NACA’S COMPREHENSIVE SERVICES
Who can access the NACA program
NACA is committed to working with people who do not have access to affordable credit. NACA’s participants, or “Members,” are primarily people who have low-to-moderate income, people who will live in communities that need increased rates of homeownership and revitalization, or people who have difficulty obtaining reasonable and affordable credit.
The vast majority of NACA Members are first-time homeowners—with many being the first homeowners in their family’s history—and have neither perfect credit nor substantial savings. Without NACA, many Members might well have been subjected to subprime loans with predatory terms and outrageous interest rates. Through no fault of their own, many have been prevented from purchasing a home by other lenders.
NACA’s “Character Lending” criteria
Unlike traditional lenders, NACA does not assume that one standard fits all homebuyers. NACA has revolutionized “character lending,” a process of evaluating an applicant’s credit worthiness using methods other than just credit score. NACA’s personalized services account for your particular circumstances and needs. NACA assists you with a thorough analysis of your situation to determine whether you are ready to make monthly mortgage payments and how much you can afford.
The NACA program is unprecedented in its scope
NACA covers every aspect of the home buying process from NACA Qualification to the Membership Assistance Program for NACA homeowners. The intensive NACA Workshop
provides an introduction to the process and NACA’s services—all of which are free to NACA Members
. Because of NACA’s successful education and counseling, almost all of its Members are approved by the lenders and virtually none lose their homes.
NACA has the Best Mortgage Program in America
If you satisfy the eligibility criteria
, you will be provided access to a mortgage that requires no down payment, no closings costs, no application fee, no private mortgage insurance and no perfect credit history. The interest rate is substantially below market. NACA and its Mortgage Consultants will work with you for as long as it takes to make you a homeowner. All of this may sound too good to be true, but through aggressive advocacy, NACA has made it a reality.
Personalized and comprehensive counseling
To fulfill its mission, NACA has developed a comprehensive housing counseling program that both educates Members and assesses their capabilities to own and maintain a home. After you join NACA and have met the requirements of this program, NACA will work with you to obtain a mortgage with a lending institution that has agreed to participate in the NACA program (“Participating Lenders”). Participating Lenders have been attracted to the program by NACA’s comprehensive and innovative system for pre-approving Members and involving people who have been excluded from traditional and affordable credit.
Guidance throughout the homebuying process
NACA’s free one-on-one counseling
is the backbone of the success of NACA’s incredible program. After attending a NACA Workshop, you will be assigned a Mortgage Consultant who will guide you through the NACA Qualification and purchase process. The Mortgage Consultant will begin by advising you on how to prepare for mortgage financing and homeownership. Your preparation may take time, so it is important that you meet with your Mortgage Consultant early and commit to working with him or her throughout the process.
Many Members come to NACA with credit issues; your Mortgage Consultant will help you determine which need to be resolved so that you can obtain a mortgage. NACA will not turn you away because of bad credit—if you want to overcome these roadblocks, NACA will help. NACA only fulfills its mission if Members sufficiently prepare their finances to sustain their homes in the long run. The Members will then be able to commit to improving their communities and become active in NACA’s advocacy campaigns.