What is NACA? A Guide to Neighborhood Assistance Corporation of America
What is NACA? The Neighborhood Assistance Corporation of America (NACA) is a vital non-proft organization. Furthermore, dedicated to offering affordable homeownership opportunities and comprehensive housing counseling services. In addition, their commitment to serving low-to-moderate income individuals and communities sets it apart. Furthermore, it is a HUD-approved housing counseling agency that provides free comprehensive counseling to prospective homebuyers and existing homeowners. Let’s delve deeper into what NACA has to offer:
NACA's Best in America Mortgage Program
That is, it stands out as a beacon of hope for aspiring homeowners. Additionally, this program empowers low-to-moderate income buyers, providing them with the necessary tools and resources to achieve their dream of owning a home. Such as,
No down payment
Below market fixed interest rate
No fees
Aggressive interest rate buy-downs
No closing costs
No mortgage insurance
Instead of evaluating solely on credit scores, NACA uses “character-based lending” that considers the applicant’s circumstances and payment history over the last 12-24 months.
As of May 2024, NACA’s mortgage rates are 6% for a 30-year fixed, 5.5% for a 20-year fixed, and 5.625% for a 15-year fixed for priority/low-income members.
Other NACA Programs
Home Purchase Program for Low-to-Moderate Income Buyers
The Home Purchase Program offered by NACA is specifically tailored for those with limited financial means. Therefore, removing barriers such as large down payments and high credit scores. Moreover, opens doors for individuals who may have thought homeownership was out of reach.
Homeowner Refinance & Renovation Program
Secondly, NACA also aims to support existing homeowners through its Homeowner Refinance & Renovation program. This initiative enables homeowners to access favorable refinancing options and funds for essential repairs or renovations, ensuring the longevity and value of their homes.
Foreclosure Prevention and Loan Modification Assistance
Additionally, in times of financial distress, NACA is there to offer assistance through its foreclosure prevention and loan modification programs. By working closely with lenders and borrowers, NACA helps individuals navigate the complexities of foreclosure, offering viable solutions to keep families in their homes.
Rental Housing Counseling and Tenant Advocacy
Lastly, recognizing the importance of stable rental housing, NACA provides comprehensive counseling services for tenants facing challenges or seeking advocacy. Through education on tenant rights and resources, NACA promotes fair treatment and empowers renters to assert their rights.
Performance
NACA has over $20 billion in mortgage commitments from major lenders like Bank of America.
It has helped over 75,000 homebuyers purchase homes, 85% of whom are people of color, with an extremely low foreclosure rate of 0.0001183%
NACA provides 20-30% of all HUD housing counseling services in the U.S.
What is NACA | Conclusion
In summary, NACA is a prominent non-profit organization focused on providing affordable homeownership opportunities, especially for underserved communities, through its unique mortgage product, housing counseling, and advocacy programs. Moreover, NACA’s unwavering dedication to affordable homeownership, foreclosure prevention, rental housing counseling, and innovative mortgage programs makes it an invaluable resource for individuals and communities striving for stability and prosperity.
Contact Information
To schedule a coffee date or learn more about what is NACA, contact Terra Point Realty at 713-766-1697. Their friendly and knowledgeable team is ready to assist you with understanding what is NACA. Don’t miss out on the opportunity to live in your dream house – schedule a coffee date today and start your journey towards understanding what is NACA.
