As a separate answer to keep the other one looking like a book, with regard to closing costs, NACA bumps your rate up from their normal pricing and uses the commission from the bank to pay your closing costs. The higher the costs, the higher the rate. I wonder if NACA covers this in their seminars. The term "no closing costs" is actually misrepresentation. If they are promoting no closing costs, it has to be one of two things: they are not charging fees and neither is the attorney, the appraiser, the state of GA, the county and city tax department, and/or the association, OR We, the taxpayers are paying for it and if you are working, that includes you, the tax payer, which means, you are paying your own closing costs indirectly.