Tuesday, April 14, 2009

Low Cost Mortgage Program Helps Buyers, Sellers and Neighborhoods

What do you think of this–buying a home with an interest rate one percent below the current rate; no closing costs; no income restrictions and no points. With the current instability in the housing market, this may seem to fit in the too-good-to-be-true category.

But, it is true. The Neighborhood Assistance Corporation of America (NACA), a non-profit homeownership and advocacy organization offers this type of loan. Founded in Boston in 1988, NACA has been in the forefront of getting people into homes with mortgages they can afford. The group works with major lenders and has $10 billion in funding commitments to finance and re-finance mortgages. And, part of their mission focuses on building strong, healthy urban and rural neighborhoods, helping to stabilize the housing market.

This is a legitimate, safe opportunity to own a home that you can afford, and I can help you achieve that goal. More features of this program include:
• No down payment. However, paying one percent of the mortgage up front reduces the interest rate by .25%, a tremendous benefit.
• Perfect credit history is not required. NACA loans are based on individual credit history and positive intent to be financially responsible.
• No fees or private mortgage insurance. These costs are paid by the lender.
• Workshops and counseling. Potential mortgage holders attend a workshop to learn about this program in depth and then work with a counselor to assure success.
• Residency. Buyers must live in the home during the life of the loan. However, you can sell the property.

The aim of this program is to help people get into home ownership with fixed rate mortgages, reasonable interest rates and affordable monthly payments. Consequently, NACA programs also help homeowners who want to sell their property now.

Whether you want to buy or sell a home, I’m available to explain the NACA requirements and facilitate a mortgage that makes you comfortable. Give me a call and we’ll talk about NACA loans.

Learn more about Buying a home in St. Charles and St. Louis Counties by visiting our website.

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