Our office spoke with NACA.com this week to learn more about its operations and the “no point, no cost” loans it offers. What we learned is that this isn’t going to be the loan for everyone. While it does sound legitimate, and it is run by people who have worked in the affordable housing arena in Washington DC for a long time, there is an approximately 6-month process to getting a loan with NACA.
You’ll need to go through a thorough budget counseling program and a housing counseling program and when the organization feels you’re ready to take on the responsibilities of the loan, they’ll close on it.
NACA claims to have just about a 2 percent default rate because of the way their program works, which is lower than FHA and the conventional lenders at the moment. I don’t have any way to fact check their numbers, but we did get a lot of information confirmed. For more information, go to www.naca.com.
Jan. 25, 2009