11-12-2012 05:43 AM
NACA doesn't consider credit score but they do look very closely at recent payment habits and proven ability to pay (your payment cannot exceed current rent, if you want to pay more you must show a consistent pattern of saving the difference (they call that "payment shock"). Their process is slow and painful, but helps with patterns of financial management that have helped me. This isn't limited to low / meddle income either, the maximum home value is capped, not participation.
30 year fixed, below market rate, 100% financing with NO CLOSING COSTS. I closed in April and used seller closing help to buy my rate down to 2.92%.
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