This morning I attended a seminar to enter a program for the Neighborhood Assistance Corporation. They are a non profit, grass roots organization that help low to moderate income people.families purchase homes. No, they just don't give out mortgages to any one; they practice proper lending and they go after lenders who prey on consumers with high interest rate and excessive fees and they advocate for better lending practices as it pertains to mortgage and credit.
How does this non profit make an impact on the economy? There are several ways. By partnering with major banks they lend billions of dollars to people to purchase homes, thus infusing money back into the economy and raising the number of home purchases. Because the program is designed to help people prepare for having a mortgage then it lessens the risk of foreclosure and if by some chance there has been a loss of income there are parameters in place that will assist with mortgage payments until circumstances change. Additionally, they advocate heavily against banks who practice predatory lending and they lobby on Capital Hill for the Senate to create new legislation for consumer rights in regards to credit.
Since they are a nonprofit money is not avaliable for big advertising thus this program is heard by word of mouth; with that I will leave you with the website for additonal information...
www.naca.com
3 comments:
I think this is a great organization. From someone who has worked within the mortgage industry I have always been a fan of organizations that not only help people into homes but also educate people on home ownership. It is not always about qualifying for the payment. It is about learning how to maintain credit and all of the other factors that go into home ownership. I had not heard of this organization before. I will check it out!
I actually attended the seminar for this program on November 8, and am just waiting on my email to get the ball rolling. I think this is a great program, provided that those who enter it are serious about owning their own and it helps those who don't really know the up and up on the mortgage industry. I'm actually excited about the program and Lord willing will be in my own home this time next year!
Also check out HUD Housing. You may have to get a fixer upper and then flip it.
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