Which type of member must have a 24-month on-time payment history to qualify for NACA?

To qualify for NACA, all members must demonstrate a 24-month on-time payment history, which indicates a reliable repayment behavior that lenders value greatly. This requirement applies uniformly to different member categories, including those who are self-employed, members purchasing multi-family homes, and members who have filed for bankruptcy.

For self-employed individuals, financial stability is crucial since their income can fluctuate more than that of salaried employees. Demonstrating a consistent payment history reassures lenders about their ongoing ability to meet mortgage obligations.

Members purchasing multi-family homes are held to the same standard, as these properties typically involve additional responsibilities and financial commitments. A solid payment history shows that they can handle these obligations effectively.

Lastly, for members who have filed for bankruptcy, the 24-month on-time payment history serves as a critical indicator of their recovery and stability after such a significant financial setback. This requirement helps ensure that they've regained their financial footing before starting a new loan obligation.

In summary, the necessity for a 24-month on-time payment history is a standard that applies to all members to affirm their creditworthiness and ability to meet their financial obligations.