Turnout high for low-cost mortgage event in Honolulu

Turnout high for low-cost mortgage event in Honolulu

By Andrew Gomes

July 10, 2018

Close to 1,000 people have applied for low-cost mortgage pre-approvals from a nonprofit at an event that began in Honolulu on Friday, according to the event’s organizer.

NACA, also known as the Neighborhood Assistance Corp. of America, said the volume of applicants was through Monday morning for the five-day event, which continues from 6 a.m. to 6 p.m. today.

“It’s going great,” said Bruce Marks, founder and CEO of the organization established 30 years ago initially to help members of a Boston hotel workers union afford homes. “A lot of people are here. It’s really exciting.”

NACA got into helping homeowners modify troubled loans about a decade ago during the national mortgage market meltdown and recession, and this year began holding events in major cities where it offered its own loans dubbed the “Best in America Mortgage” with $13 billion committed from Bank of America and CitiMortgage.

Marks said 187 people had completed the pre- approval process in Honolulu as of Monday morning and are now able to start their home-buying search knowing they can get a fixed-rate loan with few traditional costs.

Loans through NACA carry a below-market interest rate and require no down payment regardless of an individual’s credit score. The loans also are free of loan origination fees, discount point fees and closing costs that typically include an appraisal fee, title report fee and other things.

The nonprofit said it is committing $100 million initially for Hawaii borrowers and will maintain an office in Honolulu after the event is finished. The office will be open Wednesday at the headquarters of Unite Here Local 5, a union representing many Hawaii hotel workers, at 1516 S. King St.

Prospective homebuyers in Hawaii also can apply at naca.com online.

NACA’s mortgage program is focused on people with low to moderate incomes but isn’t limited to only this group. Some restrictions apply, such as a borrower cannot own another property, and a borrower must occupy the home for as long as they have the mortgage.