Naca's Best in America Mortgage
NACA is the best purchase program in America. NACA provides both comprehensive housing counseling and access to an incredible mortgage. NACA has over $13 Billion committed from some the country's largest lenders with everyone receiving four extraordinary terms:
Today's Rates
For low-to-moderate income people and communities. Details
NACA INTEREST RATE
All Members receive a below market fixed rate. At NACA, there is no shopping around for the best interest rate. Members’ credit scores, loan to value ratios, or debt to income ratios have no impact on the interest rate.
NACA provides two interest rates that are less than the market rate. This is based on the below criteria utilizing the Metropolitan Statistical Area (“MSA”) and the Area Median Income (“AMI”).
- Priority Members:
Priority Members are low to moderate income Members or Members purchasing in a low to moderate income census trac. They receive a mortgage one percent below market rate.- Low – to Moderate – Income Members: Members who have a total bank application income that is 100% or less of the AMI in the applicable MSA where the Member is purchasing, or
- Higher Income Members Purchasing in a Low to Moderate Income Census Trac: Members who have a total bank application income greater than 100% of the AMI in the applicable MSA where the Member is purchasing and the Member is purchasing a home in a census trac with a median family income that is 80% or less of the AMI of the applicable.
- Non-Priority Members:
Non-Priority Members are higher income Members purchasing in a higher income area meeting NACA’s eligibility or other criteria. They still get a low rate without paying discount points, but one percent higher than Priority Members.
* HIGHER INCOME PEOPLE: 3%, 30-Year Fixed APR; 2.375%, 15-Year Fixed APR.
Purchase Areas
NACA’s mission is to provide affordable homeownership to low-to-moderate-income people and communities. Thus, access to NACA’s Best in America Mortgage is limited to low-to-moderate income people (“Priority Members”) and people purchasing in low-to-moderate income communities (“Priority Areas”). NACA’s eligibility is based on the median family income for a Metropolitan Statistical Area (“MSA”). Since NACA offices service a few MSAs each with different median incomes, you may be a Priority Member in one MSA and not in another. Also, check with the local NACA office to verify the purchase eligibility criteria, since there may be local adjustments to achieve NACA’s mission and affordable outcomes.
Your purchase price plus any repair escrow funds (i.e. funds for repairs to be completed after closing) cannot exceed your approved Maximum Mortgage Amount or the current conforming loan limits. The current limits are $484,350 for a single-family home in most areas and $726,525 in high cost areas with considerably higher amounts for multi-family properties.
- Member or anyone in the household cannot own another property when they close on the NACA mortgage.
- Member must occupy the home as long as they have a mortgage obtained through NACA.
- Members need to participate in whatever way they feel comfortable.
- Members must adhere to NACA’s policies and procedures.
- Priority Members – Members (i.e. borrowers and co-borrowers) whose combined income is less than the median family Income for the MSA where they are purchasing a home (Click here for median income).
- Priority Members can purchase any property within a MSA within the conforming loan limit.
- Non-Priority Member – Members (i.e. borrowers and co-borrower) whose combined income is equal to or greater than the median family income for the MSA where they are purchasing a home (Click here for Census Tract Median income).
- Non-Priority Members can only purchase in a MSA’s Priority Area with loan and required repairs within the conforming loan limit.
- Priority Members – Members (i.e. borrowers and co-borrowers) whose combined income is less than the median family Income for the MSA where they are purchasing a home (Click here for median income).
Your First Steps to Homeownership
YOUR PATH TO SECURING NACA'S BEST IN AMERICA MORTGAGE IS JUST 5 BASIC STEPS AWAY
Step 1
Attend A NACA Homebuyer Virtual Workshop
The first step to purchasing a home through NACA is to attend a free NACA Homebuyer Workshop. Learn about NACA, our Best in America's Mortgage and requirements for NACA Qualification.
Attend a virtual workshopStep 2
Prepare Your Web-File for Your First Appointment With A NACA Counselor
After attending the Homebuyer Workshop, you will need to access your individual Web-File to complete basic information and provide documentation. Schedule an appointment with a NACA counselor in your Web-File or call the local NACA office.
Schedule an AppointmentStep 3
Fulfill Qualification Requirements For The NACA Mortgage
Work with your counselor to improve your financial management, document your readiness for homeownership and determine an affordable mortgage payment - Become NACA Qualified
Step 4
Attend A NACA Purchase Workshop And Find A Home
Once NACA Qualified, attend a Purchase Workshop to learn from a NACA In-House real estate agent ("IHA") the best practices in the housing search, how to address property issues and the NACA's mortgage process. You can sign-up with the NACA IHA to represent you in your housing search. You will receive your NACA Qualification letter and Affordability form after completing this step.
Step 5
Complete your Credit Access and Submit the Bank Application
Once you have an executed Purchase & Sales Contract, provide updated documents to your mortgage counselor to be approved for NACA Credit Access. After approval, we will submit your bank application electronically to obtain NACA's Best in America Mortgage.
Step 6
Obtain lender approval and closing on your home
The lender will provide updated status of your loan process and outstanding conditions through your web-file for which you need to respond to immediately. Your mortgage counselor will work with you to address loan conditions or resolve issues. A NACA closing coordinator will assist you with the final closing requirements and closing in the NACA office.
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