(Boston, MA) A new partnership between NACA, the City of Boston and CitiMortgage will open up the possibility for home ownership to thousands of low and moderate income families in Boston.
NACA (Neighborhood Assistance Corporation of America) CEO Bruce Marks along with representatives from the City of Boston and CitiMortgage will announce the innovative program at a special Home Buyer’s Workshop this Friday, March 17th (St. Patrick’s Day) at the William E Reed Auditorium, 24 Washington Street in Boston at 9:30 a.m. More than 400 homebuyers will be in attendance at the workshop.
“This is truly a St. Patrick’s Day pot of gold at the end of the NACA, City of Boston and CitiMortgage rainbow for the people of Boston”, said NACA Founder and CEO Bruce Marks. “Nowhere else does a program like this exist to help low- and moderate-income home buyers find a truly affordable path to home ownership.”
Under the new program home buyers will receive a $12,000 grant from the city to buy down the interest rate on a 30 year mortgage for a condo, single family or two family residence. Those purchasing a three or four family home will receive a grant of $20,000. All mortgages for the program will be through the NACA program and will be funded by CitiMortgage.
The NACA program with CitiMortgage, known as “America’s Best Mortgage”, already begins with a below market interest rate (3.75% as of 3/15/17) as well as no down payment, no closing costs and no affordability-robbing mortgage insurance. The funds provided by the City of Boston will reduce the interest rate by one quarter percent for each point (1% of the loan amount). The NACA program allows the interest rate to be bought down to virtually zero. There is no need for perfect credit and rehab funds can be built into the mortgage if needed.
“This is an incredible opportunity for people to become homeowners in Boston who otherwise would be denied the opportunity”, Marks continued. “We applaud the City of Boston and CitiMortgage for taking the initiative and helping create this opportunity with NACA.”