Great info! So you think it may take about 3 months from workshop to closing? I am trying to figure out their calculator as to how much I am qualified for, but it is a little confusing. I have found a home that I am very interested in that is at $239, owned by the bank (foreclosure), but hope they would come down a little since it has been on the market since 3/2012. I do receive disability SSI and a $700/mo retirement check. I sell on eBay and see that they may use that income to help qualify?
Hello, I understand that we cannot leave links on the forum, but if you Google NACA and mortgage, it will take you to the link. It does say to use Internet Explorer for the site.
NACA does one kind of loan in their purrchase program, it's 30 year fixed, no downpayment (100% Loan to value). There are nio closing costs and no PMI (you pay $50/month for five to ten years depending on loan amount to their "Neighborhood Stabilization Fund"). You can't make a downpayment but if you have money for a downpayment it gets better, you can buy down to as low as 0.65%. The current rate is about 3% before buydown.
No income restrictions, but there's a maximum loan amount (in Maryland a bit under $370K). You cannot own any other real estate, this is an owner-occupant program.
the first step is to go to a NACA homne purchase workshop in your area.
Great! I found a workshop for next Saturday...but it's in Cleveland (120) miles away. Also, there (1) in my neigborhood in May 2013. Does it matter where you take the workshop. I would like to get started asap!
Thanks for the information....love this website. It really helps a lot!
No, any workshop is a good start.
I'm in Baltimore, MD and they get people from DC, Virginia and Pennsylvania at workshops here. If you'll be serviced by a different office they'll just send your information to your servicing office. You won't have to re-do the workshop.