What is a requirement for eligibility for a NACA Mortgage?

Eligibility for a NACA Mortgage includes the requirement that no member of the household can own other property. This rule is in place to ensure that the program assists those who need support in purchasing their primary residence without the complication of additional properties. NACA's mission is to promote homeownership among low-to-moderate income applicants, particularly those who may have been historically excluded from the mortgage market.

This eligibility criterion is designed to focus on providing opportunities to individuals or households who may not have the financial stability that comes from owning multiple properties. It emphasizes the goal of helping first-time homebuyers and those who are looking to stabilize their living situation.

The other options do not align with NACA's requirements: previous homeownership within a specific time frame is not a disqualifying factor, a high credit score is not a prerequisite due to NACA's unique assessment processes, and membership in a homeowners association is not a requirement for obtaining a NACA Mortgage.