- NACA® Northern Plains - Montana, Wyoming, Wisconsin, the Upper Peninsula of Michigan, Nebraska, Iowa, Minnesota, North Dakota, South Dakota, and the Canadian Provinces of Alberta, Saskatchewan, Manitoba, and western Ontario.
- NACA® Mid America - Michigan, Indiana, Ohio, West Virginia, Kentucky, and Illinois.
Is NACA in every state?
No, anyone who successfully completes the steps to become NACA-qualified can get a NACA mortgage. While homebuyers are encouraged to go to NACA events in the community where they intend to purchase, you may attend a homebuyer workshop in any state.
Can you buy a house anywhere with NACA?
Priority Members can purchase their home anywhere. Non-Priority Members: Homebuyers with income equal to or greater than the median income for an MSA must purchase in a US Census Tract where the median income is less than 100% of the median income for that MSA (“Priority Area”).
What is the catch with NACA?
Potential NACA Program downsides include a longer and more rigorous mortgage process, a financial reserve requirement, property price limits and property location limits.
How long do I have to live in my NACA house?
Current NACA homeowners must have lived in their home for at least three years and have been active participants in the NACA program to be eligible to purchase through the program again.
Is it hard to get a house through NACA?
A NACA mortgage requires no down payment or closing costs. And borrower requirements — like credit score and income thresholds — are very lenient. This nonprofit group has helped thousands of families secure affordable housing, so it might be able to help you too.Aug 2, 2021
Is there an income limit with NACA?
What is the income limit for NACA? The NACA mortgage program doesn't have income limits. However, your income does determine where you're able to buy a property. If your income is below the median income for the area, you can purchase a home anywhere in the area.Aug 2, 2021
How does NACA calculate income?
To determine gross monthly income from salary, individuals can divide their salary by 12 for the months in the year. Gross income per month = Annual salary / 12. Gross income per month = Hourly pay x (Hours per week x 52) / 12.
Does NACA approve everyone?
NACA is open to everyone regardless of their income or where they want to live as long as they adhere to our eligibility requirements, policies, and procedures. Every person in your household that intends to be on the mortgage must participate in this process and must complete the NACA Qualification process.
How much will NACA approve me for?
You can be approved for a monthly payment (including taxes, insurance and HOA) of up to 31% of your gross monthly income. However, this 31% combined with your minimum monthly payment obligations can't be more than 40% of your gross monthly income.
Does NACA work in California?
The Neighborhood Assistance Corporation of America (NACA), a national non-profit housing service and advocacy group today announced their expansion into California. NACA is opening offices this week in Oakland, Los Angeles and Sacramento.