NACA Loan Program In Kansas City Works For Buyers With Less Than Sterling Credit

Checking The Pulse Of The Kansas City Real Estate Market

FHA loans are more lenient than conventional loans. So what’s more lenient than a FHA loan? A NACA loan. I’m friends with several agents who have sworn for years that NACA program was worth checking out. But the non-traditional approach had me putting it on the back-burner. That was until an agent presented an offer on one of my listings and said the only way the buyer could qualify was by getting a NACA loan. I had heard for years that a NACA loan commitment letter was extremely solid. After careful consideration, my home seller accepted the offer and 45 days later the deal closed without incident.

Now, the NACA program isn’t for everyone. It’s unlike any other loan program going and you must start by attending a four-hour NACA workshop to see if you’re a good fit for the program. The response times from counselors can sometimes be slow. Some NACA clients can take a year or more to finally get approved while others can get qualified in just a few weeks time. Many who enter the program quit due to impatience with the process. For those who make it through the NACA process, a loan commitment letter for a no down payment, no closing cost loan with a ridiculously low-interest rate (in some cases) could await. Again, if you’re not a patient person, NACA is not for you. In some cases, a 45 day close date can turn into a 60 day or more closing — and seller’s should be prepared that this is a possibility.

NACA is not a lender, rather they are a group that secures finances from large financial institutions who commit the money that NACA is able to lend out. NACA is also an advocacy group that has political agendas — one of the important ones being to stamp out predatory lending and help provide amazing loans to borrowers who show they are responsible enough to make it through the stringent NACA program. An interesting aspect of the NACA program is that the borrower’s Realtor must be schooled on the NACA program and familiar with the seminar the borrower attends. Please contact me directly with questions about getting approved with NACA to purchase a home in Overland Park, Olathe, Lenexa, Shawnee, Leawood, Gardner, Prairie Village or the surrounding area.