What is the NACA program?
8.28.08
The Neighborhood Assistance Corporation of America ("NACA")Recently one of our clients received information about the NACA’s program to assist homeownership. It seemed too good to be true, so I Goggled to find out who these folks are and do they really come through with what they claim. It does help those who want to purchase a home, but you must have a good credit score. They will help you to repair your credit to purchase a home. For many people the program has worked out quite well. It may work out for you. It is a non-profit organization. The folks that help are counselors and not lenders, so they do not originate the mortgage loan. Their focus is to help First-Time home buyers and those who do not own a home to be in a position to purchase. There is a wait. If you know that it takes more than 9 weeks ahead of time, you are better prepared to work with NACA.
Here’s a link that you might find of interest: HTTP://www.city-data.com/forum/Charlotte/36954-has-anyone-used-naca-home-buyers.html
This I found interesting information, on the NACA website and here is where you see that you don’t get something for nothing. You cannot buy a home that is not on their service map. This means that if you want to purchase in area not covered in their service areas, you can not use this program. typed 22407 the closet service area is Washington, D.C.
There is currently no NACA office within 20 miles of the Zip Code: 22407; however, there is one office about 52.53 miles away. The statement under General Require says you must buy a home within the NACA service area.
The workshop is free. In order to participate in the program requires money and commitments. To be a member, all members of the family must sign a Member agreement and authorization agreement, which you cannot access from the website to find out what they are. When you go to see a Mortgage Consultant there is a fee you must pay $20 that is as of the year 2007. After you find your house you must now pay a fee of $50 a month between 5 or 7 years. What’s up with that?Just as we said at the beginning of this blog it sounds too good to be true. On their website is an explanation for this fee.
Even on the website is a statement that many people say it sounds too good to be true, Wonder why? What does that tell you? You get so much in return, according to the statements. Why would not become a member of NACA’ program?
You must live in the house and this is a normal request. As long as you live in the home, you must pay and be in this NACA’s program. If you decide to go with another lender, NACA will put a lien on your home and there other methods that is included, so you know they mean business.
There’s more on NACA’s website, please take the time to go through the site.There is also a requirement that for 5 years you must participate in 5 or more groups a year that make the services free. That is the only way you can avail yourself of NACA’s program. You can’t just say that you will participate, you also must sign a Participation Pledge that you will do so. Before you go to their free program coming to you, please check out NACA’s website.
You don’t get something for nothing. www.southofnova.com
Posted by Just Ask Madeline at 12/22/2011 9:04 PM 
Categories: General Real Estate, Housing Market
Tags: naca First Time Homeowners Real Estate
Categories: General Real Estate, Housing Market
Tags: naca First Time Homeowners Real Estate
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