Ver.13.2 NACA Qualification Criteria Page 2 of 21
Renovations/Repairs – Funds for renovations are provided as part of the mortgage with
NACA providing assistance throughout the renovation process.
To access the NACA Mortgage you first must become NACA Qualified. NACA’s qualification
criteria are designed to take into account your individual circumstances, to determine
whether you are ready for homeownership and what mortgage payment amount you can
afford over many years. These criteria are designed to provide long-term, affordable
homeownership with the financial flexibility to comfortably satisfy your living expenses and
address unforeseen financial difficulties. The process is intended to be comprehensive so
that all Members can be NACA Qualified to obtain the incredible terms of the NACA
Mortgage. NACA commits to every Member that, if he or she follows the NACA process, he
or she will most likely achieve NACA Qualification and be ready to purchase a home in less
than one year, or, if he or she has experienced serious financial issues, will be ready for
NACA Qualification in no less than a 24-month timeframe.
You must work with the Mortgage Consultant to meet the qualification criteria to be NACA
Qualified. Your Mortgage Consultant will work with you to obtain the necessary documents and
information, and to address any roadblocks to purchasing a home. It is important that you bring
the documents identified in “Items Required for NACA Qualification” (inside of the back cover) to
your first counseling session. Once NACA Qualified, you will be ready to begin your housing
search and purchase a home and, if you so desire, apply through a lender providing the
NACA Mortgage (“Participating Lender”). It is very important that you do as much work as
possible prior to your counseling session(s), to help move quickly through the process.
Once NACA Qualified, you will remain NACA Qualified as long as your financial circumstances
do not change. If you do not submit a mortgage application within three months of becoming
NACA Qualified, you will need to re-certify your NACA Qualification by working with your
Mortgage Consultant to update your information and documents.
The NACA Mortgage, while providing very good terms, requires a significant commitment
from you to adhere to NACA’s policies and procedures. Participating lenders with the NACA
Mortgage have been attracted to the program by NACA’s comprehensive and innovative
system for qualifying Members who have been excluded from traditional and affordable
credit. The computerized nature of the NACA system also allows members, if they so wish, to
move through the NACA Qualification process with little assistance from the Mortgage
Consultant. The details described below provide you with the information and requirements
to obtain a NACA Mortgage. While NACA and your Mortgage Consultant are here to assist
you through the home buying process and for as long as you have your NACA Mortgage, we
strongly encourage you to take personal initiative. After each counseling session you will be
provided with an Action Plan which includes the remaining documents or items you need to
complete to become NACA Qualified. It is very important that you complete the items as
accurately and quickly as possible.
We have provided you with the general NACA Qualification guidelines below. While NACA
reserves the right to require additional documentation or information, or to waive
requirements at our discretion, these guidelines will provide you with the general criteria that
our loan originators and underwriters use to qualify Members for NACA’s extraordinary