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Free Loan Modification Program
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| PURPOSE: | Purchase
Purchase & Rehab | | PROPERTY TYPES: | One to Four Family, condos, and co-ops.
Existing, New Construction, and Renovations | | DOWN PAYMENT: | None | | CLOSING COSTS: | None (paid by lender) | | INTEREST RATE: | Call for Rates | | BUY-DOWN: | Additional funds can reduce the interest rate
Paying one percent of the mortgage amount up front reduces the interest rate by one quarter of a percent (.25%)-- a tremendous added benefit. | | APPLICATION FEE: | None (paid by lender) | | POINTS & FEES: | None (paid by lender) | | CREDIT HISTORY: | Perfect credit not required | P.M.I.:
(Private Mortgage Insurance) | None | NSF/Membership:
(Neighborhood Stabilization Fund) | $50 per month for five to ten years
This payment occurs once you purchase through NACA and is part of your mortgage payment. This is a required payment as a NACA Homeowner Member, and as a Member you can receive assistance to NACA’s membership assistance program if you are ever at risk of losing your home. You would also receive the other benefits of NACA Membership. | | OTHER TERMS: | No yield spread premium; No pre-payment penalty; No balloon payment; No required credit life, or other unnecessary or overpriced insurance. |
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