Sunday, April 26, 2009

Is NACA Right For You?

NACA, or the Neighborhood Assistance Corporation of America, is a non-profit community activist organization dedicated to helping people buy and keep their homes. Everyone who participates gets the same loan which includes:

no down payment;
no closing costs;
no fees;
no requirement for perfect credit; and
a below-market interest rate.

This is a terrific deal, but it comes with some very long strings.

First, be aware that the approval process can take many months. So if you need to purchase your home now, this may not be the program for you. Second, in order to get the loan, you must attend a workshop as well as meet with a NACA counselor.

But perhaps the most important condition to consider is that you are not just getting a loan from NACA, you are becoming a member of their organization. And as such, you must agree to do volunteer work for them. They take this participation very seriously, so if you are not prepared to make the commitment, you may not wish to consider this loan.

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