Thanks for the info everyone about NACA. Unfortunately, the loan limit in Cali is so low that it will not cover even most condos - something in the 300,000s. It looks like a really good program otherwise.
For anyone else that might be monitoring this thread, a friend was telling me that the preferred lenders for different programs are good sources for finding out about loans with lower interest rates than one might find at a typical branch bank, for example, even if the preferred lender is part of that bank - just b/c they are accustomed to searching for all types of loan programs and not just what's posted on the branch bank wall. So the preferred lenders of the programs, while one may not qualify, may be a good source anyway.
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Originally Posted by 1browngirl
You might want to check out the NACA program, there aren't any income limitations but there is a limit on the loan amount - I believe its $206,000. The interest rate is much lower than the standard rate. Its a no downpayment, no closing costs program. There's no PMI (private mortgage insurance) either. I'm going through the program now, their website is www.naca.com |