Can you refinance out of NACA?

NACA generally does not currently refinance mortgages since it is best to modify an unaffordable mortgage. In some circumstances NACA may refinance a land contract or lease-to-purchase loan to achieve affordable homeownership for low-to-moderate income Members.

What is the downside of NACA?

Potential NACA Program downsides include a longer and more rigorous mortgage process, a financial reserve requirement, property price limits and property location limits. Borrowers should understand both the positives and negatives of a NACA mortgage to determine if it is the right program for them.

How do I refinance my NACA loan?

You may refinance the loan at any time. You will have to have the lien released to do so, and can begin the process by contacting [email protected] with your request. They will walk you through the process from there.

How long does NACA mortgage process take?

Many Members can be NACA Qualified (i.e. pre-approved for the NACA Mortgage) in about three months. It should not take more than six months unless there are extenuating circumstances such as a foreclosure, bankruptcy or charge-off within the last two years. Also liens that need to be paid-off may take additional time.

Is NACA income based?

Are investors eligible for the NACA program? No. The NACA program is designed to help low-to-moderate income families and people purchase in low-to-moderate income areas to become homeowners. No member of the household can have an ownership interest in any other property.

How long is NACA Approval good for?

The actual qualification itself (approval by underwriting) is good for six months. If you have not closed by then, underwriting will have to re-qualify you. If you have kept your paystubs, bank statements, etc.

Who is eligible for a NACA home loan?

NACA focuses on people who have not been able to purchase a home. These principles are incorporated into the eligibility requirements below. 1. No Member of the household can have an ownership interest in any other property. The NACA Mortgage is not limited to first-time homebuyers.

What are the interest rates on a NACA mortgage?

With a NACA mortgage, consumers can buy a home with: Interest rates for this program are extremely competitive. As of Nov. 23, 2018, the interest rates offered on NACA mortgages were set at 4.375% for 30-year, fixed-rate loans and 3.875% for 15-year, fixed-rate loans.

How long does it take to get a NACA loan?

Depending on your situation, this process can take one session, several months, or longer. NACA will work with you for as long as it takes to become NACA Qualified. Every person in your household that intends to be on the mortgage must participate in this process and must complete the NACA Qualification process.

How does the NACA Purchase Program work for first time home buyers?

How the NACA purchase program works. NACA’s purchase program, which provides homebuyer education and helps to connect the buyer with an affordable mortgage, is by far the organization’s most popular service. As a NACA first-time homebuyer, consumers have the ability buy a home with:

How long has NACA been fighting against predatory lending?

For over 35 years NACA has been at the forefront of fighting against predatory & discriminatory lending! Be an active force as a NACtivist in changing your community! Stay up to date with NACA & find out what we’re doing in your neighborhood! Begin your path to homeownership with NACA’s best in America mortgage.