NACA...   NEIGHBORHOOD ASSISTANCE CORPORATION OF AMERICA

THE BEST HOME PURCHASE PRODUCT IN AMERICA

NACA has access to billions of dollars in mortgage funds primarily for use by people with low to moderate incomes in support of their home purchases in low to moderate income communities. NACA provides this incredible purchase mortgage product for all their members throughout the Greater Denver Metro Area.

PURPOSE: Purchase
Purchase & Rehab
PROPERTY TYPES: Single Family Homes, Duplex's, Condo's Multi-Family Units up to 4 units.  Existing, New Construction, and Renovations
DOWN PAYMENT: None
CLOSING COSTS: None (paid by lender)
INTEREST RATE: One percent below the prime market rate
Example: If the Current Interest rate is: 5.375% for a 30 year fixed rate loan, your interest rate as a member would be 4.375% for a 30 year fixed loan.
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: Based of Character rather than FICO Scores
P.M.I.:
(Private Mortgage Insurance)
None
NSF/Membership:
(Neighborhood Stabilization Fund)
$50 per month membership fee for five to ten years, length of time dependent on your loan amount.  This payment starts as soon as you purchase a home through NACA and is included in your mortgage payment. This is a required payment as a NACA Homeowner Member and entitles you to receive NACA assistance if you are ever at risk of losing your home. You will also receive all the other benefits offered to NACA Members.
OTHER TERMS: No yield spread premium; No pre-payment penalty; No balloon payment; No required credit life, or other unnecessary or overpriced insurance.  Purchase price limits are similar to FHA mortgage limits and there are no income limits.

ELIGIBILITY FOR THE NACA PROGRAM

NACA’s eligibility requirements reflect their mission of promoting neighborhood stabilization and economic justice in low to moderate income communities. The real estate and mortgage industries are filled with bad actors who contribute to the destabilization of our communities and the exploitation of working people. As an alternative to these predatory practices, NACA will work with you for as long as it takes to purchase a home, and NACA will support you for as long as you have your mortgage through NACA. All participants in the NACA program are required to be committed to their mission. NACA wants you, your family and those close to you to be active NACA participants promoting neighborhood stabilization and economic justice for many years. We hope NACA will become your primary organization for volunteer activities.

General Requirements
The following are the general eligibility requirements to participate in the NACA Program. There are no income limits, but there are maximum purchase price limits similar to FHA guidelines and you must purchase within a designated NACA service area which includeds all of Metro Denver the suburbs and mountain areas.
  1. Be a Member in good standing
    NACA provides the NACA Workshop to everyone without becoming a NACA Member. After attending the workshop, should you decide to begin the NACA Program and the initial counseling, you need to be a NACA Member in good standing. This requires that the Membership Agreement and Authorization be signed by all household members. At your first individual meeting with a Mortgage Consultant, you will need to pay the Membership Fee. Once you purchase your home, you will need to pay the Neighborhood Stabilization Fund Fee,of $50 a month for a period of between five and ten years, depending on the amount of the mortgage. The Membership fee entitles you not only to NACA’s comprehensive counseling assistance throughout the home buying and mortgage process, but also to NACA’s membership assistance for NACA homeowners that provides comprehensive foreclosure prevention assistance.
  2. No member of the household can have an ownership interest in any other property
    NACA focuses on people who have not been able to purchase a home. The program, however, is not limited to first-time homebuyers; you may participate as long as you do not own another home at the time of purchase. Current NACA homeowners must have lived in their home for at least three years and have been active participants in the NACA program to be eligible to purchase through the program again.
  3. Occupy the home for as long as you have the mortgage through NACA
    NACA believes that owner-occupants stabilize neighborhoods. Therefore, NACA requires that you live in your home for as long as you have a mortgage through NACA. Being an owner-occupant involves you in all aspects of the community because you own a piece of the community, not just real estate. NACA is very serious about Members adhering to the occupancy requirement. Therefore, NACA takes out a lien on the property—in addition to other enforcement mechanisms—to ensure that homeowners live in the home. This does not prevent you from selling your house for a profit, refinancing your house, or purchasing other property while continuing to live in the house purchased through NACA. These serious actions and remedies are in place to prevent the abuse of the NACA Program. Lenders participating in the NACA Program also require owner-occupancy and may have their own enforcement mechanisms beyond NACA’s. Obtaining a second mortgage requires that NACA subordinate its lien to the second mortgage, which NACA may or may not agree to do; therefore, your ability to obtain a second mortgage may be limited.
  4. Participate in at least five actions and activities a year in support of NACA’s mission
    Every Member is encouraged to contribute their unique skills to NACA and its mission. Many people say the NACA program sounds too good to be true, but it is real and a consequence of the active participation of NACA’s huge Membership. Participation and direct action have made NACA successful and will continue to strengthen our neighborhoods and organization. There are numerous ways for you to participate:
    1. Join advocacy campaigns that may include protests, demonstrations, actions and/or engaging in litigation against persons or companies that discriminate against or victimize others;
    2. Volunteer in the NACA office;
    3. Participate on the peer lending committee
    4. Assist other Members in the home buying process.

Your involvement in whatever way you feel comfortable is essential for NACA to continue to provide free comprehensive housing services and the Best in America mortgage. When you join NACA, you agree to the Participation Pledge which requires you to participate in at least five activities a year.  This is a small price to pay for the interest rate, down payment / closing cost assistance and services you'll receive in return.  This applies immediately and extends for as long as you have a mortgage through NACA. Thus, you will not be able to access the NACA program if you do not participate. NACA needs you to take the initiative and voluntarily participate.  I'm sure you will find it a rewarding experience. 

If you meet and agree with the above General Eligibility requirements, call me at (303) 204 - 4942 or fill out the  Info Request Form  and I will refer you to the nearest NACA office and help you get signed up for a NACA workshop and might I add... congratulations on making a wise decision.  This is one of the best home purchasing products I've come across for low to moderate income folks struggling to achieve the American dream... Home Ownership.

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