • Questionnaire must be filled out and evaluated by NACA before making an offer to purchase.
  • The requirements for approval for condominiums also apply
  • Rent payments must be verified by cancelled checks and/or direct deposit online payments to landlord
  • Down payment funds previously paid to the seller must be verified.

You must close with an approved settlement agent at NACA local office. Mortgage counselor/office can provide a list of approved settlement agents in your location.

Yes, leasebacks are prohibited.  You must take possession of the home at the day of closing or funding.

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