Neighborhood Assistance Corp of America (1% below-prime mortgages, no money down, for income eligible & other terms)
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Notes
http://www.boston.com/2014/01/27/guide/elZHSYcVpoGslwX4UIkuEJ/singlepage.html
The Neighborhood Assistance Corporation of America (888-302-6222, naca.com) has a product that “sounds extraordinary,” says founder and CEO Bruce Marks, “but we’ve been getting people through with it for more than 20 years.” It is a no down payment, no closing cost, no fee 30-year fixed-rate loan at 1 percent below the prime market rate for the purchase, or purchase and rehab, of a one- to four-family home, a condo, or a co-op. There are no income limits, but the average NACA borrower has a salary of $35,000. Your credit score doesn’t hold as much weight as it does with private lenders because the group bases qualification on individual circumstances. There are, of course, certain requirements:
> You must be a group member in good standing; the fee to join is $20.
> No member of the household can own another property when applying for the loan.
> You must live in the home for the life of your NACA-held mortgage.
> You must participate in at least five activities a year in support of the group’s mission.
NACA is not only a mortgage lender but also an economic advocacy group, so members have to commit to activities like joining demonstrations, volunteering in the office, or assisting other members with the home-buying process.