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Posts: 135
Registered: ‎11-18-2014

Re: The Official NACA mortgage thread

Hello Piffer28,


While it is not an absolute requirement that you both attend the workshop, this is going to likely be the biggest and most important purchase of your lives. There really is not a good reason for only one of you to go considering the importance of what you are about to do as a family.


The NACA program is designed to help primarily low and moderate income family achieve affordable and resopnsible home owenrship.  As such, there are only two cases in which you may exceed the regional Maximum Acquisition Cost. 1) Your household income is 80% percent or less than the median income for your Metropolitan Statistical Area (MSA) in which you are buying as determined by the Federal Financial Institutions Examination Council (FFIEC), or 2) you buy in a Census Tract in which the median income is 80% or less of that for the MSA.


It's not quite as complicated as it sounds, and your NACA counselor will help you determine if you qualify to have the Maximum Acquisition Cost waived during your initial counseling appointment.


Tim Trumble

Online Operations, NACA


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