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ELIGIBILITY FOR THE NACA PROGRAM
NACA’s eligibility requirements reflect our mission of promoting neighborhood stabilization and economic justice in low- to moderate-income communities. The real estate and mortgage industries are filled with bad actors who contribute to the destabilization of our communities and the exploitation of working people. As an alternative to these predatory practices, we will work with you for as long as it takes to purchase a home, and we will support you for as long as you have your mortgage through NACA. All participants in the NACA program need to be committed to our mission. We want you, your family and those close to you to be active NACA participants promoting neighborhood stabilization and economic justice for many years. We hope NACA will become your primary organization for volunteer activities.
The following are the general eligibility requirements to participate in the NACA Program. There are no income limits, but there are
maximum purchase price limits and you must purchase within a
NACA service area.
- Be a Member in good standing
NACA provides the NACA Workshop to everyone without becoming a NACA Member. After attending the workshop, should you decide to begin the NACA Program and the initial counseling, you need to be a NACA Member in good standing. This requires that the Membership Agreement and
Authorization be signed by all household members.
At your first individual meeting with a Mortgage Consultant, you will need to pay the Membership Fee, (for 2007 is $20 for the year). Once you purchase your home, you will need to pay the Membership Fee, which includes the Neighborhood Stabilization Fund Fee,of $50 a month for a period of between five and ten years, depending on the amount of the mortgage. The Membership fee entitles you to not only NACA’s comprehensive counseling to assist you throughout the home buying and mortgage process, but also to NACA’s membership assistance for NACA homeowners that
provides comprehensive foreclosure prevention assistance.
- No member of the household can have an ownership interest in any other property
NACA focuses on people who have not been able to purchase a home. The program, however, is not limited to first-time homebuyers; you may participate as long as you do not own another home at the time of purchase. Current NACA homeowners must have lived in their home for at least three years and have been active participants in the NACA program to be eligible to purchase through the program again.
- Occupy the home for as long as you have the mortgage through NACA
NACA believes that owner-occupants stabilize neighborhoods. Therefore, NACA requires that you live in your home for as long as you have a mortgage through NACA. Being an owner-occupant involves you in all aspects of the community because you own a piece of the community, not just real estate. NACA is very serious about Members adhering to the occupancy requirement. Therefore, NACA takes out a lien on the property—in addition to other enforcement mechanisms—to ensure that homeowners live in the home. This does not prevent you from selling your house for a profit, refinancing your house, or purchasing other property while continuing to live in the house purchased through NACA. These serious actions and remedies are in place to prevent the abuse of the NACA Program. Lenders participating in the NACA Program also require owner-occupancy and may have their own enforcement mechanisms beyond NACA’s. Obtaining a second mortgage requires that NACA subordinate its lien to the second mortgage, which NACA may or may not, in its sole discretion, agree to provide; therefore, your ability to obtain a second mortgage may be limited.
- Participate in at least five actions and activities a year in support of NACA’s mission
Every Member is encouraged to contribute their unique skills to NACA and its mission. Many people say the NACA program sounds too good to be true. It is real because of the active participation of NACA’s huge Membership. Participation and direct action have made NACA successful and will continue to strengthen our neighborhoods and organization.
There are numerous ways for you to participate:
- Join advocacy campaigns that may include protests, demonstrations, actions and/or engaging in litigation against persons or companies that discriminate against or victimize others;
- volunteer in the NACA office;
- participate on the peer lending committee; and
- assist other Members with the home buying process.
Your involvement in whatever way you feel comfortable is essential for NACA to continue to provide free comprehensive housing services and the Best in America mortgage. When you join NACA, you agree to the
Participation Pledge which requires you to participate in at least five activities a year. This applies immediately and extends for as long as you have a mortgage through NACA. Thus, you will not be able to access the NACA program if you do not participate. We need you to take the initiative and contact your NACA office to volunteer and participate.
If you meet and agree with the above General Eligibility requirements,
you can sign up today to attend a NACA workshop! You can also
calculate your desired purchase price or monthly mortgage payment and get
more information on the process of buying a home.