what is a naca mortgage?
NACA’s main purpose is to provide affordable homeownership. They try to provide this to low-to-moderate-income people and communities. Access to NACA’s Best in America Mortgage is limited to low-to-moderate income people, which are called “Priority Members”. Also, specific focus is given to people purchasing in low-to-moderate income communities called “Priority Areas”.
NACA’s eligibility is based on the median family income for a Metropolitan Statistical Area, also referred to as an “MSA”. The way NACA works is interesting, in that you may be a “Priority Member” in one area, while not in another area. It is always best to check with the local NACA office to determine eligibility.
WHAT IS THE MAXIMUM PURCHASE PRICE FOR NACA?
In most areas, the current limits today are $484,350 for a single family home. In addition, it would be $726,525 in high cost areas for multi-family properties
WHAT HOMES QUALIFY FOR NACA?
The focus for NACA is on low-to-moderate income homebuyers. These people are referred to as “Priority Members”. Focus is also put on low-to-moderate income areas called “Priority Areas”. Therefore, everyone is eligible adhering to the following: Priority Members: Homebuyer’s whose income is less than 100% of the median income for the Metropolitan Statistical Area (also known as “MSA”).
IS THERE AN INCOME LIMIT FOR NACA?
Regardless of their income, NACA is open to everyone. Also, NACA is open to where they want to live as long as they adhere to the NACA eligibility requirements, policies, and procedures.
HOW LONG DOES NACA PROCESS TAKE?
It is very possible to be NACA qualified (pre approved for the NACA mortgage) in approximately three months. It should not take more than six months to get approved unless there is a major problem occurring like a foreclosure, bankruptcy, or charge-off within the past 2 years. If there is a lien that needs to be paid off and dealt with, that may add on some extra time.
CAN I BUY A MULTIFAMILY HOME WITH NACA?
It is definitely possible for you to purchase a multifamily home with a NACA mortgage. However, in order to qualify the multifamily dwelling would have to be up to code.
a naca mortgage – how much do you qualify for?
Check out the NACA mortgage calculator here!