Is NACA available in Georgia?

Is NACA available in Georgia?

NACA may be America’s best kept secret despite having 26 offices from California to Texas to Georgia and in 14 other states and closing over 350 loans a month.

What credit score is needed for NACA?

580 to 620
With most mortgage programs, you typically need a minimum credit score of 580 to 620 to qualify.

How long does it take to buy a house with NACA?

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.

What is the maximum purchase price for NACA?

The current limits are $484,350 for a single-family home in most areas and $726,525 in high cost areas with considerably higher amounts for multi-family properties. Member or anyone in the household cannot own another property when they close on the NACA mortgage.

Is NACA better than FHA?

While FHA is a good mortgage the NACA Mortgage is significantly better. FHA requires a down payment, has a higher interest rate, significant closing costs, and high mortgage insurance.

What is the catch with 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.

Can you buy any house with NACA?

Yes. There is no limit on purchasing other properties as long as the Member lives in the property purchased through NACA and they continue to have the NACA Mortgage.

Is NACA only for first time buyers?

The NACA mortgage product is not limited to first-time homebuyers. Members must still adhere to the requirement that they do not own another property when closing on a home purchased with the NACA Mortgage.

Does NACA pay your down payment?

NACA only provides one mortgage with either a 30-year or 15-year term. The mortgage terms are the following: No Down payment, No Closing Costs, No Fees, No PMI and always at a below market fixed rate.

Can I build a house with NACA?

You can buy new construction with NACA, the house just has to be fully finished before settlement can happen.

Is NACA legit?

NACA is a nonprofit and HUD-certified homeownership and advocacy organization that is committed to assisting economically disadvantaged individuals with becoming homeowners by offering loans at below-market interest rates with no down payment or closing costs.

Does NACA buy land?

No. A mortgage loan through naca cannot be land. There must be a completed house or plans for a house that already has a loan secured. In other words a construction company already in the process of building a new development.