(Alabama) NACA, the nation’s largest nonprofit HUD Certified housing counseling and community advocacy organization, has announced a commitment of $20 Billion for NACA’s Best in America mortgage that is now available to Alabama homebuyers.
NACA is also bringing needed jobs and seeking community activists across the state.
NACA (Neighborhood Assistance Corporation of America) and Bank of America recently announced the extension of their affordable homeownership program through May 2027. The program provides mortgages to predominantly minority low-to-moderate income homebuyers who otherwise might not have the opportunity to become a homeowner. NACA has made affordable homeownership a reality for more than 9,100 households over the last two years and more than 70,000 mortgages since 1996.
The NACA mortgage is extraordinary with No down payment, No closing costs, No private mortgage insurance and with broad underwriting criteria. The new agreement with Bank of America provides an incredible fixed interest rate of 2.0% for a 30-year and 1.375% for a 15-year loan (as of 6/15/21) for all low- to moderate-income borrowers and higher income borrowers buying in a lower income area.
This will create unprecedented homeownership opportunities in Alabama for low- to moderate-income buyers. The NACA mortgage uses character-based underwriting rather than one’s credit scores. (Click here for NACA success stories)
Bruce Marks, NACA’s CEO and founder added, “We have destroyed the myth that lending to lower income or borrowers of color is risky and thus requires higher interest rates and more restrictive terms. The demand for the NACA program is massive and NACA is meeting the challenge. Nothing has even been done on this scale for homebuyers historically locked out of affordable homeownership.” (Click here for NACA homeowner appreciation)
NACA will also be forming Neighborhood Action Committees (NACs) throughout the state. These committees are organized at the precinct level to create a community taskforce to solve neighborhood problems and access resources often not readily available.
In addition, NACA announced that it is hiring for multiple positions throughout the state, including Housing Counselors, Mortgage Consultants, administrative positions, community organizers and others. A full listing of positions available can be found on the NACA website at www.naca.com.
Marks continued, “We will be bringing a special event to Montgomery in the very near future to provide same-day approvals for homebuyers, hire new staff and create NACs on-the-spot. Until then, we invite everyone to begin their NACA journey, whether buying a home, applying for a job or serving your community as a NAC member, at our website, www.naca.com.