Re: Got a GREAT mortgage!!
08-19-2007 06:19 PM
NSF/Membership: $50 per month for 5-10 years.
(Neighborhood Stabilization Fund)
That's $3000-$6000 in fees. Also there are occupancy restrictions, possible difficulty in getting a 2nd mortgage ever on the program, property ownership restrictions and their Participation Pledge requires you to participate in at least five activities a year.
Just like a lot of people in trouble from 2003-2005 ARM, IO ARM, etc. mortgages who didn't read the loan details completely or ask enough questions, I would make sure with NACA or any program to read everything & ask every question possible to 100% know what you are getting yourself into for the short-term and the long-term.