Naca Program

NACA has several programs, some to help people stay in their homes, while others are designed to help home buyers.

I've done extensive, but not exhaustive Internet research on NACA. I can say that there are enough home owners and home buyers who have had success with a NACA program to warrant further research.

I'm working with a buyer who has been qualified to get 100% financing through NACA with a 4.625% interest rate. This is on a 30 year fixed. No closing costs and now down payment.

The buyers have elected to purchase a foreclosure that needs extensive work (certainly not for everyone). In this situation, the NACA loan is supposed to be similar to a FHA 203k, but the buyer does not have to put 3.5% of the loan amount down as is required with the FHA 203K. Zero money down! Their out of pocket expense will be the home inspection. They don't even pay for the appraisal.

The NACA program for buyers is funded by several different national banks.

I'm going to a home buyer class in Delaware this Saturday, so I can see the program from the home buyer's perspective.

As I gather more information I will be sure to post it on the blog.

Posted by Carolyn Thompson on April 13th, 2011 10:47 PMPost a Comment (2)

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