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NACA

Program Overview

NACA is a 15 or 30 year fixed purchase program designed to assist low to moderate income families in the Greater KC Metropolitan area. Program offers 100% financing with no closing costs, is not credit score driven, and provides comprehensive mortgage, credit and budget counseling. Borrower may finance 1-4 unit, condo, coop, mixed use, new construction and manufactured homes. No down payment with no PMI but a $50 monthly fee to Neighborhood Stabilization Fund. The NSF membership fee of $50.00 per month for a 5 to ten year term is required but allows the borrower borrow up to 3 monthly payments per year if they feel they may fall behind. Borrower must also attend counseling at local NACA office. Website: www.naca.com Target area is a 60 Mile radius of the Greater Kansas City Metropolitan Area. The application fee is $ 20 & $10/cred report.

Who is eligible for this program?

Everyone, there are no income restrictions. NACA focuses on low to moderate income families. Borrower must attend a NACA homebuyer workshop. Borrower may not own any other property at closing. Borrower requested to also participate in 5 actions per year that support NACA's mission. Maximum % of Sales Price: 100% Is this program for first time buyers only? No

Property Eligibility Requirements

Target area is a 60 mile radius of the Greater Kansas City Metropolitan Area. The sales price cannot exceed $ 204,250 for a single family residence . Allowable property types: Single Family Residence is allowed 100% financing up to $204,250. Two Family Unit is allowed up to $256,248. Three family is allowed $309,744. Four family is allowed $384,936 on 100% financing.

Benefit Details

This program offers a no down payment loan for eligible families within the sales price guidelines. No private mortgage insurance is required on any of the loans however there is a $50 monthly fee to the Neighborhood Stabilization Fund. There is an option to buy-down the interest rate if borrower wishes to do so. There are no closing costs but the borrower must pay their own escrow reserves and inspection fees. The borrower must pay the $50 monthly fee with NACA for 5-10 years depending on the loan amount. Benefit: 100% financing (No Down Payment) No Closing Costs, Not Credit Score Driven. Comprehensive mortgage, credit and budget couseling. Below market interest rate, interest rate buydown feature available. Loan Term: 30 or 15 years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Please visit website at www.naca.com to sign up for a home ownership class in your area and initiate process.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.