(Houston, TX) On Tuesday March 19th at 1:00 p.m. at Houston’s City Hall, Mayor Sylvester Turner, NACA’s CEO Bruce Marks, a Bank of America executive and many NACA homeowners will announce a commitment of $100 million of the Best Mortgage in America to Houston homebuyers. This will create unprecedented homeownership opportunities in Houston for low and moderate income buyers by breaking down the barriers that prevent many working people from buying a home. The NACA program features no down payment, no closing costs, no PMI, a below market fixed rate, without consideration of one’s credit score. With Houston’s financial assistance and other funds, homebuyers can buy down the interest rate to virtually zero percent.
NACA provides the same terms for all borrowers, many of whom had previously given up on homeownership. As Forbes magazine observed in their comparison of the best low down payment mortgages, “There is one exception, NACA, that charges the same rate regardless of the credit score”. Bank of America has committed $10 Billion to the NACA mortgage program nationwide.
Bruce Marks explained, “NACA believes homeownership is a right, and we are here to see that Houston’s working people have the opportunity they deserve to achieve their piece of the American Dream.”
The $100 million commitment comes in advance of NACA’s Achieve the Dream event March 21-24 at Greenspoint Mall. Thousands of area homebuyers will attend to begin the process of accessing the NACA mortgage at the event, and many will leave the event pre-qualified and ready to begin the search for a home they can truly call their own.