Naca mortgage and lenders

[Guyvens Armand]

Hey I just found out about NACA and wanted to know if anybody had any experience with that type of mortgage loan.

[Jonathan Taylor]

@Guyvens Armand NACA follows FHA guidelines so you still have to check the DTI and income boxes for the loan. You have to live there to close and you can only have one NACA mortgage. Bonuses for the program are you can finance rehab funds into the loan which gives you a better long term rate. You do not need to put any money down at closing and they cover some closing costs. Its a tough program though. Lots of head aches and inefficient processes. You have to be dedicated and determined to close to get through the program. Its not quick either, I was in the program for 2.5 years. Thats from initial meet to closing out the rehab. My advice is sign up for the home buyers workshop, sit through four hours of basic math and get assigned a mortgage counselor. Then reach back out to me as I can help.

The program is specifically designed to deter investors so keep that in mind when going through. Numbers for the program depend on the property you acquire so its too vague for me to answer accurately.