The Neighborhood Assistance Corporation of America’s (NACA) mission is to set a new national standard on providing loans to low and moderate income people and those who are considered to be subprime borrowers. The NACA standard is to provide Prime Loans with the best mortgage services in the country to borrowers who the lending establishment has determined must pay exorbitant interest rates and outrageous fees for the opportunity to own a home.
The NACA program focuses on families who could not access conventional financing, and borrowers that are considered B or C and sometimes D credit. These ratings refer to borrowers who have had charge-offs, collections, judgments, and/or bankruptcies. In addition, NACA borrowers do not have substantial savings and have encountered personal setbacks that require tremendous efforts to overcome.
NACA’s comprehensive approach to its borrowers has made this program an incredible success. Borrowers who would have never been able to obtain an affordable mortgage get the tools and assistance they need for home ownership, and to meet their financial responsibilities for the duration of the mortgage.
The NACA housing services program addresses every aspect of home ownership. This starts with identification of, and outreach to, potential home buyers. NACA has an in-depth understanding of the realities of working people and what it takes for them to become home owners. NACA works with low and moderate income buyers for as long as it takes to qualify for home ownership. NACA then identifies the land mines to home ownership and helps to navigate the minefield of the mortgage process. NACA also provides an ongoing comprehensive post-ownership program. The post-ownership program provides education, individual counseling, and financial assistance to home owners that encounter difficulties making mortgage payments or maintaining their home.
This is a program that I heard about while I was in Atlanta. It sounded pretty good to me. They basically walk you through the process on buying a home. A friend of mine who went through this program told me that the only thing he would advise when going through the program is to get everything in writing (just like anything else).