(Boston, MA) NACA, the largest non-profit HUD approved counseling organization, is making mortgage history in overcoming the obstacles of this pandemic. Over ten thousand low-and moderate-income and minority homebuyers participated in NACA’s first-ever virtual Achieve the Dream event over four-days this past Thursday through Sunday. As a result of the massive demand, additional four-day events are scheduled every week through June.
During these virtual four-day events, homebuyers throughout the country receive comprehensive counseling and education to access NACA’s Best in America Mortgage: no down-payment, no closing costs, no fees at a below market fixed rate (3.125% 30-year and 2.375% 15-year as of 5/20/20). By making use of webinars, video conferencing and electronic document submission, homebuyers complete NACA’s qualification process in one day. The homebuyer attends a Homebuyer Workshop, meet with a housing counselor, and then has their file underwritten to be NACA Qualified to begin the housing search.
NACA Founder and CEO Bruce Marks said, “The online Achieve the Dream events are going to change the mortgage industry as we know it and make affordable homeownership available to more people than ever before. Nothing like this has ever been done before in the history of mortgage lending, especially at this scale. Even during the pandemic, NACA is continuing to create new homeownership opportunities on a massive scale while still protecting the health and safety of the participants and staff.”
NACA, with $15 billion in mortgage funds, $10 billion from Bank of America, dedicated to this one extraordinary mortgage product. It overcomes the four major obstacles to homeownership for working people:
- Obstacle: Significant Savings Requirement
NACA Solution: No Down-Payment & No Closing Costs
- Obstacle: Unaffordable Terms
NACA Solution: Below market fixed rate (3.125% 30-year & 2.375 15-year as of 5/21/20)
- Obstacle: Restrictive Underwriting
NACA Solution: Character-based lending with no consideration of credit score
- Obstacle: Racism & Biases
NACA Solution: Pre-approval making the homebuyer desirable for Real Estate agents, sellers and lenders.
Comments from just a few of the many people qualified at the virtual Achieve the Dream Event:
Shanetta Little, New Jersey: https://vimeo.com/419429758
Robyn Arcangel, North Carolina: https://vimeo.com/420357755
Nyeisha Morris, North Carolina: https://vimeo.com/419150194
Fox 4 Dallas: https://youtu.be/0yYV3AODw7A?list=PLOKHTNNOOuimIC1fm8sxnjg4OzHIIeY5B
CBS 3 Philadelphia: https://youtu.be/-Bfbjdui0_A
Maria Lara Testimony: https://youtu.be/L2uUrtDVBhU?list=PLOKHTNNOOuimIC1fm8sxnjg4OzHIIeY5B
CNBC at Miami Event: https://www.facebook.com/watch/?ref=external&v=564349637328357
Information and registration for Homebuyer’s Workshops and the Achieve the Dream Events are on www.naca.com.
NACA (NEIGHBORHOOD ASSISTANCE CORPORATION OF AMERICA (www.naca.com)
Started in 1988, NACA is the largest HUD-Certified nonprofit, community advocacy, and homeownership organization in the United States. NACA has been the forefront in fighting predatory lending and has been the most effective organization in providing affordable solutions to over 250,000 homeowners. NACA provides the best mortgage in the country through its 48 offices nationwide. NACA’s founder and CEO Bruce Marks was named Bostonian of the Year for 2007 because of his work in getting the major lenders and servicers to modify home loans. He has also testified before Congress on numerous occasions including September 12, 2000—being one of the few to sound the alarm of the pending mortgage crisis. For more information, please visit www.naca.com.