America’s Best Mortgage
You can become eligible for a below-market rate and an affordable mortgage through our financial counseling programs.
Current mortgage rates
As of December 01st, 2022
*APRs apply to Priority Members only. APRs for Non-priority Members are as follows: 6.375% for 30-year fixed APR; 6% for 15-year fixed APR. Learn more about how we determine member priority.
NACA mortgage benefits
- No down payment
- No closing costs
- No hidden fees
- No mortgage insurance
Helping the underserved achieve their dreams
Average time to close
Getting started with NACA
All are welcome to attend the free Homebuyer Workshop as the first step in the NACA Purchase process and to access the NACA mortgage. This approximately four-hour workshop provides details on the NACA Purchase Program, NACA’s Best in America Mortgage and the program requirements. You will learn how to become mortgage-ready and get NACA Qualified. Once complete, you will receive your NACA I.D. and can access your Member Portal to begin your purchase process. You control this process, so the more responsive you are, the faster the timeline and effective the results.
Access your Member Portal to become a NACA Member, sign authorizations, input your information and provide supporting documentation. Once you have completed the ten sections, including payment of your Membership fee and your credit report, you will be able to schedule an Intake Appointment with a NACA Counselor. If you want an immediate appointment, put your name on the waiting list. For assistance in utilizing the Member Portal, attend a Member Portal webinar, call Member Services at 425-602-6222, send an email to Services@naca.com or utilize a kiosk at a local NACA office with staff support.
Your NACA Counselor will work with you to become NACA Qualified with access to the NACA Mortgage. Together, you’ll review your current financial situation reflected on your budget and payment history to determine if you’re ready for homeownership. Your NACA Counselor will also determine with you a mortgage payment you can afford. You’ll receive an action plan that lets you know your next steps to become NACA Qualified. Access and complete the action items in your Member Portal and once complete schedule a follow-up appointment. NACA Qualification is required to access the NACA Mortgage and so extensive that it meets the requirements of most other products.
You need to attend both a Property Workshop and a Purchase Workshop. You must attend the Property Workshop webinar prior to your NACA Qualification any Tuesday from 6:00 p.m. to 7:30 p.m. EST. You will learn about property types, address repair issues and opportunities to purchase properties requiring repairs/renovations.
Once you are NACA Qualified, you’ll need to attend a mandatory Purchase Workshop. A NACA In-House Agent (“IHA”) supported by a NACA Counselor presents these every Thursday from 6:00 pm to 7:30 pm at NACA office locations or on-line. This workshop will help you understand how to:
- Prepare for the housing search
- Identify potential homes
- Obtain NACA Credit Access approval
- Submit your NACA mortgage application
- Address lender conditions
- Obtain post-purchase assistance
After attending the Purchase Workshop, you will be able to access your NACA Qualification Letter demonstrating that you are NACA Qualified and Affordability Form showing your maximum mortgage payment. This means that you’re ready to start house-hunting! You’ll have six months to find a property before your qualification expires and the need to be re-qualified.
When you start searching for a home, it’s important to keep an open mind and look for properties that fit your NACA Qualification requirements. You may use any real estate agent not removed from the NACA program or we can refer you to a NACA In-House Agent (“IHA”). The IHA are experts in the NACA program and can facilitate the counseling and mortgage process. As buyer’s agents, your IHA will represent your interests in finding the right house at the right price including addressing any repairs or renovations. Some outside real estate agents may need to attend a NACA training if they’re unfamiliar with our program. Once you’ve found a home, you must immediately obtain a Property Specific Letter through your Member Portal or by contacting your NACA Counselor to verify that you’re qualified to buy the home. Your real estate agent will then help you make an offer and negotiate as needed including responsibility for addressing repairs.
The Purchase and Sale Agreement (P&S) is a very important contract. It binds you and the seller to execute the transfer of the home at an agreed price under specific terms. You and your real estate agent will negotiate with the seller/listing agent about who will be responsible for any necessary repairs and determine the amount of any seller contributions.
Prior to signing the contract, you need to contact your NACA Counselor and provide them a copy of the Multiple Listing Service (MLS) and the amount you are considering to offer the seller. This is to confirm that the home price is within your approved maximum mortgage amount which may change due to interest rate shifts. After careful consideration, you can accept and sign this important contract (Note: NACA does not accept P&S Agreements signed electronically by the buyer. The seller may provide an electronic signature).
You are responsible for paying any penalties arising from a P&S Agreement, regardless of the actions of NACA or the lender. To avoid extra costs, we strongly recommend that your contract adhere to the guidelines below.
Items to include in your P&S Agreement:
- Property Condition – Require satisfactory NACA-approved home and pest inspector(s). This includes time to turn on utilities and undergo other evaluations or work write- ups if the home requires a major renovation.
- Closing Time frame – At least 35 days to close from the date of the executed contract. At least 45-60 days to close for properties requiring significant renovations, as identified on the home inspection, from the date of the executed contract.
- Settlement Agent – Approved NACA and lender settlement agents to provide settlement services (note: settlement agent fees and closing costs are paid by the lender only if NACA approved settlement agent).
- Closing – Closing at a NACA office to provide support and address any issues.
Items NOT to include in your P&S agreement:
- Penalties – Charges or penalties for closings past a certain number of days from the executed contract (per diem).
- Earnest Money Deposit – Loss of your earnest money deposit if the property does not appraise for the agreed purchase price or if your mortgage application is denied.
Once the P&S is executed (i.e., signed by you and the seller), submit it immediately not to exceed 24 hours, through the Member Portal. If you have difficulties, your real estate agent can also submit it through their NACA Portal.
The property you want to purchase must undergo an inspection to determine if the home is in acceptable condition. Existing repair conditions such as code, safety, health, structural, mechanical systems and preventative maintenance needs often require correction in order for the home to qualify for purchase. Thus it must be inspected by a NACA-approved home and pest inspector. NACA’s Home and Neighborhood Development (HAND) department works with you to assess property conditions and assist in addressing required repairs.
Time is of the essence to submit your bank application in order to close by the agreed deadline in your Purchase & Sales contract. You need to update your documents in the Member Portal (i.e., paystubs, bank statements, rental verification, and any other required documents) and then request an immediate appointment with your NACA Counselor. Your NACA Counselor will work with you to be approved for NACA Credit Access with such approval based on NACA’s sole determination that you have met the program requirements. Once you are NACA Credit approve, you can submit your bank application to the participating lender through the Member Portal.
To be approved for NACA Credit Access, you’ll need to make sure of the following:
- Your required savings amount is maintained (i.e. Payment Shock)
- Your income is not reduced
- Your debts are not increased
- Payments continue to be made on time
- You adhere to other NACA requirements
NACA’s Mortgage department will facilitate the underwriting and processing of your loan at the lender. Because of all the pre-bank application work, there should be few lender conditions. Participating lenders approve virtually all the mortgage applications. During this time period you should focus on:
- Finding home insurance and providing proof
- Finalizing all bids and completing a rehab budget if applicable
- Doing a final walk-through of the property to make sure there are no damage, you are satisfied with any agreed upon repairs, it is clean, and vacant if required.
NACA and the settlement agent will coordinate your closing at a NACA office. The settlement agent will tell you about all costs due at closing, such as prepaid taxes and insurance due at the closing and any other required items. You will need to bring a certified check made out to the settlement agent for these costs.
Your closing will involve you and any co-borrowers. You can also expect the seller, the lender’s attorney or settlement agent, your attorney (if applicable), your real estate agent and the listing agent. You will have to sign a mortgage, promissory note, and many other documents. If you have any questions or problems, your NACA Counselor, real estate agent and other NACA staff can help you answer or address them.
Congratulations! You will receive the keys and are now a NACA homeowner with the Best Mortgage in America!
NACA’s membership provides free post purchase assistance through NACA’s Membership Assistance Program (“MAP”). Making the transition from renting to owning may require significant sacrifices and changes in your spending habits. You will no longer be able to rely on a landlord to arrange necessary repairs. You will need to make your mortgage payments on-time. NACA provides Members with comprehensive post purchase assistance to help you adjust to the financial responsibilities of being a homeowner. MAP has trained and specially dedicated staff ready to provide comprehensive counseling to prevent financial difficulties and, where necessary, to get you back on track. Members also have access to financial assistance takes the place of expensive private mortgage insurance.
The assistance described below is provided to you as long as you have the NACA mortgage:
- Budgeting and counseling;
- Mortgage modifications to address changed financial circumstances (i.e. reduced income);
- Forbearances to address temporary financial difficulties;
- Financial assistance for approved homeowners that encounter financial difficulties;
- Real estate services to sell your home;
- Communicating with or addressing issues with the lender; and
- Additional homeowner and neighborhood services and advocacy.
NACA is working to provide other types of assistance and services for NACA homeowners.
Remember To Participate!
Attend a live webinar
Member portal overview
Get a step-by-step rundown of the online member portal, from uploading documents to viewing your status.Register Now
Property eligibility guide
Learn about NACA’s property eligibility guidelines from the Home & Neighborhood Development team.Register Now
Repair escrow guidelines
Learn how to add a rehab escrow to your loan, and understand rehab project eligibility and renovation guidelines.Register Now
Meet our dedicated counselors
Our mortgage counselors are at the heart of everything we do. They work tirelessly to make homeownership a reality for our members.
Frequently asked questions
Attend a Home Purchase workshop to find out more about your eligibility and the opportunities that NACA has to offer.
You can find a Home Purchase workshop near you on our workshop sign-up page.
You’ll need to work closely with your Housing Counselor and provide financial documents to become NACA Qualified. You may need to make some changes to your current budget or financial habits to become mortgage-ready. Once you become a homeowner, you’ll be asked to participate in NACA volunteer opportunities every year.
You’ll need to submit the following to become a member:
- Pay stubs from the last 30 days
- Tax returns from the last 2 years
- W-2s from the last 2 years
- Bank statements from all accounts over the last 3 months
- Bank statements from the last 12 months if self-employed
The NACA Home Save Program can help you modify your mortgage and get affordable monthly payments.
We support our members even after they become homeowners. You’ll have access to financial counseling, emergency assistance and mortgage modification for as long as you have a NACA mortgage.
Housing & Development
Make your house a home
See how home renovation and repair costs factor into your budget with support from our Housing & Development Department (HAND).Learn more
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