Interesting "Non Profit/co-operative" mortgage lender I came across this weekend.

[Kingshakabobo]

I didn't know there was such a thing.

Apparently, they do bail-outs of people in trouble due to predatory loans. Also, they do purchase money loans. Their rate is way below market @ 5.625% and they accept less than perfect/bad credit if their loan will put people in an affordable financial position. They appear to be a "if it makes sense" lender versus a credit rating/score based lender.

I'm in the business and I find this VERY interesting. I do a lot of first time borrower loans where people receive community/government grants but most of my loan programs are conventionally based so a certain credit score/rating is required. Sometimes we get an approval for a low rate but end up killing a customer with un-affordable PMI rates. This program has no PMI.

There is a membership fee required as well as extensive pre-approval counseling. Also, it appears as though they require you to give back to the program in the form of required yearly volunteer work.

I feel a little like Kris Kringle in "Miracle on 34th Street" because these people are my competition..... but I thought I might throw this out there for any DUers in trouble with their house payments due to predatory loans. Also, if anyone has had experience with this organization I would like to hear about it.

https://www.naca.com/index_main.jsp

The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market.

Investing in working people
The NACA homeownership program is our answer to the huge subprime and predatory lending industry. NACA has conclusively shown that when working people get the benefit of a prime rate loan, they can resolve their financial problems, make their mortgage payments and become prime borrowers. NACA’s track record of helping people who have credit problems become homeowners or refinance out of a predatory loan debunks the myth that high rates and fees are necessary to compensate for their "credit risk."

Started in 1988, NACA has a tremendous track record of successful advocacy against predatory and discriminatory lenders as well as providing the best mortgage program in America with $10 billion in funding commitments. NACA is the largest housing services organization in the country and is rapidly expanding by growing its existing 30+ offices, headquartered in Boston, MA, opening many new offices nationwide, and expanding the services it offers its membership. NACA’s confrontational community organizing and unprecedented mortgage program have set the national standard for assisting low- and moderate-income people to achieve the dream of homeownership.

[PoiBoy]

1. Thanks for the info...

..this looks VERY interesting...


:hi:

[Kingshakabobo]

2. kick

:kick:

[Kingshakabobo]

3. One more kick... for visibility. I guess I overestimated its interestingness.