NACA’s Best in America Mortgage
- One mortgage product
- No down payment, closing costs or fees
- Below market fixed-rate with option to buy-down to nearly 0%
- Perfect credit, high income or savings are not required
NACA is the best option particularly for people who have been discriminated against and those who have neither perfect credit nor substantial savings.
General Eligibility:
- Member or anyone in the household cannot own another property when they close on the NACA mortgage.
- Member must occupy the home as long as they have a mortgage obtained through NACA.
- Members need to participate in whatever way they feel comfortable.
- Members must adhere to NACA’s policies and procedures.
Mortgage Terms:
Property Type
Single or Multi-Family owner-occupied principal residences, including units in Condos, Co-Ops, or Mixed-Use buildings. Properties may be existing homes, new construction or homes in need of renovation
Down Payment
None Required
Closing Costs
None – Lender pays
Term & Interest Rate
Below-Market Fixed Rates
For low-to-moderate income people and communities:
15-year term: 5.125% APR30-year term: 5.875% APR
For higher income people:
15-year term: 6.125% APR30-year term: 6.875% APR
(APR subject to change and may not be available at lock-in or commitment)
Buy Down
Funds to Permanently Reduce Interest Rate
One-and-a-half percent of mortgage amount reduces the interest rate by one quarter of a percent (.25%) for 30 year mortgages and one percent reduces by one quarter of a percent (.25%) for 15 year mortgages. This is a tremendous added benefit.
Application Fee
None
Points and Fees
None
Credit History
Perfect Credit Not Required
Member’s personal payment history evaluated without consideration of his/her credit score.
Private Mortgage Insurance (PMI)
None – As a NACA Member you do not pay private mortgage insurance (PMI) which only protects the lender. You have access to NACA’s comprehensive post-purchase program through the Membership Assistance Program (MAP), free of charge for as long as you have your NACA mortgage.
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