NACA offers subprime loan program

Mortgage | Real Estate |

The Neighborhood Assistance Corporation of America (NACA) is offering a mortgage program for borrowers with low credit scores and no money to contribute to a down payment.

“So far more than 10,000 potential borrowers have shown up at various NACA events in cities like Charlotte, North Carolina, and Atlanta, according to [Bruce] Marks [CEO of NACA], and more are planned” according to this article by CNBC.

There are certain income requirements as well as required counseling on managing a budget and a mandatory workshop that goes over the details of the program.

Loan products include a 15 or 30- year fixed rate mortgage and the interest percentage is around 4.5%, which is currently below the market rate.

To find out more about this new program or when the next event is coming to an area near you, click here to read the entire article.

Written by Megan Blanks, Marketing Director at McManamy McLeod Heller.

*For informational purposes only. Not to be relied upon as legal advice. Nothing in this blog should be construed as creating an attorney-client relationship. MMH is not responsible for, does not endorse or accept liability for any externally linked site or its content. MMH does not give any representation regarding the safety, reliability or accuracy of the content or materials contained on any external website.