Understanding NACA Mortgages: Key Benefits Explained

When I first heard about the Neighborhood Assistance Corporation of America (NACA), I was immediately intrigued by their mission to promote affordable homeownership across the United States. NACA is a non-profit organization dedicated to closing the racial wealth disparity gap by empowering underserved communities with access to favorable mortgage terms and financial assistance. Here’s why I believe NACA is making a significant impact.

Economic Justice Advocacy

NACA is challenging the traditional norms of the lending industry through their advocacy for character-based lending. This means that instead of relying solely on credit scores, NACA considers the unique circumstances of each member. This inclusive approach makes the dream of homeownership attainable for many who might otherwise be excluded.

NACA Mortgages: What You Need to Know

NACA offers incredibly competitive mortgage rates that are hard to beat:

Interest Rates (As of June 7th, 2024):

– 30-year fixed: 6.125%

– 20-year fixed: 5.625%

– 15-year fixed: 5.75%

– No closing costs, points, or fees.

– Non-priority members have slightly higher rates.

Eligibility Criteria

– **Priority Members:**

– Income less than 100% of the median income for their Metropolitan Statistical Area (MSA).

– Can purchase a home anywhere.

– **Non-Priority Members:**

– Income equal to or greater than the median income for an MSA.

– Must purchase in a Priority Area where the median income is less than 100% of the MSA median income.

And perhaps most remarkably, NACA does not require a credit score. Instead, they look at payment history over the previous 12 months.

If you would like more information about NACA feel free to reach out to us today 602.529.8356