NACA - Neighborhood Assistance Corporation of America

What is NACA - Neighborhood Assistance Corporation of America?

NACA - Neighborhood Assistance Corporation of America is a first mortgage for homebuyers in Florida.

• NACA provides below-market interest rate first mortgage with no down payment, no closing costs, and no PMI for eligible homebuyers. No income limits for properties in low-to-moderate income areas. Extensive counseling process required (6-24 months). Offices throughout Florida.
• No down payment required.
• No closing costs.
• No PMI.
• Below-market interest rate.
• No minimum credit score (alternative credit accepted).
• Funding comes from Nonprofit.

Do you have to pay it back?

NACA - Neighborhood Assistance Corporation of America is a first mortgage and is repaid under the terms set by the administering agency.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

NACA - Neighborhood Assistance Corporation of America is open to buyers who will live in the home as their primary residence.

What are the income limits?

NACA - Neighborhood Assistance Corporation of America limits household income to 100% of the area median income, which varies by county and household size.

• No income limits for properties in low-to-moderate income census tracts. Income limits apply for properties in higher-income areas.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

NACA - Neighborhood Assistance Corporation of America can be used for Single Family, Condo, Townhouse, and 2-4 Unit.

Where does it apply?

NACA - Neighborhood Assistance Corporation of America serves buyers purchasing anywhere in Florida.

How do you apply?

Applications for NACA - Neighborhood Assistance Corporation of America go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.