Tag Archives: no down payment

No Money Down! No Closing Cost Programs still exist!

This is a mortgage loan program.

I am the Realtor!  The person who helps you find the house, negotiate a good price etc.

Don’t forget about me, when you get to the home search part!

I’m always looking for ways to help make it easier to purchase a home.   And, I found a good one this time!

It is called NACA or Neighbor Assistance Corporation of America.  Their goal is private and fight predatory mortgage lending.  So, they have teamed up to create a loan that will allow future homeowners to purchase homes without the high interest rates, fees, points… and the list goes on!

So, they offer a true no money down, no closing program. And, the best part is you DON’T need perfect credit!  Okay, this is how the program works.

  • You must attend their mandatory informational seminar.  It explains how the program works and gives complete details on what is needed to qualify for the loan.
  •  After the seminar, you will make an appointment with the Housing Counselor.
  •  The counselor will run your credit and go over your payment history, as well as go over your overall financial history. (Credit score does not matter.)
  • *Note-  You can NOT have any accounts late, in collections, or liens (including medical) within the last 24 months.  They will need to be paid off, settled for less with documentation to confirm, or on a payment plan.
  • Must be able to show at least 12 months on time payments for all accounts. (There are exceptions to this rule.)
  •   Your out-of-pocket cost will be approx. $3,500.  Consisting of Earnest money $1,0000, home inspection between $350-$500,  homeowners insurance $600, pre-paids $1,200.
  • Maximum loan amount $251,713 anywhere in Dallas/ Fort Worth area.
  • Requires at least 1 year steady employment for W-2s.  Self-employed requires 2 years tax returns.
  • Must show a steady monthly savings pattern in one bank account.  Not through multiple accounts.  Specifically, savings for the difference of current monthly rent payment and future mortgage payment.  For example, your current rent is $800 a month, but your mortgage payment will be $1500.  You must be able to show you can afford the additional $700 in mortgage shock.
  • You don’t have to be a first time buyer.  However, you cannot currently be named on a mortgage.

The seminar is of course more detailed, but those are some of the main points.  You can sign up for the seminar on www.naca.com.  They are generally held every Saturday of the month at a church in the area.

Let me know if you need help signing up!

 

 

 

 

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