{"id":14247,"date":"2018-10-16T16:19:17","date_gmt":"2018-10-16T16:19:17","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=14247"},"modified":"2018-10-16T16:19:18","modified_gmt":"2018-10-16T16:19:18","slug":"zero-down-loan-program","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/zero-down-loan-program\/","title":{"rendered":"Zero-Down Loan Program"},"content":{"rendered":"

Zero-Down Loan Program<\/h1>\n
\"Zero-Down<\/a>

Zero-Down Loan Program<\/p><\/div>\n

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A new effort is underway to raise the low rate of home ownership among under served groups of home buyers. The Neighborhood Assistance Corp. of America is hosting several events across the country, helping borrowers with low credit scores to apply for 15- or 30-year mortgages with cheaper interest rates. One such recent event in Miami drew thousands looking for a chance to get a no down payment, low-interest-rate mortgage. NACA officials say more than 10,000 potential borrowers have attended various NACA events in cities such as Charlotte, N.C., and Atlanta.<\/p>\n

\u201cThe low rate of home ownership and number of mortgages for low- and moderate-income people, and for minority home buyers, is a national disgrace,\u201d NACA CEO Bruce Marks told CNBC. \u201cThere have been zero foreclosures among the loans that we\u2019ve originated in the past six years.\u201d Bank of America is backing the NACA program with $10 billion in mortgage commitments.<\/p>\n

Borrowers are required to go through an education session about the program, as well as counseling for budget planning to make sure they can afford a mortgage payment. They also must still submit all necessary documents, such as income statements amd phone bills. The program serves only those who are buying a primary residence, not an investment property. The loans for 15- or 30-year fixed-rate mortgages are below market, at around 4.5 percent. \u201cThat\u2019s what\u2019s going to help people who\u2019ve been locked out of home ownership really become homeowners and build wealth,\u201d Marks told CNBC.<\/p>\n

However, critics of the program are concerned that loans with no down payment requirement could carry too much risk. Program officials say buyers have \u201cskin in the game in a real way,\u201d meaning it\u2019s their home and an investment for their family. \u201cWe have seen significant wins in this partnership,\u201d A.J. Barkley, senior vice president of consumer lending at Bank of America, told CNBC. \u201cJust to be clear, when we get those loans with all the heavy lifting here, we\u2019re over a 90 percent approval, meaning we actually underwrite the loans for 90 percent of the people who go through this program.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\u201cThousands Line Up for Zero-Down Payment, Subprime Mortgages<\/a>,\u201d CNBC (Oct. 12, 2018)<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Zero-Down Loan Program A new effort is underway to raise the low rate of home ownership among under served groups of home buyers. The Neighborhood Assistance Corp. of America is hosting several events across the country, helping borrowers with low credit scores to apply for 15- or 30-year mortgages with cheaper interest rates. One such … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-14247","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nZero-Down Loan Program - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/zero-down-loan-program\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/zero-down-loan-program\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/zero-down-loan-program\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Zero-Down Loan Program\",\"datePublished\":\"2018-10-16T16:19:17+00:00\",\"dateModified\":\"2018-10-16T16:19:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/zero-down-loan-program\\\/\"},\"wordCount\":378,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/zero-down-loan-program\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/10\\\/10162018.gif\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/zero-down-loan-program\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/zero-down-loan-program\\\/\",\"name\":\"Zero-Down Loan Program - 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