The NACA Purchase Mortgage Program enables borrowers to purchase a home with no down payment and closing costs. The NACA Program is designed to make home ownership more attainable for more people, especially people with limited funds and challenging credit profiles. The program is offered by the Neighborhood Assistance Corporation of America (NACA), a non-profit community home ownership advocacy organization. NACA is not a lender but works with participating lenders to offer the program to home buyers. You can learn more about the program, including how to apply, by visiting the NACA web site.
Key benefits of the NACA Mortgage Program include no required down payment, no closing costs, a low mortgage rate and non-traditional borrower qualification requirements. Potential NACA Program downsides include a longer and more rigorous mortgage process, property price limits and property location limits.
Borrowers should understand both the positives and negatives of a NACA mortgage to determine if it is the right program for them. We review the full list of the pros and cons for the NACA Mortgage Program below.