Thousands shut out by banks to attend mortgage event
(Cleveland, OH) – Thousands will attend NACA’s groundbreaking Achieve the Dream event from Thursday March 22Dakota del Norte through Sunday March 25th at the Hilton Cleveland Downtown to access an unprecedented opportunity to become a homeowner. NACA, the nation’s largest HUD certified non-profit organization, will counsel thousands of Ohioans and provide access to its Mejor en América Mortgage. Most people attending will be low and moderate-income home buyers, many of them purchasing their first home.
The Achieve the Dream event is a one-stop mortgage operation with workshops, one-on-one comprehensive counseling and underwriters to approve borrowers for NACA’s tremendous mortgage. The NACA mortgage is extraordinary as it features no down payment, no closing costs, no points or fees and no private mortgage insurance. Everyone receives a below market interest rate and perfect credit is not required. The interest rate can also be bought down to virtually zero. Bank of America and CitiMortgage have committed over $13 billion to this mortgage. Participants can buy homes anywhere in their area and the cost of significant repairs or renovations can be built into the mortgage. Single and multi-family homes and condos are all eligible.
The most recent data from the Cleveland metro reveals deeply disturbing lending practices. The eight major lenders gave only 207 minority borrowers mortgages as opposed to 2,559 white borrowers. Those in the highest income bracket received a staggering twenty times the loan funds of low income borrowers.
“Affordable housing is a huge issue in Cleveland, especially for working people,” said NACA CEO Bruce Marks. “Our Achieve the Dream events open the floodgates to those blocked from the dream of affordable homeownership. Many will be pre-approved for the NACA mortgage during the event and many more will be on the road to homeownership and the building personal financial security”
Also, homeowners with an unaffordable mortgage should come to meet with a NACA HomeSave counselor for assistance in modifying their mortgage. For documents needed and to register, go to www.naca.com o llamar 281-968-6222. Walk-ins are welcome
Over 10,000 began their path to home ownership during recent Achieve the Dream events in Charlotte and Miami:
NACA’s Home Save and Purchase programs have been highlighted on the national and local news as the most effective in providing affordable homeownership. Bruce Marks has been featured in the New York Times: El campeón del comprador de vivienda and on CNN: La lucha de un hombre contra las ejecuciones hipotecarias
Acerca de NACA (www.naca.com):
The Neighborhood Assistance Corporation of America (NACA), is one of the largest HUD certified counseling agencies with more than two million members and 47 offices nationwide. NACA is the largest and most effective organization in modifying mortgages and provides the best mortgage in the country. NACA CEO Bruce Marks was named Bostonian of the Year for 2007 because of his work in getting the major lenders and servicers to modify home loans for borrowers. See Bostonian of the Year. He has also testified before Congress on numerous occasions including September 12, 2000, being one of the only people to sound the alarm on the pending mortgage crisis.