What is the NACA housing program?

Neighborhood Assistance Housing Program, or NACA, is a nonprofit organization created to help those looking to buy a home, but don't qualify for traditional loans, according to NACA. The organization works with borrowers to assist in modifying a previous mortgage with more affordable monthly payments.

NACA focuses primarily on advocacy for those homeowners who are unable to buy a home due to poor credit or caught up in a loan process making it difficult to pay the monthly mortgage fee.

Those who want to take advantage of their services must be members, states NACA. Workshops are available to potential members to familiarize those interested in the services offered.

Those interested can attend an informational workshop. If interested in joining, several requirements must be met before taking advantage of NACA services.

• Membership in good standing. Members must pay a yearly membership fee. All members of a household must sign the Membership Agreement and Authorization form.
• Once a home is purchased using NACA assistance, a monthly Neighborhood Stabilization Fund Fee is calculated on the amount of the mortgage.
• Household members cannot own any other property outside of the NACA assisted home purchased.
• Members must live in the home as long as they have the mortgage through NACA.
• Participation in the organization is required by volunteering in the office, participate in peer counseling and assist new members in the buying process.

Members of NACA who qualify may have the opportunity to purchase a home with no down payment, no closing costs or fees and obtain a below-market interest rate.