New program available to help borrower's in distress and new buyers with low FICO scores

After reading a Denver Post article this morning regarding a non-profit program that has recently come to Denver that can help some borrowers on the brink of losing their home to foreclosure, I felt the need to share the news! I knew nothing of this program before this morning, but am truly impressed with the opportunities that they are offering people in financial distress. As we all know “life happens” and some people just need a little bit of help to get their feet back on the ground. There is a program called the Neighborhood Assistance Corporation of America also known as NACA. This program helps troubled borrowers as well as new buyers qualify for new loans based on “character based” credit. The NACA helps out current borrowers by either restructuring loans with unfavorable terms if the loan to value balance is reasonable on the property, or by refinancing those loans where the loan balance exceeds the value. They offer some very favorable terms. Their interest rates are currently below market at 6.0% and borrowers can buy down their interest rate further with down payments. There are no closing costs, down payments or requirements for private mortgage insurance. All this help does not happen over night. The qualification process can take up to nine months, but if you are in the foreclosure process the proceedings may be stopped once the process with the NACA begins. The NACA cannot help every borrower, the ones it does help show a willingness to live within a budget and meet monthly obligations. Some conventional loan standards still apply to the program so a borrower’s monthly debt may not exceed 30 percent of their gross income.

They are holding another seminar here in Denver on August 23rd from 9am to 1pm, at Faith Temple at 12400 Hoffman Blvd in Aurora. For more information on the NACA you can visit naca.com. For more information on the value of your home or to sign up for our free no obligation home search visit http://www.coloradosuccessteam.com/ or email us cosmithteam@msn.com.