FOR IMMEDIATE RELEASE
Press Release – April 24, 2015
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.
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.