NACA

The Neighborhood Assistance Corporation of America (NACA) is a nonprofit organization that provides loans to low- and moderate-income people, as well as "sub-prime" borrowers. NACA has commitments from banks and lenders totaling $3.8 billion, allowing it to offer mortgage loans with no down payment to borrowers at below-market interest rates. In addition, participants have the option to lower their interest rate by placing a larger down payment. Specifically, for every $1,000 a participant pays over the required down payment amount of around $3,000, the interest rate is lowered by 0.25%.

Borrowers are required to participate in NACA-sponsored affordable housing political actions. They must also contribute to a self-insurance fund used to pay the mortgage for a set number of months for those NACA homeowners who, for specific reasons (such as loss of job), are unable to pay their mortgage. Through the NACA program, you can finance multifamily residential buildings (up to four units) as well as mixed-use buildings (i.e. store front properties.)

Anyone can participate in NACA’s program. Individuals with poor credit will be required to go through a NACA-sponsored debt management and credit repair program before purchasing.

Contact the local NACA office at 773-723-6222.