Hello creditstalker,
NACA is a 27-year old non-profit, HUD certified home owenrship and community advocacy organization with 40 offices across the country. After buying a home through the NACA program you are free to sell at any point without penalty. However, you may not buy again through NACA for three years after closing on the previous home. The loan is serviced by either Bank of America or CitiMortgage, depending on the state in which you buy the home.
NACA does place a $25,000 lien on the home to ensure that the owner-occupancy requirement is met. Getting the lien released is a simple process if you intend to sell at some point down the line.
The NACA program does require you to volunteer in some capacity five times per year as long as you have the NACA mortgage. There are a wide variety of ways to meet the requirement ranging from assisting at workshops to referring others to NACA to spreading the word about NACA through social media. NACA members must complete at least one volunteer activity before their application can be sent to the bank.
More than 40,000 families have become homeowners through the NACA program and the numbers continue very rapid growth. We are indeed "legit". Here are links to some news stories:
http://touch.latimes.com/#section/-1/article/p2p-82447249/
http://www.nytimes.com/2014/02/26/business/a-nonprofit-lender-revives-the-hopes-of-subprime-borrower...
http://www.news4jax.com/news/morning-show/naca-mortgage-event
http://www.commondreams.org/views/2010/06/16/memories-and-misery-cnn-land-while-homeowers-seek-mortg...
Please feel free to contact me personally if you have any additional questions.
Tim Trumble
Online Operations, NACA
ttrumble@naca.com
