(Dallas, Texas) Mr. Rashad Muhammad, husband, father of three and Associate Principal at Crowley High School, is about to make history as a Texas Homeowner. In an era when many families cannot even qualify for a mortgage, the Muhammad family will be the first in Texas to close on their home with a mortgage designed to build personal wealth quickly.
He is about to become the first person in the State of Texas to become a homeowner using an innovative mortgage loan created by the Neighborhood Assistance Corporation of America (NACA). Mr. Muhammad is buying a newly-built four-bedroom/three-bath house in Crowley with a fifteen year mortgage at an incredible fixed interest rate of only 0.125% (one-eighth of one percent)! The loan required no down payment, has no closing costs or PMI and features an extremely aggressive interest rate buy down program, reducing the rate by one-half percent for every one point paid toward the buy down.
Mr. Muhammad is the first person in Texas to make use of what NACA calls the “Freedom Loan”, referring to freedom from debt. “I’m walking on air right now”, he said during a phone conversation after learning that the loan had been cleared for closing at 10:30 a.m. today at the NACA office, 7220 S. Westmoreland Rd., Suite 106 in Dallas. “It still hasn’t completely sunk in that I’m finally about to be a homeowner”, he added.
The game-changing loan program is the creation of the Neighborhood Assistance Corporation of America and the American Enterprise Institute and was introduced last September at the American Bankers Conference in Raleigh, North Carolina. The program is designed to allow homeowners to quickly build equity and personal wealth, reaching a 40% equity position in just under seven years. With a beginning rate already typically .75% below that of a 30-year loan and the very aggressive buy down program, many buyers are able to dramatically reduce the fixed interest rate to near zero, resulting in a 15-year payment that is only slightly bigger than it would have been for a standard 30-year loan.
“This truly is a game-changer for mortgage lending”, said Bruce Marks, Founder and CEO of NACA. “We are excited to be able to offer this program through all 40 of our offices nationwide and are extremely happy for Mr. Muhammad as the first person in Texas to take advantage of this incredible opportunity for home ownership.”