FOR IMMEDIATE RELEASE
May 20, 2020
NACA CREATES NEW MORTAGE LENDING STANDARDS AND OPPORTUNITIES
(BOSTON– May 20, 2020) – Mortgage industry history was made over the past weekend as thousands of homebuyers were counseled in the first of a series of massive virtual homebuying events. NACA, America’s largest HUD certified counseling agency, conducted the entirely online event in which buyers were given access to NACA’s extraordinary 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 5/19/20).
More than 7,500 people were counseled during NACA’s first-ever virtual Achieve the Dream Event over four days, May 14-17. NACA made use of its state-of-the-art technology to allow thousands of primarily low- and moderate-income homebuyers to access NACA’s Best in America mortgage program to buy a home with the best terms in the country. Many were NACA Qualified (i.e. pre-approved) the same day, all without leaving the comfort and safety of their homes.
By making use of webinars, videoconferencing and electronic document submission, homebuyers were able to complete NACA’s process to be qualified for NACA’s unequaled mortgage product. The virtual Achieve the Dream event used the same four basic steps as their live Achieve the Dream events conducted across the country the past two years. During the virtual event, homebuyers:
- Attended an online version of NACA’s Homebuyer Workshop to learn how the NACA program works and to learn how to become NACA members.
- Uploaded required documents to their NACA file.
- Met with a NACA counselor by videoconference to review readiness for homeownership and an affordable payment.
- Met with a NACA underwriter by video conference or phone to be NACA Qualified (i.e. pre-approved) or their next steps.
NACA, with $15 billion of this outstanding mortgage, uses character-based underwriting instead of credit scores to qualify buyers. As a result of the phenomenal success of the first event, additional events are scheduled through May with more coming in June to meet the greater-than-expected demand.
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
Michelle Gutierrez, California: https://vimeo.com/419332120
Akele Gause, North Carolina : https://vimeo.com/418986325
Nyeisha Morris, North Carolina: https://vimeo.com/419150194
NACA Founder and CEO Bruce Marks said, “Just as with our live events, our counselors and underwriters were staying until one o’clock in the morning to make sure every single person was helped. 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.”
Registration for the second and third virtual Achieve the Dream Events May 21-24 and May 28-June 1 is already full, and the series will be continued well into June.
Bruce Marks continued, “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. Even more homebuyers will now have the opportunity to take advantage of the unbeatable terms of the NACA program and do so on a scale never seen before.
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.