How to Buy a House with No Down Payment through NACA (and finally get that backyard for your dog!)

How to Buy a House with No Down Payment through NACA (and finally get that backyard for your dog!)

I think one of the main reasons I wanted a house so badly was so that I could have a backyard for our dog, Oliver. I was reminded of this every time I would make the trek down and up  two flights of stairs, five times a day for dog potty breaks while we were living in an apartment. I did this for seven (LONG) years. At least it helped burn off those Tate's Bakehouse cookies I love so much! I dreamed of playing fetch with Oliver in the backyard, sipping on sweet tea while watching the kids play, gardening; the list went on an on. But how could we get there? After the recession of 2008, like so many others, our credit was less-than-perfect. Then, my husband read about NACA (Neighborhood Assistance Corporation of America). Through NACA, we could qualify for a below-market interest rate loan (fixed rate) with no closing costs, no down payment, and a low credit score. It sounded too good to be true, but at that point, we were willing to give it a go.

The first step in the NACA process was to attend a NACA Homebuyer Workshop. There, we began the NACA process. We were assigned a Mortgage Counselor at our local NACA office, who we met with us every couple of months. It took us about two years, because we moved during the process. I am thrilled to say we got our house at a below-market interest rate with an affordable monthly payment (even less than we were paying in rent). We finally got that backyard for Oliver. Every time I play with him out there, I am reminded of how grateful I am. It wasn't easy, don't get me wrong. It involved constantly sending in paperwork and a ton of planning, but it was worth it. To learn more about the NACA program, visit their website.

1 Response

September 03, 2015

Ooh.. congrats! I wish we have a "NACA"like here in Europe, I tired of renting too.

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