A lot of people lost their home during the subprime mortgage crisis. But the four-day event organized in Miami is giving an amazing opportunity to such people. The borrowers that have poor credit will be offered low interest rate loans with no-down payment.
Magdalene Altidor said,
I left home, it was about 4 a.m. I’m ready to purchase a home.
Various such events are held at across America which is run by Neighborhood Assistance Corporation of America or NACA, which is a Boston based brokerage.
It’s a national disgrace about the low amount of home ownership, mortgages for low- and moderate-income people and for minority home buyers. In the loans that we’ve originated in the past 6 years, zero foreclosures.
NACA and Marks were the center and front during the crisis and held various events for mass mortgage modification across the country. Bank of America is also supporting NACA by backing the program with $10 billion for mortgage commitments.
The senior vice president of consumer lending, AJ Barkley said,
“It’s total upside. We have seen significant wins in this partnership. Just to be clear, when we get those loans with all the heavy lifting here, we’re over a 90 percent approval, meaning 90 percent of the people who go through this program that we actually underwrite the loans.
Low credit score is not an issue, but the borrowers will have to attend education session about this program along with submission of necessary documents including income statements and phone bills. They will also undergo counselling for understanding monthly budget and ensure that mortgage payment be made.
The loans will be given for 15-30 years with interest rate of 4.5%. Marks said,
People have skin in the game in a real way. The people that walk away are higher-income people who look to home ownership as an investment, just like buying stocks and bonds. Working people look at their investment in home ownership for their family, for their neighborhood, for themselves.
Source: Cnbc, Freeamericanetwork