I have an idea

Home Forums Purchase Program I have an idea

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  • #31399
    rashad3000
    Participant

    Tim,

    We all love the NACA program. It has completely changed the lives of THOUSANDS! The fact that the default rate is so low is a testament to the NACA process and how well it works.

    There are tons of investment homes sitting out there that need good, responsible owners. Would it be possible to have an investment branch of NACA that is solely focused on current NACA owners who have paid their mortgage on time for at least 2 years? Bank of America and Citi can fund these mortgages. They can do the same thing they currently do with the workshops. They can do 15 and 30 year mortgages with the same options to buy down the rates.

    I think there would be a very high demand for these loans and would help to put more responsible investors out there.

    Thoughts?

    #31489
    Swinton81
    Participant

    This is a bad idea. NACA recently changed their title to “Neighborhood Stabilization” (at least that is what is showing on my credit report).. one of the reasons why NACA doesn’t allow you to purchase a secondary home is that renters destabilize neighborhoods. This would go against the very fabric of NACA.. Your thoughts?

    #31491
    rashad3000
    Participant

    Good point! I will say this: there will always be renters, no matter what. I just thought it would be a great program for current NACA owners who have been responsible. But I agree with what you’ve stated.

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