Home ownership event gives people opportunity to buy affordable homes despite credit score

Local News

MEMPHIS, Tenn. (localmemphis.com) – The Neighborhood Assistance Corporation of America, a non-profit organization, is hosting a four-day home ownership event to give people the opportunity to own a home.

For two decades, NACA has had an office in Memphis. They describe themselves as advocates for low to moderate income home buyers in disadvantaged communities. Their work is to get those people to buy a home by bypassing hurdles many face.

“We believe in generational wealth. We believe in stabilizing communities and uplifting communities through home ownership. We believe that’s what provides the other opportunities and breaks down the barriers through some of the other things like crime and employment opportunities,” Washington Ryles, NACA Regional Director, said.

From Thursday until Sunday, NACA is hosting all-day workshops and seminars to get people started in the process of becoming a homeowner. The event runs from 8:00 a.m. to 8:00 p.m. each day at the Crowne Plaza Memphis East. It’s free to attend.

NACA has their own mortgage process through funding by the Bank of America but unlike traditional bank loans, they cover much of the costs without considering an applicant’s credit score.

Through a NACA mortgage, there’s no home down-payment, closing costs and fees. Ryles said they also give the market or below market interest rate.

Instead, they factor a person’s track record in the last twelve months.

“Our qualification decision is going to be based on how you’ve lived your life, how you’ve paid your bills, how you’ve worked, how you’ve paid your rent in the most recent 12 months. So we’re not going to worry about what happened 5-6 years ago,” Ryles said.

During the four-day event, applicants will go through housing and financial counseling. It’s one of NACA’s conditions to ensuring successful homeownership.

“We are going to talk to you and have some of those harder conversations to find out, have you changed that behavior? Is home ownership a priority for you? And that’s going to be based on what you’ve done really in the most recent 12 months,” Ryles said.

Andraneka Townsend, a single mother from Memphis, was working two jobs to try and buy her first home and was saving up for closing costs when she learned about NACA.

“Saving money as a single parent, that makes a significant importance to me to make sure, for the long term, that I can afford the home. So, I attended my first workshop I believe it was July of last year and I ended up closing on my home November the 16th of last year,” Townsend said.

Townsend added that she then used the money she was saving for closing costs to buy down her interest rate even further.

“With the interest already being lower, that’s money that I can put aside towards my retirement or to my son’s educational fund or something like that, so that’s why it was so important to me,” she said.

People that already own a home but may have a high interest can also attend the event to get their rate lowered.

Attendees are required to bring a series of documentation for NACA to look over and approve: most recent pay stub, the last two years of W-2s and tax returns, the last 90 days of bank and credit card statements for all accounts. Self-employed individuals would need 12 months of bank statements.

For more information, visit https://www.naca.com/.

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