Lisa Owens, Home Buyer in Laurel, MD

What is the NACA program for first time home buyers !?

Asked by Lisa Owens, Laurel, MD Mon Mar 18, 2013

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NACA program for buyers may be good for them, but there is much to be disclosed upfront IMO to the listing agent who represents the seller. Such as the home inspector the buyers hire must be NACA approved and once the inspection is completed a copy of the inspection report is sent to NACA's rehab (called HAND) dept to review and they will pick out the repairs that must be done prior to closing, much like "lender required" repairs, even if the buyer's are getting a conventional loan. The repairs must be made by the seller at seller's expense or escrowed or the cost of repairs can be rolled on top. If the seller makes the repairs the home inspector comes back over to inspect them (for NACA) to get a "clear to close". It's important to remember too, if the buyer is giving the seller an Option fee check the seller needs to cash / deposit it right a way; NACA requires the buyer's checks be put through there banks prior to closing (a NACA closing cond). Many NACA buyer agents fail to mention this upfront. Also NACA does not pay all closing costs, the buyers must pay for their pre-paids such as taxes and insurance - they can still ask the seller to contribute towards the closing costs by asking them to pay for these costs. I say be aware and ask ALOT of questions if you get an offer from a NACA approved buyer. To me, this is another down payment assistance program through HUD that has buyers entering into a mortgage with "no skin in the game" - more of what contributed to housing mess in early 2000's.
0 votes Thank Flag Link Tue Aug 26, 2014
I have worked closely with NACA in DC and Baltimore. For first-time home buyers, it is a great program because they provide a lot of information and education about budgeting and homeownership. If you need more information about working with NACA, give me a call or email.
0 votes Thank Flag Link Mon Mar 18, 2013
NACA is a great program to assist low to moderate income families with or without good credit. The main benefits of the program are:

While NACA provides everyone with mortgage options, NACA also provides one extraordinary mortgage product. The NACA mortgage is unique in that everyone receives the same incredible terms which makes homeownership affordable and you do not need perfect credit.

•No down payment,
•No closing costs,
•No fees,
•Fixed 30 year below market rate at 3.5% (as of 3/18/2013).

I've attached a link directly to their website. If we may be of assistance to you please visit us on-line at to view properties and meet the team.
0 votes Thank Flag Link Mon Mar 18, 2013
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