The NACA Way
A couple of days ago Brandon Thomas wrote about using this Non-for profit Org NACA. I did some research and it appears to be , in the words of the Immortal Mc Hammer, "to legit to quit".
I, however have one question, How will they accept an investor using the program?. I am going to get started and will find out , but has anyone used this method of financing around the country, and is the purchase required to be your primary residence? :-o
From their site
NACA’s reinvention of mortgage lending has created unprecedented opportunities for lenders, communities and working people. The mortgage is better than affordable, with no down payment, no closing costs, no application fees, and a below market interest rate.
Sound like a good place to send buyers too :-D
[addsig]
Does anyone know if this also works for a re-fi?
Wow someone finally realizes what a great program it is. Well I just closed on my four unit building. My mortgage is combined with the rehap (like a 203k loan) and my interest for a 30 year fixed rate is 4.9%.
I can tell you anything you need to know about the program. Just ask.
first of all the catch to the program is that you cannot own any proberty when u become naca qualified. u can own as much as u want when u close on the deal. u can sell ur proberty right before u become naca qualified. I can sell my home whenever I want too but it must be owner occupied.