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     | Sunday, February 25, 2001 - 08:59 pm  From http://www.naca.com/: 6.50% 30-year fixed (as of 02/21/ 01) $4.3 Billion committed to NACA -------------------------------- NACA Mortgage Program: NACA's mortgage program is the Best in America. There is no other progam in America that provides a better mortgage product and home buyer services. NACA provides support throughout the home buying process and continues to provide services after you purchase your home. The NACA Mortgage Product includes: No Down Payment No Closing Costs (lender pays all the closing costs) No Application Fee No Appraisal Fee Perfect Credit Not Required Interest rates below market on a fixed 30-year mortgage. No one is excluded from NACA's programs (SEE ELIGIBILITY) People can purchase a one- to four-family home, condo or coop. Funds to renovate the property can be included in the mortgage. IMPORTANT: Please read the Eligibility page before deciding if you would like to participate in NACA's Home Buyer Program. See Locations to find out if NACA provides services in your area. ---------------------------------------- For eligibility check (income restrictons) http://www.naca.com/services/?put=elig.html I. General information, requests for service on home purchasing or refinancing: Call, Toll free 1-888-302-NACA Or, write NACA Services 3607 Washington Street Jamaica Plain MA 02130 Email address: Services@naca.com ------------------------ This sounds too good to be true. Has anyone heard of NACA or had any experiences?
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| | Sunday, February 25, 2001 - 10:11 pm From the Wall Street Journal: http://www.naca.com/news/dearticle.jsp?idt=7 "Boston Based NACA Helps Its Low-Income Clients, But Methods Draw Flak Terms to Good to Be True? ... Supporting the Mission Once approved, borrowers by agreement are on call for activities "to address financial exploitation and other issues in support of NACA's mission." One such event was a recent rally protesting Fleet's plan to buy BankBoston Corp., which NACA says will lead to sparse lending in low-income areas. NACA called 150 activists to show up at a hearing at the Boston Fed branch. NACA builds its business by taking a cut-under the Fleet agreement, the bank pays NACA 2.75% of each loan. Fleet also agreed to donate $200,000 to NACA to cover other expenses. In the Bank of America agreement, NACA receives a flat fee of $2,000 per loan. Revenue also comes from about 15 real-estate buyer-brokers, who work as contractors for NACA and help about 15% of the group's borrowers shop for homes. On a typical purchase, the seller pays a 5% commission, which is then divided among the seller's agent, NACA and the buyer's broker. On a $100,000 loan, NACA collects about $1,000. NACA homeowners must also pay $50 a month for five years into a Neighborhood Stabilization Fund. Borrowers can tap the fund for up to three months if they fall behind on their mortgages. Until the money is repaid, NACA places a lien on the homes of those dipping into the reserve. ..."
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