NACA Making a Big Splash!

For those of you who are not yet familiar with NACA… get familiar. It stands for Neighborhood Assistance Corporation of America NACA’s  Home Save Program is nationally recognized as the most effective solution for homeowners with an unaffordable mortgage providing these solutions nationwide as the largest such organization. The NACA solution is to restructure the existing mortgage by permanently reducing the interest rate to achieve an affordable mortgage payment. A mortgage restructure is not a refinance that requires eligibility for a new loan (i.e. high credit scores, high property values, etc). Since a restructure reduces either or both the interest rate and/or mortgage principal on the existing first mortgage, there are no mortgage criteria eligibility restrictions. If the homeowner is unemployed NACA provides a forbearance with a minimum payment until that have steady income to have their mortgage restructured. The only homeowners not eligible are investors who own other properties. NACA’S Save the Dream events are amazing with thousands of people having their mortgage payment permanently reduced by over $500 and many by over a $1,000 a month often with interest rates reduced by 3% or 2% and sometimes a principal reduction. They have legally binding contracts with all of the major lender/servicers, including Fannie Mae and Freddie Mac to make mortgages affordable. Many people actually receive a permanent restructure the same day! The best part is that all NACA services are FREE.

       In addition to their Home Save program they offer a PURCHASE PROGRAM
NACA provides the best home purchase program in America right now. NACA provides free personalized and comprehensive counseling to all Members to address your particular credit and financial issues and help determine a mortgage payment you can afford. NACA’s counseling and underwriting criteria are “character-based” and not based on credit scores and ratios. This enables them to fulfill their mission of assisting working people who otherwise do not have access to affordable credit. Consequently, the vast majority of NACA Members are low- to moderate-income many of whom have neither perfect credit nor substantial savings.

        The NACA mortgage is unique in that everyone receives the same incredible terms which makes homeownership affordable and you do not need perfect credit.

• No downpayment,
• No closing costs,
• No fees,
• Fixed 30 year below market rate at 4.125% (as of 7/15/2011).

        NACA has established an extremely effective process for you to work through the process. They have established a personalized web-page called a Web-File for each member in their program. Your Web-File is specific to your specific circumstances that provides updated information as well as your status as you work towards purchasing your home. It provides you with updated information including your Task List which identifies your what additional documents and items necessary, ability to make an appointment with your mortgage consultant, conditions necessary to get your bank application approved, and much more.  
       My broker/wife has referred over a dozen people to NACA just in the last two months alone and they love her for it! People have everything to gain and nothing to lose. If you know someone that could use a mortgage restructure or buying a home you would be doing them a huge favor by telling the about NACA.