Almost looks like a racial slur but I assure you it isn’t. It is an acronym that represents the name of an organization that can change your life.
Neighborhood Assistance Corporation of America
What is that, well it just happens to be the best thing since sliced bead.
NACA is a community organization that through anti predatory lending litigation has developed a relationship with banks where they can offer 30 year fixed mortgages that are almost too good to be true.
They offer 1 type of mortgage a 30 year fixed @ 1% below the prime rate. So if you mosey down the internet to their website www.naca.com you will see that their current rate is 5.125% for a 30 year fixed loan at 100% financing. Oh and before I forget their product also has.
- 100% financing
- NO PMI
- NO Closing Costs
- $50/month mortgage insurance
- NO credit check
Almost to good to be true, Yea I know, there are a few small catches.
- You have to volunteer for the organization 5x a year
- You have to live in the house.
- You can’t own another house and get the loan.
- The maximum value of the house you buy is $362,720
Whoa, yea that’s not much to buy a house in LA. I can’t live in Brentwood, Wilshire, Pasadena, or Malibu for that type of money!!!
Yea but you can live in El Sereno, Highland Park, Van Nuys, Pacoima, and Riverside for that type of money and honestly I’m fine with that.
