(Boston, MA) – The Neighborhood Assistance Corporation of America (“NACA”) and Bank of America have begun implementation of a $3 Billion mortgage program that is unprecedented in U.S. History. Over 100,000 people will benefit from a mortgage that is the best in America: No Down-payment, No Closing Costs, No Application Fee, No Perfect Credit with an affordable interest rate that is currently at 7.5% fixed.
This partnership will set a national standard with Bank of America being the first and only coast to coast bank and NACA having over twenty offices across America. The mortgages funded by Bank of America will be implemented through NACA’s comprehensive housing services that works with home owners throughout the home buying process and continues to provide support for as long as the home buyer owns their home. All of NACA’s services are free.
This sounds too good to be true but , it is becoming reality for participants in NACA’s newest offices in California, Texas and Florida, as it has been a dream come true for thousands in the eastern U.S. Since participants do not have substantial savings or perfect credit, they would be subject to sub-prime terms of exorbitant interest rates, outrageous fees and other abusive terms that often leads to financial devastation for the home owner.
“This NACA and Bank of America Partnership”, according to NACA C.E.O. Bruce Marks, “makes home ownership possible and affordable over the long term. . All this without one penny of government funding. This is a true private sector initiative that will set a standard for neighborhood stabilization through affordable home ownership.”
Bank of America initially agreed to fund $500 million of the NACA mortgage product in l995. “After seeing the results”, states Cathy Bessant, President of the Bank of America Community Development Banking Group, “we asked NACA to expand this program so that tens of thousands of working people can benefit. We are a results orientated institution and have found NACA able to produce incredible results.”
“Bank of America has never needed to be convinced or pressured into investing in low and moderate income communities and people.” states Marks. “They understand the need and the business opportunities in this under served market.”