Â It is a 100% loan with no point and no fees.Â Here are just few things I have read and heard about the program.
Â â€¢1) Â Â Requires a 45 day loan contingency
Â â€¢2) Â Â They require the borrower to sign up as a member where is there a monthly fee:Â
Â Once you purchase your home, you will need to pay the Membership Fee, which includes the Neighborhood Stabilization Fund Fee,of $50 a month for a period of between five and ten years, depending on the amount of the mortgage. The Membership fee entitles you to not only NACA's comprehensive counseling to assist you throughout the home buying and mortgage process, but also to NACA's membership assistance for NACA homeowners ......https://www.naca.com/members/eligibilityIntro.jsp?language=null Â
Â â€¢3) Â Â Member have to participate in various "community" activies:Â
Â ParticipationÂ Advocate for Economic Justice. NACA's success has been the result of the active participation of NACA Members and supporters. As a NACA Member, you need to begin to fulfill your Membership commitment of participating in at least five actions and activities a year in support of NACA's mission. There are numerous activities to take part in, including participating in demonstrations, volunteering in the NACA office, serving on a peer lending committee, and assisting new Members with the home buying process. Contact your local office or NACA's national office at 1-888-297-5568 to discuss how you want to fulfill your commitment.Â Â https://www.naca.com/members/purchaseStep.jsp Â Step 5Â Â Â https://www.naca.com/members/eligibilityIntro.jsp?language=null
Â â€¢4) Â Â Section 1 repairs need to be completed or funds in escrow at close to do the repairs based on quotes for the repairs (FHA does not require this unless appraisal finds something with respect to Security/Soundness/Safety)
Â â€¢5) Â Â Max sales price that I saw for 94588 zip and areas within 20 miles was $450K.
Â 6)Â Â Long close (I would guess 60 days)
Â I'm looking for feedback on this loan and if anyone has used it?