The Neighborhood Assistance Corporation of America (NACA), a national non-profit housing service and advocacy group today announced their expansion into California. NACA is opening offices this week in Oakland, Los Angeles and Sacramento. NACA, headquartered in Boston, now has 16 offices in 11 states. NACA is in the midst of an expansion that is expected to double the number of locations offering a revolutionary mortgage product directed at low and moderate income homebuyers.
While providing the Best Mortgage Program in America and the most comprehensive housing services, NACA is best known for its aggressive advocacy in fighting predatory lenders. The no down payment, no closing costs, no application fees, no private mortgage insurance, and no perfect credit mortgage product was developed out of a four year campaign against Fleet Bank. NACA has expanded its program nationwide with other $3 Billion in funds committed by major lenders including NationsBank/ Bank of America, First Union, Fleet, BancBoston, and The Associates. In California the interest rate will be below market at 6% fixed.
NACA is looking forward to serving California’s low and moderate income home buyers who are trying to buy first homes in an expensive and competitive housing market. NACA Executive Director Bruce Marks states, “We know this program will be the tremendously successful California, as it has in cities across the South and along the Atlantic Coast. We know there are many people who pay very high rents but just can’t save enough for the down payment and closing costs.
NACA also provides free comprehensive services including workshops, individual counseling, buyer-brokerage services and post-homeownership assistance, are provided free to the borrower. Marks added, “Some say this program is to good to be true, well we say, ‘take a closer look, it is even better than it seems.’ ”
The program will be introduced at the following home buyer workshops: (List up coming Workshops)
Interested prospective homebuyers can call NACA toll free at 1-888-302-NACA for information.