No. The NACA Mortgage product cannot be used to purchase second homes. The NACA program is designed to help low-to-moderate income families and people purchase in low-to-moderate income areas become homeowners. No member of the household can have an ownership interest in any other property.
Naca Home Buying Program
No. Property or other real estate investors are not eligible for the NACA Purchase Program. The NACA program is designed to help low-to-moderate income families and people purchase in low-to-moderate income areas to become homeowners. No member of the household can have an ownership interest in any other property.
You must attend a Homebuyer Workshop. This is a free educational forum which is open to everyone prior to determining your status as a NACA Member or Non-Member. There are a number of workshops each month. The Homebuyer Workshop will provide you with an overview of the home buying process, real estate issues, and mortgage options including HUD mortgage programs and the NACA Mortgage. You will receive important information about becoming mortgage ready and NACA Qualified. Upon completion of the Homebuyer Workshop you should access your NACA Web-file to schedule an appointment with a NACA Housing Counselor. To make an appointment follow the steps described in your Web-file: submit required documents, complete information, sign Membership and Authorization, and pay your Membership Fee and credit report. If you are unable to complete this, contact the local NACA office or Member Services for assistance.
Since you have identified your property, time is of the essence to submit your bank application in order to close by the deadline agreed to in your Purchase and Sale contract. It is now crucial to meet with your Mortgage Consultant to be approved for NACA Credit Access which requires verification that you are still NACA Qualified. Approval of NACA Credit Access will allow your licensed Housing Counselor to complete your NACA Mortgage application and submit it to a participating lender. NACA has full discretion in approving NACA Credit Access which you can apply for at any time during the home buying process with the approval based on meeting the requirements listed below. If you are denied, NACA will provide you with the reason for the denial.
This is the first step to getting a NACA mortgage. The workshop not only provides information about homeownership, but also explains how the NACA program works in detail. Workshops are held multiple times throughout the month in different cities.
Similarly, many programs make the dream of homeownership financially easier for first-time homebuyers. Along with down payment and closing cost assistance programs, several mortgage programs allow low down payments.
The Chenoa fund provides down payment assistance to first-time homebuyers with low-to-moderate incomes. You can use the fund with both conventional and FHA loans. This program provides different solutions, such as a 10-year down payment loan, and a down payment second mortgage forgivable after 36 months.
NACA stands for the Neighborhood Assistance Corporation of America. Buying a home is the largest financial decision people make in their lives. NACA helps people get over some of the hurdles that have traditionally kept people from buying homes.
About NACA (www.NACA.com):
The Neighborhood Assistance Corporation of America (NACA) is a non-profit organization dedicated to economic justice through home ownership and community action. Founded by economic advocate Bruce Marks over thirty years ago, NACA is the largest HUD certified counseling agency with more than two million members nationwide. Through programs such as the Best in America Mortgage and HomeSave, NACA has helped thousands of consumers modify an unaffordable existing home loan or secure a mortgage to purchase a new home. With 50 offices nationwide, NACA pledges a character-based, no fee, no down payment and no closing fee home loan. NACA's proven process allows low to modest income consumers to realize the American dream of homeownership. Bank of America and CitiMortgage have committed $13 billion to NACA pre-approved mortgage loans. www.NACA.com. #AchieveTheDreamNACA
Signing up below is the first step in the Purchase program for first time home buyers. Input the information below to receive your NACA ID in your email inbox with which you can log in. You must first attend a NACA Homebuyer Workshop before you can sign up.
The Georgia Dream program was created to make homeownership possible for eligible low and moderate income Georgians by providing affordable financing options, down payment assistance, and homebuyer education.
An eligible applicant is a first time home buyer, or a home buyer who has not owned a home in the past 3 years, or a home buyer who purchases a home in a targeted area (See What is a targeted area?). Applicant must have a minimum middle credit score of 640, must meet income and purchase price limits and must have limited liquid assets. Refer to the brochure or contact a participating lender at for current program guidelines.
If you can demonstrate that the home was rented or used by someone else, and that you lived in another residence, then you may qualify for the Georgia Dream program. However, you cannot own other real estate when you close your Georgia Dream loan. The previous home would have to be sold, or your name would have to be removed from the title.
Online and individual pre-purchase housing counseling assistance is available through the "Ready, Set, Go" program to assist home buyers who are not eligible for Georgia Dream (if the middle credit score is below 640). After an interactive online course a home buyer will receive personalized housing counseling from a participating "Ready, Set, Go" Housing Counseling Agency at The cost for "Ready, Set, Go" is $50.
Two ratios are used to qualify applicants for a mortgage loan. The housing ratio is the percentage of your potential new monthly mortgage payment, including monthly cost estimates for property tax and homeowners insurance as compared to your gross monthly income. The total debt ratio includes your prospective new monthly mortgage payment plus your existing debt payments compared to your gross monthly income. Your lender can calculate these for you and discuss if your ratios meet the Georgia Dream program ratio requirements.
Yes. The down payment assistance is a 0% interest loan with no monthly payment. A second mortgage lien is placed on your property. It is due when you sell, refinance or no longer occupy the home as your primary residence. When funds are paid back we use the money to help the next generation of applicants start the process. The Georgia Department of Community Affairs may offer other down payment assistance programs that could have different requirements regarding repayment of the down payment assistance. Information regarding other programs will be on the Georgia Dream website.
As a participant in the Housing Choice Voucher program receiving rental assistance, you can use your voucher to buy a home and receive monthly assistance in meeting homeownership expenses.
You must meet income, other eligibility requirements and must be able to obtain a mortgage from a lender.
The PHA (Public Housing Authority) uses its normal voucher program payment standard schedule to determine the amount of subsidy for the homeownership program. The PHA may make the HAP payment directly to the family or to the lender.
Eligibility for families to apply for homeownership voucher
Families must meet these requirements:
The Section 8 Homeownership Program is funded by the U.S. Department of Housing and Urban Development (HUD). Participants in the New Jersey Department of Community Affairs' (DCA) Section 8 Housing Choice Voucher Program are eligible for this program and could become homeowners provided they meet all Section 8 Homeownership Program eligibility requirements.
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