Non-Profit Organization Helps Chicagoans Get Low Interest Loans and Mortgages
CHICAGO – The Neighborhood Assistance Corporation of America (NACA) has been at the forefront of the fight against predatory lending.
What sets this non-profit organization apart is the fact that it doesn’t look at your credit score.
The organization looks at how much money you save and whether you pay your bills on time.
Sable Russell wanted the American Dream, and now she has it and more.
âI have two apartments above me that pay off my mortgage and I live rent free,â said Russell, who is a new owner.
The SEIU representative and single mother signed up for a homeownership workshop with NACA.
The 34-year-old was able to buy a three-unit apartment building in Woodlawn and get extra money to refurbish it.
So far Russell has added a garage and hopes to add an additional unit.
âMy interest rate for my building is 1.5%,â Russell said.
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There are no down payments, no closing costs and no fees.
US Airforce veteran Andrea Holloway chose NACA over a VA loan.
âYou have to attend a homebuyers seminar, it lasts four hours and you have to have at least a year or two of paying bills on time,â said Holloway, who recently bought a home from Homewood in January. “You have to save every month.”
The association has been in existence for 35 years and helps people with low to moderate incomes realize the American dream.
âWe have a foreclosure rate of 0.0012%. This rate demonstrates the effectiveness of the program when you do it the right way,â said Bruce Marks, founder of NACA.