NACA — the nation’s largest nonprofit HUD-certified housing counseling and community advocacy organization — announced Tuesday a commitment of $20 billion for NACA’s Best in America mortgage that is now available to Alabama homebuyers. NACA is also bringing jobs and is seeking community activists across the state.
The Neighborhood Assistance Corporation of America and Bank of America recently announced the extension of their affordable homeownership program through May 2027.
The program provides mortgages to predominately minority low-to-moderate income homebuyers who otherwise might not have the opportunity to become a homeowner.
NACA has made affordable homeownership a reality for more than 9,100 households over the last two years and more than 70,000 mortgages since 1996.
The NACA mortgage is extraordinary with no down payment, no closing costs, no private mortgage insurance and with broad underwriting criteria. The new agreement with Bank of America provides an incredible fixed interest rate of just 2.0 percent for a 30-year mortgage and just 1.375 percent for a 15-year mortgage (as of 6/15/21) for all low- to moderate-income borrowers. This is also available to higher-income borrowers who are buying in a lower-income area.
NACA claims that this will create unprecedented homeownership opportunities in Alabama for low- to moderate-income buyers. The NACA mortgage uses character-based underwriting rather than one’s credit scores.
Bruce Marks is NACA’s CEO and founder.
“We have destroyed the myth that lending to lower income or borrowers of color is risky and thus requires higher interest rates and more restrictive terms,” Marks said. “The demand for the NACA program is massive and NACA is meeting the challenge. Nothing has even been done on this scale for homebuyers historically locked out of affordable homeownership.”
NACA will also be forming Neighborhood Action Committees throughout the state. These committees are organized at the precinct level to create a community task force to solve neighborhood problems and access resources often not readily available.
NACA has also announced that it is hiring for multiple positions throughout the state, including housing counselors, mortgage consultants, administrative positions, community organizers and others. A full listing of positions available can be found on the NACA website.
“We will be bringing a special event to the Birmingham area in the very near future to provide same-day approvals for homebuyers, hire new staff and create NACs on-the-spot. Until then, we invite everyone to begin their NACA journey, whether buying a home, applying for a job or serving your community as a NAC member, at our website.”
NACA was started in 1988. It is the largest HUD-certified nonprofit, community advocacy and homeownership organization in the United States with over three million members.
NACA has been at the forefront in fighting predatory lending and has been the most effective organization in providing affordable solutions to over 250,000 homeowners. NACA provides its Best in America Mortgage nationwide through its 48 offices and counseling center.
NACA’s founder and CEO Bruce Marks was named Bostonian of the Year for 2007 for his work in getting the major lenders and servicers to modify unaffordable and predatory home loans. He has also testified before Congress on numerous occasions including Sept. 10, 2000. Marks was one of the few to sound the alarm of the pending mortgage crisis.
