NACA as a lending option

16 Replies

Hi all. I live in Miami and considering using as my mortgage company. Was wondering if others here have ever used naca as a mortgage option. I attended one of there meetups and it sounds almost too good to be true. they offer 100% financing up to 4 units, no closing costs, a great buydown program and no points. Can anyone offer some insight?

@Jimmy Rivera I have not used them but I few years ago I too went to their meetup. They’re legit, one downside about them is you must occupy the property as long as you have the mortgage through them. So I don’t know if you plan on living in your rental but if not I’d suggest you consider other options.

The economic justice thing kinda spooks me, but the are a non-profit trying to make a difference.

You can only own one property and you must live there and stay there as long as the NACA holds the mortgage. Priority members (income under the median) are in line first with non-priority members all withing the MSA which I believe means member service area?

Worth looking into but I would really look at the fine print. The MSA seems to be low to middle income areas. Best to attend one of their webinars to see what info can be gleaned.

Hmmm. Ok. That is not how I read it but I could be wrong. If you are a Priority Member, it appears you can buy anywhere which is how you said lower income can buy in better areas. But if you are considered Non-Priority, there are restrictions on where you can buy.

I did find this in the forums posted by a NACA person

To find out if a home is in the Target Area for non-priority members:
Go to this web site:

Get the Tract Code for your State and County by searching here (State/County/Tract List):

  2. In that table, look in this column for that particular Tract Code: “Tract Median Family Income %”.

If that number is less than 100.00, then that address is available to

you; if the number is 100.00 or greater, that property is NOT available to you.

woah.. def checking this out later tonight.

Updated over 2 years ago

I found someone in my real-estate circle that closed with NACA - they said there was a small overage of closing by 5 days but the process wasn't that bad. Seems like the best deal in the nation right now.

Updated over 2 years ago

I would proceed with caution NACA has extremely bad reviews in terms of customer service.... you'll def need some carefully written clauses to allow for contract extensions.

hi ahsley.  i didnt use  the miami market is overpriced so i chose to buy in chicago.  i bought at auction a sfr for 25k.  im working on it now and expect to spend 25 in rehab.  arv is approximately 130k.  naca is a good option if you have little reserves.  i chose to use my own cash for this first one.  i expect to refi and do it all again.

@Jimmy Rivera How goes it with the unit? If you don't mind sharing, would really like to get some ideas about your experience. Where were you able to get the property? Have you found out about the process of refi out of NACA? I think I can put up with the process with NACA since I have some time til next year to purchase my first property. Hoping to also get a multi unit. But I know I won't be living in it forever so I kinda want to get more insight about refinancing out of NACA and what will they require and how's the process gonna be. As an aspiring investor, I wouldn't want to be limited to just one or two units as my rentals. Definitely want to diversify. Thanks for any input you may share.

i have not used naca.  i opted to buy a sfr at auction.  i got a great deal in chicago.  i finished the rehab and it cost me 30k.  all in for 53k.  the property is now worth 130k.  im using the brrrr method and will cash out soon.