The Neighborhood Assistance Corporation of America (www.naca.com) is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market.
INVESTING IN WORKING PEOPLE
The NACA homeownership program is our answer to the huge subprime and predatory lending industry. NACA has conclusively shown that when working people get the benefit of a prime rate loan, they can resolve their financial problems, make their mortgage payments and become prime borrowers. NACA’s track record of helping people who have credit problems become homeowners or refinance out of a predatory loan debunks the myth that high rates and fees are necessary to compensate for their "credit risk."
Started in 1988, NACA has a tremendous track record of successful advocacy against predatory and discriminatory lenders as well as providing the best mortgage program in America with $10 billion in funding commitments. NACA is the largest housing services organization in the country and is rapidly expanding by growing its existing 30+ offices, headquartered in Boston, MA, opening many new offices nationwide, and expanding the services it offers its membership. NACA’s confrontational community organizing and unprecedented mortgage program have set the national standard for assisting low- and moderate-income people to achieve the dream of homeownership.
NACA – AMERICA'S BEST MORTGAGE PROGRAM
The incredible NACA mortgage allows NACA Members to purchase or refinance homes with:
no down payment,
no closing costs,
no fees,
no requirement for perfect credit,
and at a below-market interest rate.
Here's an overvie of their mortgagte product:
PURPOSE: Purchase Purchase & Rehab
PROPERTY TYPES: One to Four Family, condos, and co-ops. Existing, New Construction, and Renovations
DOWN PAYMENT: None
CLOSING COSTS: None (paid by lender)
INTEREST RATE: One percent below the prime market rate
Current Interest rate: 5.5% 30 year fixed (as of 01/29/2009)
BUY-DOWN: Additional funds can reduce the interest rate
Paying one percent of the mortgage amount up front reduces the interest rate by one quarter of a percent (.25%)-- a tremendous added benefit.
APPLICATION FEE: None (paid by lender)
POINTS & FEES: None (paid by lender)
CREDIT HISTORY: Perfect credit not required
P.M.I.: (Private Mortgage Insurance) None
NSF/Membership: (Neighborhood Stabilization Fund) $50 per month for five to ten years. This payment occurs once you purchase through NACA and is part of your mortgage payment. This is a required payment as a NACA Homeowner Member, and as a Member you can receive assistance to NACA’s membership assistance program if you are ever at risk of losing your home. You would also receive the other benefits of NACA Membership.
OTHER TERMS: No yield spread premium; No pre-payment penalty; No balloon payment; No required credit life, or other unnecessary or overpriced insurance.
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The organization has a 16 step program designed to not only educate first time home buyers about how to buy a home, but also actually leads to homeownership. They provide assistance along every step of the way, and the only "cost" to the prospective participant is that they become a member of the NACA.
I would strongly urge anyone interested in buying a single family home for the first time, or interested in small investment property on the scale of what was described here, to check out this organization.
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Thursday, January 29th 2009 at 4:21PM
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