(Rosemont, IL) Thursday, October 25th at 11:00 a.m. NACA will kick off its Chicago “Achieve the Dream” one-stop mortgage event at the Donald E. Stephens Convention Center. NACA and Bank of America executives will be joined by political and community leaders to highlight the extraordinary homeownership opportunities provided during this four-day event.
Ten years after the beginning of the mortgage crisis, NACA is the one bright light in the disastrous lack of mortgage lending for low to moderate-income and minority borrowers. Thousands will attend the Achieve the Dream event because their families, friends, co-workers and neighbors around the country have told them that NACA is the go to organization to achieve affordable homeownership.
The NACA program directly confronts the affordable housing crisis with the Best Mortgage in America that requires no down payment, no closing costs, no PMI, at a below market fixed rate and no need for perfect credit. During this one-stop mortgage operation homebuyers will attend a homebuyer workshop, meet one-on-one with a NACA Counselor, and have their file underwritten to be pre-approved for NACA’s extraordinary mortgage, often in one day.
NACA provides the same terms for all borrowers, many of whom have given up on homeownership. As Forbes magazine stated 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.
“The NACA Mortgage, without the need for a down payment or closing costs, eliminates the significant savings requirement that locks out many homebuyers in today’s market”, stated Bruce Marks, NACA’s CEO and founder. “In addition, NACA’s below market fixed rate with the ability to buy-down the interest rate with government assistance provides a monthly payment that makes it possible to purchase homes throughout region,” continues Bruce Marks.
The Chicago Achieve the Dream event runs Thursday, October 25th through Sunday, October 28th from 8:00 AM to 6:00 PM each day. The event is open to all prospective homebuyers, and NACA services are free of charge. Previous NACA Achieve the Dream events have been spectacularly successful with more than 5,000 participants at each one across the country and thousands of pre-approvals. These events have destroyed the myth that it is not possible to lend on affordable terms to low-to-moderate income and minority individuals on scale.
NACA Mortgage underwriting does not use the restrictive and ineffective “Risk Based Lending” criteria. NACA underwriters evaluate each borrower based on their individual circumstances, eliminating late payments they do not control and considering compensating factors. All borrowers receive the same extraordinary terms:
- No down payment required
- No closing costs (lender paid)
- No fees
- Loan-to-value -100% for purchase and 110% for purchases with a rehab
- No consideration of credit score
- Below market fixed interest rate
- Term of 15 or 30 years fully amortizing
- Buy-down to permanently reduce the interest rate to virtually zero percent
- Purchase and renovation funds available
NACA already has an impressive track record. During the mortgage crisis, through NACA’s Save the Dream events over 250,000 homeowners were able to modify their unaffordable mortgages, often the same day. The Chicago Save the Dream events were incredible with tens of thousands of homeowners. Now, NACA’s Achieve the Dream events provide the same extraordinary outcomes for many thousands of homebuyers and continue to assist homeowners with an unaffordable mortgage.