Q:

What is the NACA program?

A:

Quick Answer

The NACA program is a non-profit program administered by the Neighborhood Assistance Corporation of America that focuses on assisting individuals with home purchases. Its focus is on individuals that are unable to obtain prime rates, or those that cannot meet traditional lending criteria.

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Full Answer

There are five main requirements for homeowners looking to purchase a home through the NACA program. Consumers must purchase a home that is within an NACA service area. Homeowners must also be a member of the NACA that is in good standing and pay a membership fee. In addition, homeowners must continue paying the membership fee and a neighborhood stabilization fund fee.

Additional requirements include that no member of the household can have any ownership in another property. Homeowners also have to remain in the home for the life of the mortgage with NACA. This means that the property cannot be rented out to another party while NACA holds the mortgage.

The final requirement is that NACA homeowners participate in five activities and actions a year that support the mission of NACA. This can include joining advocacy campaigns, volunteering in an NACA office or participating in the peer lending committee. Members can also provide assistance to other NACA members during the purchase process.

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