These members may be part of either NACA's Home Purchase Program, which helps potential homeowners with affordable loans to buy a home, or NACA's Home Save Program. Neighborhood Assistance Corporation of America. Program for anyone looking to purchase a home. The process of buying my first home. Thanks to NACA.
(David Ryder/Bloomberg) Jill Chodorov, an associate broker with Long & Foster, writes an occasional column about local market trends and housing issues. Low- and moderate-income aspiring homebuyers who have been shut out of the market because of stricter lending requirements may have better luck achieving the American dream through a new 15-year mortgage with no down payment, no closing costs and no credit score check. The loan also allows borrowers to buy down the interest rate — from their own savings, from funds provided by the seller at settlement, from government sources or gift money — lowering their monthly payment to an amount equivalent to a loan amortized over 30 years. The Wealth Building Home Loan, introduced a few weeks ago, is funded by Bank of America and Citi Mortgage and administered by the Neighborhood Assistance Corp. Of America (NACA), a nonprofit, HUD-certified housing agency. In providing subsidies to the program, the banks benefit by fulfilling their obligations under the 1977 Community Reinvestment Act.
Roxio 10 Emc Suite 10 Latest Update. Bank of America and Citi have so far put a total of $13 billion into the program to offer discounted mortgage rates. Getting approval, though, is far from a cake walk. The application process is designed to be rigorous, so some may find it daunting and time consuming.
The application process requires full documentation of income, assets and debt. Borrowers’ income must support their desired monthly housing payment — including principal, interest, taxes, insurance and any homeowner association fees — plus their existing debt. Borrowers must provide a budget and bank statements for the past three to six months, a payment history and cash flow for the past 12 to 24 months, and they must demonstrate income stability. Cindy Moses, an agent with Keller Williams Flagship of Maryland in Millersville, said she was a listing agent on another NACA loan program in the fall.
“Despite performance dates in the contract for home inspection, appraisal, etc., NACA completely disregarded these deadlines. I won’t recommend to my seller clients that they accept NACA financing in an offer from a buyer,” she said. Cameron Shosh, an agent with Century 21 Redwood Realty in Washington, agreed that NACA’s process has problems. Still, Shosh said, if you can work through it “and educate your client on their responsibilities as part of the transaction, including staying on top of the NACA rep and their time frames, you cannot get a better deal for a buyer client. No closing costs out of pocket, below-market interest rate for a 100 percent financed fixed-rate loan is nothing to laugh it, especially if your client is cash-poor.” For their part, NACA officials say the qualification process is tailored to individual borrowers and they anticipate most NACA-approved applicants actually end up getting the loan from a participating bank. “I don’t want homebuyers to be discouraged to go through this process,” Bruce Marks, CEO of NACA, said about the criticism made by some real estate agents. “This is something that can really help them.” Marks said sometimes the delays come from the bank underwriters asking for additional information.
“The underwriting of our loans is flexible and character-based. We do not review an applicant’s credit score, but rather we look at their individual circumstances,” Marks said. “This allows NACA to consider only the debts that the borrower controls,” Marks added. Evitare Pagamento Vignetta Slovena.