NACA

[Hassan Muhammad]

Does anyone know what NACA is? I may be spelling it wrong!

[Jay Hinrichs]

@Hassan Muhammad  @Charlie Fitzgerald NACA Is a non profit organization that helps folks buy homes.. I have closed two of my OREO selling to Naca financed buyers.

Naca allows the seller to buy down interest rate all the way to 1/2%... buyers must go to class and learn to manage money etc. they have a website just google it..

they were and are predominatly geared towards minority borrowers and very anti predatory lending.. to the point that they had on their website the CEO of many predatory lending companies home address and pictures of their Conneticut mansions it was pretty funny really.. very disjointed though and pretty tough to get a deal through.. they have certain loan limits and income limits.. not everyone can use them if you make too much money.

the one I distinctly remember selling in Jackson MS  the buyer put no money down paid 110K I contributed about 15k to buy down the rate they got 1% and the lender is B of A in this case .. CRA helps here.   It was one of those wet closings I just happened to be in Jackson at the time and went to the closing ( rare event for me) and the buyer was there I remember looking at his papers upside down and his payment was about 135k a month and his insurance ( no doubt from bad credit was 250 a month LOL)

that's NACA they are for real but can be difficult to work with I finally gave up after the few we did.. just too much trouble.. the other issue is 3/4 of the potential clients they have blow out of the program before they get their voucher IE they can't keep their credit good or do some other thing.. they must also go to weekly meetings and have to volunteer after closing to help with the program.. and there are restrictions on resale as well.

But I put this guy in a great home I rehabbed for 135 a month no money out of pocket.