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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.
What credit score is needed for NACA?
No Member of the household can have an ownership interest in any other property The NACA Mortgage is not limited to first-time homebuyers. You may access the NACA Mortgage as long as you do not have an ownership interest in another property at the time of purchase.
Does NACA have income restrictions?
59 Minutes Left To Complete This Form. NACA does not believe in poor areas for poor people or exclusively wealthy areas, so there are no income limits for getting a NACA mortgage, and you can purchase a one- to four-family home, condo or a coop.
What disqualifies you from NACA?
NACA is the hardest loan to get by far. As mentioned by others, 1 year is the average pre-approval time which I have also seen. There are down payment assistance programs that you can get pre-approved for in a week which are just as good.
What is the 5 year rule for NACA?
NACA allows Members to purchase a home twice through the Purchase Program as long as there is a minimum period of five years between.
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This Workbookis intended for student participants during the AISO assessment and planning sessions, and to be used in tandem with the Guide for Students.
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