![]() The NACA process requires that borrowers provide a budget for the past three to six months, a debt payment and cash flow history and borrowers must show income stability. Program participants must adhere to the NACA mortgage application and home purchase process which can be more time consuming and information-intensive than the standard mortgage process. Examples of volunteer activities include demonstrations, preparing mailers or other housing advocacy eventsĪ mortgage program with below-market mortgage rates, no down payment requirement and no closing costs may sound too good to be true so it is important to highlight the program’s unique qualification requirements.Borrowers are required to volunteer at five housing advocacy events per year.Finally, you are required to hold savings in reserve at closing, the amount of which varies depending on your monthly payment and property type, which we outline below. You also need to come up with the funds for an earnest money deposit to secure the property you want to buy, although this deposit is typically returned to you at closing. Most applicants are also required to pay for a property inspection report, a one-time membership fee to join NACA as well as a credit report fee. In short, the NACA mortgage program enables eligible borrowers to purchase a home with no down payment, no closing costs or fees and no private mortgage insurance (PMI) using a fixed rate mortgage with an at or below market interest rate.Īlthough you are not required to pay standard mortgage closing costs such as lender, appraiser, title and settlement fees, you are required to prepay a year of property tax and homeowners insurance when your loan closes. NACA offers a home purchase mortgage program designed to make home ownership more attainable for more people, especially people with limited funds and challenging credit profiles. The Neighborhood Assistance Corporation of America (NACA) is a non-profit, community advocacy and homeownership organization. ![]() When you are ready we are here to connect you with a local Realtor that knows the DMV real estate market.The lenders whose rates and other terms appear on this chart are ICBs advertising partners they provide their rate information to our data partner RateUpdatecom Unless adjusted by the consumer advertisers are sorted by APR lowest to highest For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart Advertising partners may not pay to improve the frequency priority or prominence of their display The interest rates annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums The actual payment obligation will be greater if taxes and insurance are included Although our data partner RateUpdatecom collects the information from the financial institutions themselves the accuracy of the data cannot be guaranteed Rates may change without notice and can change intraday Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders Please verify the rates and offers before applying for a loan with the financial institution themselves No rate is binding until locked by a lender If you are just casually searching for a house in the DMV, please continue to use our DMV home search, and know when you are ready we are here to answer any questions you may have. We have connections with experienced DMV real estate agents, that can provide you with a free home evaluation that gives you an idea of what your property is worth in today's market, as well as updated market stats that detail recently sold homes both in the DMV and in other nearby comparable areas. Nobody knows the DMV real estate market better than our referral partners, which makes the experts at the Fine Living Group the perfect fit if you're looking to buy or sell a house in Washington, DC, Maryland, and Virginia. Washington DC, Maryland and Northern Virginia Real Estate Agents & Experts Call our office now at (301) 651-4900 to schedule a showing or discuss what your home is worth on today's market. ![]() ![]() Are you planning to buy or sell a home in Washington DC, Maryland, or Northern Virginia? Contact The Fine Living Group, DMV's Real Estate local home and condo experts, for help navigating the current market conditions.
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