Georgia Honors Bruce Marks

NACA Founder and CEO Bruce Marks with Ambassador Tunde Adentunji as Mr. Marks received the Outstanding Citizen of the State of Georgia Award from the Georgia Secretary of State’s Office for NACA’s long history and continuing efforts on behalf of homeowners statewide!

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Bruce Marks Receives Prestigious Phoenix Award

Melissa Mullinax, Senior Adviser to ‪#‎Atlanta‬ Mayor Kasim Reed, presents the prestigious Phoenix Award to Bruce Marks, NACA CEO, during a ceremony today at our ‪#‎AmericanDreamTour‬ event at AmericasMart. The Phoenix award is the highest award given by the Atlanta Mayor’s Office for for service to the Atlanta community and beyond!

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NACA CEO TO RECEIVE MULTIPLE AWARDS AT ATLANTA EVENT TODAY

 

FOR IMMEDIATE RELEASE
Press Release – 5/15/2015

CONTACT:

Ricardo Herrera, Director of Communications, Cell: 704-962-1605; rherrera@naca.com
Tim Trumble, Media Coordinator, Cell: 704-451-8502; ttrumble@naca.com

Bruce Marks, NACA CEO, Cell: 617-835-4477; bmarks@naca.com

 

BRUCE MARKS AND NACA TO RECEIVE PHOENIX AWARD FROM MAYOR REED, SPECIAL PROCLAMATION FROM THE CITY OF ATLANTA AND LETTER OF COMMENDATION FROM GOVERNOR DEAL

 

AWARD CEREMONY 2:00PM FRIDAY AT NACA EVENT

 

(ATLANTA, GA – May 14, 2015) – Bruce Marks and NACA (Neighborhood Assistance Corporation of America) will receive the Mayor of Atlanta’s highest award, the prestigious Phoenix Award, a special proclamation from the Atlanta City Council and a Letter of Commendation from Governor Nathan Deal’s office recognizing NACA’s work in saving thousands of homes from foreclosure in the Atlanta area.

 

All three awards will be presented at a special ceremony to be conducted during the first day of NACA’s American Dream Event which opens Friday at AmericasMart, Building 3.  The ceremony will be at 2:00pm Friday, May 15th. Melissa Mullinax, Senior Advisor to Mayor Kasim Reed, will present both honors on behalf of the City of Atlanta, and Joyce McKibbon, former Mayor of the City of Lithonia will present the letter from Governor Deal. The American Dream Event runs through Tuesday, May 19th from 8:00am to 6:00pm each day.

 

“We are deeply honored by this very rare triple recognition,” said Mr. Marks. “Atlanta has always given us a very warm welcome when we have come to do an event here, and the response from both homeowners and home buyers has always been tremendous. We have done more events in Atlanta than any other city in the United States, and our local office is the busiest NACA office in the country. Atlanta has always been one of the key cities in our 27-year fight for homeowners, and this acknowledgement means a great deal to all of us at NACA”.

 

The Phoenix Award is the highest honor an individual or group can receive from the Mayor of Atlanta. The award recognizes outstanding achievements and service to the city, state, nation or world. Recent Phoenix Award winners include individuals such as Nobel Peace Prize winner Muhammad Yunnus, five-time world heavyweight champion Evander Holyfield, Tyler Perry, WSB-TV Channel 2 journalist Monica Pearson and Turner Broadcasting System Chairman and CEO Philip Kent.

 

The Proclamation from the City Council names May 13 through 19 as NACA Home Ownership Week in recognizing “Bruce Marks’ and NACA’s outstanding achievements and continuing work in creating and preserving home ownership for thousands of Georgians”.

 

In addition, Governor Nathan Deal’s office has issued a special Letter of Commendation recognizing Mr. Marks’ and NACA’s success in saving homes from foreclosure and aiding Georgians in becoming homeowners.  The Governor’s commendation will also be presented at the ceremony by Joyce McKibbon, former Mayor of the City of Lithonia, who in fact purchased her home through the NACA Purchase Program.

 

Several additional leaders from the political, religious and business communities are also expected to be on hand to witness the award presentation on Friday.

 

Mr. Marks has been recognized on numerous occasions nationwide for the work he and NACA have done on behalf of the American homeowner, including Mr. Marks’ being named “Bostonian of the Year” by the Boston Globe in 2007.

 

Boston Globe: Bostonian of the Year

CNN: One man’s fight against Foreclosures
New York Times: The Homebuyer’s Champion

CBS Evening News: $17 Billion Mortgage Settlement

Detroit Neighborhood Initiative: Mortgage Announcement for City of Detroit Residents

 

 

About NACA (www.naca.com):
NACA, Neighborhood Assistance Corporation of America, is one of the largest HUD certified counseling agencies with more than two million members. NACA is the largest and most effective organization in modifying mortgages and provides the best mortgage in the country He has also testified before Congress on numerous occasions including September 12, 2000, being one of the only people to sound the alarm of the pending mortgage crisis. For more information go to www.naca.com.

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Atlanta American Dream Event Opens Friday

*****MEDIA ADVISORY*****
FOR IMMEDIATE RELEASE
Press Release – 5/8/2015

CONTACT:

Ricardo Herrera, Director of Communications, Cell: 704-962-1605; rherrera@naca.com
Tim Trumble, Media Coordinator, Cell: 704-451-8502; ttrumble@naca.com

 

THE MOST SUCCESSFUL HOME OWNERSHIP EVENT IN U.S. HISTORY RETURNS TO ATLANTA FRIDAY

(May 8, 2015– Atlanta. GA ) – NACA (Neighborhood Assistance Corporation of America), the nation’s largest HUD Certified non-profit, will be conducting its one and only American Dream Tour Event in Atlanta for five days, starting next Friday, May 15th.  The American Dream Tour Event will take place at AmericasMart, Building 3 at 250 Spring Street NW in downtown Atlanta.  Doors will be open from 8:00am to 6:00pm each day.

 

In spite of suggestions to the contrary, a mortgage crisis still exists in the United States. More than seven years after the housing bubble burst, there are nearly one million homes across the country still in some stage of the foreclosure process and seven million homes still seriously underwater with mortgage balances more than 25% greater than the value of the home.  The NACA American Dream Event is the nation’s largest and most effective homeownership event. NACA has conducted more than 150 such events across the country, resulting in more than a quarter-million homeowners receiving affordable mortgage modifications and saving their homes from foreclosure.

 

“Millions of homeowners across the country still have a great need for help, so NACA continues to be relentless in advocating for homeowners” states Bruce Marks, Founder and CEO of NACA. “We do not take no for an answer and encourage the homeowners to continue to advocate. This includes filing complaints with government regulators such as the CFPB to have them monitor the decisions of the lenders.”

 

This will be the only opportunity this year for area homeowners facing foreclosure or with unaffordable mortgages to have an opportunity to meet face-to-face with their lender/servicer to obtain a same day affordable solution.  ALL NACA SERVICES ARE FREE OF CHARGE.
NACA’s American Dream Tour event gives homeowners the unique opportunity to meet face to face with their lender along with a NACA advocate to obtain an affordable solution the same day, thanks to the legally binding agreements has with all the major lenders plus investors Fannie Mae and Freddie Mac. Many homeowners have their interest rate reduced to as low as 2% and possibly receive a principal reduction, saving hundreds and sometimes more than a thousand dollars a month on their mortgage payment.

 

This will be NACA’s one and only event in Atlanta during 2015, so it is crucial that everyone in the area take advantage of this opportunity to meet with their lender for a same-day solution to their unaffordable mortgage.

 

Homeowners with Bank of America loans can still potentially benefit from last year’s $17 Billion mortgage settlement with the Justice Department. Homeowners with loans from any major lender can also benefit from the terms of the National Mortgage Settlement as well as other settlements. Since all of NACA’s services are free, homeowners have everything to gain and nothing to lose. 
NACA’s Purchase Program will also be highlighted at the event, including the game-changing 15-year Freedom Loan introduced last September. This historic mortgage program allows homeowners to build personal wealth rapidly through a shorter term loan that starts with a lower interest rate than a standard 30-year mortgage, plus features an aggressive interest rate buy down feature that allows the interest rate to be lowered to virtually zero.

 

Just as with NACA’s 30-year mortgage, home buyers who qualify at the event for NACA’s Best in America Mortgage do so with no down payment, no closing costs, no points or fees. Everyone receives a below market interest rate without consideration of their credit score, but based on their individual circumstances. Homeowners and homebuyers can again realize the dream of affordable homeownership. For documents needed and to register, go to www.naca.com or call 281-968-6222. Walk-ins are welcome.

 

NACA’s Home Save and Purchase programs have been highlighted on the national and local news as the most effective in providing affordable homeownership, including the recent history making Detroit Neighborhood Initiative:

CNN: One man’s fight against Foreclosures
New York Times: The Homebuyer’s Champion

CBS Evening News: $17 Billion Mortgage Settlement

Detroit Neighborhood Initiative: Mortgage Announcement for City of Detroit Residents

 

About NACA (www.naca.com):
NACA, Neighborhood Assistance Corporation of America, is one of the largest HUD certified counseling agencies with more than two million members. NACA is the largest and most effective organization in modifying mortgages and provides the best mortgage in the country. NACA 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 for borrowers who come through NACA. See Bostonian of the Year. He has also testified before Congress on numerous occasions including September 12, 2000, being one of the only people to sound the alarm of the pending mortgage crisis. For more information go to www.naca.com.

 

 

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DENVER, CO JOB FAIR THIS SATURDAY!

For Immediate Release

May 5, 2015

Contact:

Christian Cisneros, NACA Denver Office, 303-694-5437, christiancisneros@naca.com

Tim Trumble, NACA Media Coordinator, 617-947-2632, ttrumble@naca.com

 

NACA TO CONDUCT JOB FAIR IN DENVER THIS SATURDAY

 

NACA, the Neighborhood Assistance Corporation of America, will conduct a Job Fair at Saturday May 9, 2015 from 11:00 A.M. to 4:00 P.M. at the Embassy Suites Hotel located at Tamarac Square, 7525 East Hampden Avenue, Denver, CO 80231.

NACA is the nation’s largest HUD certified, non-profit home ownership and community advocacy organization.

NACA is presently seeking Mortgage Consultants for our Denver office. Our Mortgage Consultants work with homebuyers to assist them though the process to become HOMEOWNERS.

NACA offers a competitive compensation plan and excellent benefits including:

Excellent single/family health

Dental PPO

401K

NACA is the most exciting and growing organization in the country.  NACA is a high-profile organization, with its program and advocacy frequently featured in the national and international media.  We are a national non-profit homeownership HUD-certified counseling and community advocacy organization. NACA has been highlighted in the national news and its 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 for borrowers who come through NACA.

NACA was most recently featured nationally for its groundbreaking Detroit Neighborhood Initiative in cooperation with the City of Detroit, Bank of America and the Detroit Land Bank in order to rebuild home ownership through a mortgage and rehab program never seen before in American history, designed to rebuild Detroit’s neighborhoods.

NACA is also currently seeking Residential General Contractors, Real Estate Agents and Inspectors.  For more details, please visit our website and click on Vendors. 

For additional information on NACA and its mission, go to www.naca.com.

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My NACA Testimonial – Please feel free to post

Our Thanks to Ms. Erica Jackson for sharing her NACA journey with everyone:

 

From: Erica Jackson
Sent: Friday, April 24, 2015 11:48 AM
Subject: My NACA Testimonial – Please feel free to post

 

My NACA Journey…

I was referred to NACA by Veralisa Hunter of Covenant Community Capital and I begin my NACA journey on September 27, 2014 by attending the orientation workshop.  There was so much information covered and I left feeling encouraged and motivated to do what it would take to buy my first home.  I went home and read the workshop booklet from cover to cover.  I highlighted portions and I made my list of questions for my first meeting.  I met with my counselor Anthony Brownell during the first week of October.  Immediately we hit it off; Anthony was impressed that I came with all my paperwork ready and I was relieved that he did not judge me based on my credit report.

Anthony walked me through the process and we set up a game plan to get me into my own home.  At each one of our follow up meetings I would come prepared with the completed action items from our previous meeting.  Also at each meeting Anthony would continue to encourage me that I would be in my own home with a great interest rate.  Then in January 2015 just 4 months after my orientation meeting I qualified!  I was so excited and pumped for the next step in the process and that was finding a home.

My realtor attended the qualification workshop with me and that weekend we went house haunting.  I found my dream home and put in an offer on Sunday, the sellers accepted the offer on Tuesday and the closing process began.  During this time I met Mrs. Leatha Moore the new office manager for the Houston office.  Ms. Leatha is such a warm person, she always greeted me with a  smile and encouraged me throughout the closing process.

During closing there were some hiccups along the way but both Anthony and Ms. Leatha advocated on my behalf and were in constant communication with me throughout the process.  The two of them made my NACA experience awesome and on March 27, 2015 (exactly 6 months from the start of my journey) I closed on my dream home!  Not only am I a first time homeowner I purchased a $200,000 home with a 2.5% FIXED interest rate for 30 years!  Anthony was right, not only did I find my dream home I was able to buy it at an awesome rate.

The things I learned during my NACA experience have been amazing and I will no longer be a victim of predatory lending of any kind (that includes auto loans)!  I have recommended NACA to everyone I know and I have spoken about my great experience in public; at my church Debt Boot Camp class, on public radio in Houston, and posted on several social media sites.  Thanks to Anthony and Ms. Leatha not only am I a home owner I am a more educated consumer.

Thank you NACA for all that you do!

Erica Jackson

 

 

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Historic Homebuyer Workshops this Saturday – Thousands to Attend

*****MEDIA ADVISORY*****
FOR IMMEDIATE RELEASE
Press Release – April 24, 2015

CONTACT:

Tim Trumble, Media Coordinator, Cell: 617-947-2632ttrumble@naca.com

 

 

Historic Homebuyer Workshops this Saturday – Thousands to Attend

(Detroit, Michigan) – More than five thousand Detroit-area residents are ready to become homeowners and will attend NACA’s Homebuyer workshops this Saturday conducted under the new Detroit Neighborhood Initiative announced by Mayor Mike Duggan last week.

NACA (Neighborhood Assistance Corporation of America) will be conducting its first workshops for Detroit residents who want to become homeowners under this historic program. The workshop will be held this Saturday, April 25th at Pure Word Missionary Baptist Church, 20011 Grand River Avenue in Detroit. Two sessions will be conducted at 9:30 a.m. and 2:00 p.m.

“Anyone who wants to become a homebuyer needs to come to the workshop to take the first step in becoming a homeowner”, according to Bruce Marks, Founder and CEO of NACA, the largest HUD certified non-profit. “If you’re determined to become a homeowner, we will make sure that happens. This product is that good, this partnership with Bank of America is that good, and this relationship with the City of Detroit is that good.”

The Detroit Neighborhood Initiative has created a homeownership package that unprecedented in American history.  NACA’s groundbreaking program includes:

  • No down payment, No closing costs, No fees
  • Below market fixed rates (3.5% – 30 year / 2.875% – 15 year as of 4/23/15)
  • Everyone receives the same terms
  • An aggressive Interest Rate Buy-down Program that can reduce the interest rate to virtually zero
  • Available on all property types: new, existing, single to four family, condo
  • RENOVATION FUNDING INCLUDED IN MORTGAGE
  • Credit Score never considered in mortgage process, instead the Homebuyers individual payment history is utilized
  • Underwriting done by NACA
  • Homes purchased through the Land Bank using this program are eligible for loan to value ratios of up to 150%.

NACA’s CEO Bruce Marks will be at the workshop at 10:00 a.m. Saturday April 25th with other church and community leaders. Mayor Mike Duggan hailed the Detroit Neighborhood Initiative by saying “Now, we’re finally going to open up mortgages to a much larger pool of Homeowners in the city.”

The Detroit Free Press in an extraordinary editorial titled “Mortgage Program is Key to Detroit’s Future” stated the significance of this program.  The editorial states “Duggan has been working for months to come up with a solution, and the program with Bank of America and NACA is the product of a good deal of ingenuity and creativity.  The mayor had no choice, though.  Nearly everything he hopes to do in Detroit hinges on the ability of average people being able to buy and finance houses in neighborhoods all over the city according to traditional lending terms.”   That is reinforced with the fact that there were only 400 mortgages all of 2014 in Detroit.

Media Links:

CNN: One man’s fight against Foreclosures
New York Times: The Homebuyer’s Champion

CBS Evening News: $17 Billion Mortgage Settlement

 

Detroit Neighborhood Initiative Press Conference: Mortgage Announcement for City of Detroit Residents

Detroit Free Press: Mortgage Program is Key to Detroit’s Future
About NACA (www.naca.com):
NACA, Neighborhood Assistance Corporation of America, is one of the largest HUD certified counseling agency with more than two million members. NACA is the largest and most effective organization in modifying mortgages and provides the best mortgage in the country. NACA has been highlighted in the national news and its 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 for borrowers who come through NACA. See Bostonian of the Year. He has also testified before Congress on numerous occasions including September 12, 2000, being one of the only people to sound the alarm of the pending mortgage crisis. For more information go to www.naca.com.

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NACA Student Debt Advocacy Summer

NACA is seeking 15 to 20 students and others to serve as intern-activists for our groundbreaking Student Debt Advocacy Summer initiative.

NACA is again at the forefront of the fight for Economic Justice in the United States, this time bringing its trademark non-violent activism to the student debt crisis that has crippled millennials and others as they seek to become productive members of society while also hindering America’s economic recovery.

Accepted candidates will spend the summer working in NACA’s National Headquarters in Boston, spearheading the organizing of students and others across the country to take on the unaffordable student debt issue.

Plans for the Student Debt Advocacy Summer include the organization of a Student Debt Strike in which those with massive student debt will withhold paying their student loans for one month to send a message to the politicians across the country protesting the more than $60 BILLION in profits the government is making as it finances more than 90% of the nation’s student loans.

Among the key points of the Summer Student Debt Initiative:

  • Quality education should not be denied to deserving young people because of cost. However, many cannot presently receive the quality education they need to go into the career they desire unless they go into huge amounts of personal debt and entering into what is effectively a new form of indentured servitude.
  • Inclusion of student debt in bankruptcy proceedings. Currently, student loans cannot be dismissed in bankruptcy. Bankruptcy judges should have the discretion of dismissing student debt in a Chapter 7 bankruptcy or including it in a Chapter 13 payment plan if they deem it appropriate.
  • Government should stop looking at students as a profit center.  Instead student assistance programs should be viewed as an investment in our nation’s future.
  • Government regulators need to shut down for-profit schools that provide no genuine educational benefit and exist only for the purpose of generating revenue for themselves.

Current student debt in the United States totals more than $1.1 TRILLION, half of which has been acquired in just the past five years. This massive debt amount has created a generation of “boomerang” students who return to their parents’ home after graduation because they are unable to afford to buy a home, buy a decent car or generally become fully participating members of the American economy.  In many cases, this debt load is even preventing young people from marrying and starting families.

NACA is seeking the best and the brightest for this history-making Student Debt Advocacy Summer project and will only accept those who have a true passion, a “fire in the belly” for this cause.

Other qualifications:

  • Attention to Detail
  • Top Communication Skills
  • Able to Motivate and Lead Others

As a part of NACA’s Student Debt Advocacy Summer, you will be in the vanguard of taking on this huge issue and its widespread effect on millions of individuals as well as the nation’s economy. This is not a partisan political issue. Rather, it is about each person having the opportunity to be successful through their own merit.

NACA has fought for homeowners for 27 years through its relentless advocacy. NACA’s history includes changes to the Taft-Hartley Act, creation of innovative mortgage lending programs to benefit low and moderate income homebuyers and saving more than a quarter million homes from foreclosure since the burst of the housing bubble.

Applicants should send a resume and a letter detailing why they are passionate about this issue and want to be a part of NACA’s Student Debt Advocacy Summer. Send the resume and letter via email to ttrumble@naca.com for consideration.

This is an outstanding opportunity to become a part of NACA as it prepares to make history again, expanding its fight for Economic Justice through the Student Debt Advocacy Summer initiative.

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Detroit Neighborhood Initiative

The City of Detroit is teaming up with the Neighborhood Assistance Corporation of America (NACA) and Bank of America to create the Detroit Neighborhood Initiative.

Through the program, potential homebuyers can apply for mortgages with rates between 2.75 and 3.5 percent, including funding for renovations.

Bruce Marks, founder and CEO of NACA, said the Detroit-exclusive program is “historic.” “Where else can you have a fully renovated house, paying less than $400 [per month]? It doesn’t happen.” Marks said. “Except it’s GOING to happen for many, many Detroit homeowners.”

The Detroit Neighborhood Initiative is a cooperative effort of NACA and Bank of America.  Buyers that complete the NACA pre-purchase home buyer program can qualify for a remarkable mortgage, which includes:

  • No down payment
  • No closing costs
  • No fees
  • Below market fixed rates (3.5% – 30 year / 2.875%  – 15 year)
  • Interest Rate Buy-down:
    • 30 year – One percent of mortgage permanently reduces rate by .25% to virtually zero
    • 15 year – One percent of mortgage permanently reduces rate by .50% to virtually zero
  • Available on all property types: new, existing, single to four family, condo
  • RENOVATION FUNDING INCLUDED IN MORTGAGE
  • Credit Score never considered in mortgage process
  • Homebuyers individual payment history utilized
  • Underwriting done by NACA

Most importantly, all buyers in Detroit will have access to loans worth up to 110% of the home’s loan-to-value ratio.  For homes bought through the Detroit Land Bank the loan-to-value ratio increases up to 150%.  

To pre-qualify you can attend a workshop next Saturday, April 25 at Pure Word Missionary Baptist Church from 9:30 a.m. to 1 p.m. To register, go to the NACA website.

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Historic Lending Announcement in Detroit

 

*****MEDIA ADVISORY*****
FOR IMMEDIATE RELEASE
Press Release – April 16, 2015

CONTACT:

Tim Trumble, Media Coordinator – Cell: 704-617-947-2632; ttrumble@naca.com

 

NEW MORTGAGE PROGRAM DESIGNED TO STABILIZE DETROIT NEIGHBORHOODS – FIRST SUCH PROGRAM IN THE HISTORY OF MORTGAGE LENDING

 

NACA and Bank of America have partnered with the City of Detroit to create unprecedented mortgage program.

 

Today April 16th at 2:15 p.m. in Detroit Mayor Mike Duggan’s City Hall office, he will announce a new mortgage program that will directly address many of the problems facing those trying to be homeowners in the city of Detroit.   The Neighborhood Assistance Corporation of America (NACA), along with Bank of America, have created the “Detroit Neighborhood Initiative,” a program for homebuyers in Detroit that combines a zero down, low interest fixed rate mortgage, and other very favorable terms with rehabilitation dollars necessary to rebuild Detroit’s classic houses and neighborhoods.

 

The Detroit Neighborhood Initiative is a cooperative effort of NACA and Bank of America.  Buyers that complete the NACA pre-purchase home buyer program can qualify for a remarkable mortgage, which includes:

  • No down payment
  • No closing costs
  • No fees
  • Below market fixed rates (3.5% – 30 year / 2.875%  – 15 year)
  • Interest Rate Buy-down:
    • 30 year – One percent of mortgage permanently reduces rate by .25% to virtually zero
    • 15 year – One percent of mortgage permanently reduces rate by .50% to virtually zero
  • Available on all property types: new, existing, single to four family, condo
  • RENOVATION FUNDING INCLUDED IN MORTGAGE
  • Credit Score never considered in mortgage process
  • Homebuyers individual payment history utilized
  • Underwriting done by NACA

 

Most importantly, all buyers in Detroit will have access to loans worth up to 110% of the home’s loan-to-value ratio.  For homes bought through the Detroit Land Bank the loan-to-value ratio increases up to 150%.  

 

The NACA program is already established as the best mortgage in America, and is available in 40 other markets.  But NACA CEO and founder Bruce Marks says the Detroit program, and it’s up to 150% loan-to-value ratio is unprecedented.   “This is a game changer, which has never been done in the history of mortgage lending,” say’s Bruce Marks.  “The mayor of Detroit, Bank of America, and NACA are not only redefining neighborhood stabilization for Detroit, but are providing a national model of a true partnership that will significantly stabilize both neighborhoods and homeowners.  It shows a path forward for how hard hit communities can truly be revitalized.”

 

People interested in finding out more about the Detroit Neighborhood Initiative should go to www.NACA.com or contact NACA at 425-602-6222.  In addition, all interested homebuyers should attend the Homebuyer’s Workshop which is the first step in becoming a homeowner on these incredible terms.  The next one is as follows:

 

When: Saturday April 25

Where: Pure Word Missionary Baptist Church

              20011 Grand River Avenue, Detroit, MI 48219

Time: 9:30 AM – 1:00 PM

To register: Go to www.naca.com /register 

For more information: Contact NACA at (425) 602-6222

 

Loan Example for the Detroit Stabilization Program:

The below example of a likely loan through this program demonstrates the incredible terms and impact.  A homebuyer would have a renovated home with a fixed 30 year mortgage payment of $397 or for a 15 year payment of $593.  It is significantly less than what the homeowner would be paying in rent.  This would not be possible with any other mortgage since such terms are not available and because the depressed values in Detroit would likely value this property at $40,000 thus requiring 150% LTV to qualify.

 

                                                                                         30 Year            15 Year

Purchase Price (through Detroit Land Bank)             $5,000              $5,000

Rehab Costs:                                                                      $55,000            $55,000

Down payment:                                                                $0                        $0

Closing Costs:                                                                   $0                        $0

Total Mortgage:                                                        $60,000           $60,000

Assessed Value:                                                                $40,000              $40,000

Interest Rate (fixed)                                                        3.5%                      2.75%

Principal & Interest Payment:                                      $218                      $414

Taxes:                                                                                 $112                      $112

Insurance:                                                                         $67                        $67

Mortgage Payment:                                                $397                   $593

 

About NACA (www.naca.com):
NACA, Neighborhood Assistance Corporation of America, founded in 1988, is a non-profit, community advocacy and homeownership organization.  NACA is the largest HUD certified counseling agency with more than two million members and is recognized as the most effective organization in modifying mortgages and in providing the best mortgage in America. NACA has been highlighted in the national news and its CEO Bruce Marks was named Bostonian of the Year for 2007 because of NACA’s work in getting the major lenders and servicers to modify home loans often the same day through NACA’s American Dream Events (over 150 events nationwide). See Bostonian of the Year. He has also testified in congress on numerous occasions including on September 12, 2000, being one of the only people to sound the alarm of the pending mortgage crisis. Mr. Marks has remained the country’s foremost advocate for affordable home ownership, and was recently profiled in The New York Times as “The Homebuyer’s Champion

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