NACA (Neighborhood Assistance Corporation of America) will bring a groundbreaking lending program to the Macon Shalom Zone communities.
“The NACA program will break the conventional lending rules that have contributed to falling home ownership rates and increased blight,” according NACA Founder and CEO Bruce Marks. “We will provide loans with no down payment, no closing costs, and no need for perfect credit. In addition, these loans will be at fixed, below market interest rates with the opportunity to buy the rate down to virtually zero, and the loan may be up to 110% of the post-renovation value of homes that are in need of rehabilitation.”
One key advantage to the NACA program is the absence of a minimum loan amount for the purchase of the home.
“Many people who want to buy homes in the Shalom Zone communities are not able to get a loan from the banks. Banks will not approve anyone for a mortgage under fifty thousand dollars”, according to Mr. Austin, “yet with large numbers of unoccupied homes badly depressing housing values, many homes are available for well under that mark. It becomes a case of de-facto redlining, which in turn pushes property values even lower. NACA will not have a minimum loan amount so that we can break the downward spiral of home values.”
Interested potential home buyers may register for the free March 19th workshop on line at www.naca.com.
NACA’s partnership with Shalom Zones comes on the heels of their historic Detroit Neighborhood Initiative, begun last year in conjunction with Detroit Mayor Mike Duggan’s office and the Detroit Land Bank. More than twenty thousand people have registered for the NACA program in Detroit which is already creating new homeowners and restoring neighborhoods in one of the country’s most beleaguered cities. Officials in Buffalo, NY and Memphis, TN have also approached NACA about creating similar programs.
“NACA is both proud and honored to become a partner in the Shalom Zone effort”, according to Bruce Marks. “Their objectives are a perfect fit with NACA’s core objective of building strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership.”
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About NACA (www.naca.com):
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