Скачать или смотреть NACA Is Reinventing Mortgage Lending and Making Homeownership Dreams Come True

NACA Is Reinventing Mortgage Lending and Making Homeownership Dreams Come True

Insufficient savings, unaffordable terms, strict underwriting practices, and biases have often limited homeownership. Kelly Chapman, Senior Vice President at Bank of America, provided insightful advice on attaining long-term financial success through affordable housing, food security, and financial education in last week's Chamber Business Report podcast. One of the projects she mentioned was the bank's collaboration with the Neighborhood Assistance Corporation of America (NACA). In collaboration with Bank of America, which has pledged $15 billion of NACA’s $20 billion lending pool, the nonprofit is rewriting the rules of mortgage access.

The NACA model eliminates the traditional barriers with no down payment, no closing costs, no mortgage insurance, and no credit score requirement. Instead, approval hinges on counseling, financial habits, and readiness. Their mortgage lending model is character based, and it has approved over 70,000 mortgages with a .00012 foreclosure rate.

As the nation’s largest HUD-certified housing organization, NACA provides more than 20% of housing counseling in the U.S., offering both mortgage modification and emergency support for struggling families.

Kelly Chapman personally guided her parents through the program, helping them secure their dream home. To learn more about her experience with NACA, listen to this week's Chamber Business Report.

For more information about NACA, please visit their website at naca.com.

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