The Neighborhood Assistance Corporation of America (NACA) is a nonprofit agency that helps lower-income Americans buy their first home. However, there's a lot more to receiving help from NACA than just receiving a check from the organization. This nonprofit group requires their members to undergo extensive counseling with a mortgage consultant before actually buying a house.
Before the first meeting with a NACA mortgage consultant, it's recommended that members gather up all relevant financial information that will make it easier for the consultant to determine exactly how much money a member can afford to spend on a home. This information includes pay stubs, monthly budgets and bank statements. With this data in hand, the mortgage consultant uses the NACA-Lynx system to determine the criteria that a member needs to meet in order to qualify for a home loan. Another thing that a mortgage consultant does is to prepare a member for the financial obligations that come with home ownership. Members are taught to budget appropriately in anticipation of future mortgage payments. The consultant will also inform the member about all the fees that are associated with owning a home, including homeowners' insurance.
At the point that a mortgage consultant certifies a member as NACA Qualified, he or she can then begin to look for a house to buy. NACA has its own buyer's agents whom members can use in order to find a home to buy. Members continue to receive valuable advice even after finding a home they'd like to buy. NACA buyer's agents, or any other NACA-approved agents for that matter, help members with the ins and outs of the purchase and sales contract. Next, members are obligated to use only NACA-approved home inspectors; NACA does this to keep the costs down. NACA will even defer mortgage payments if renovations on a home are particularly extensive.