INDIANAPOLIS — In today's challenging housing market, high home prices, large interest rates and low inventory have made buying a home increasingly difficult for many Americans.
According to research from J.P. Morgan, conditions are expected to worsen. However, a nonprofit organization, the Neighborhood Assistance Corporation of America (NACA), is working to ensure home ownership remains attainable for everyone.
"We have done 75,000 mortgages, and we have a foreclosure rate of 0.00012," said Bruce Marks, founder and CEO of NACA.
NACA assists low to middle-income individuals and families across the country in achieving home ownership by offering solutions that include no down payment and no closing costs.
"Buying traditionally was costly on my end, and I was just like, I can't afford the cost," Angela Stephens, a recent participant in NACA said.
Stephens moved into her new home in Merrillville, Indiana, in February. She credits NACA with making her dream of home ownership a reality.
"I felt like I was in a dream, but I knew it was happening, but it felt like a dream," she explained.
The NACA program provides counseling for prospective buyers, guiding them through the home-buying process and pairing them with realtors to help find their new homes. They cater to both low and middle-income buyers, with the median income in Indiana estimated at approximately $70,000, according to the U.S. Census Bureau.
"It is tough to save for the down payment and the closing cost, so the NACA solution is no down payment, no closing cost," Marks said. "The bank doesn't require it, and the bank eats the closing cost."
Unlike traditional lenders, NACA does not solely rely on credit scores. Instead, they consider the last 12 months of a potential client's payment history on rent and other manageable bills.
Marks believes that increased home ownership leads to stronger communities.
"The most effective crime fighter is a homeowner. That homeowner is going to defend their property in the neighborhood," he said.
In an effort to reach more prospective buyers, NACA is hosting an "Achieve the Dream" event in Indianapolis. The event will take place at the Indiana State Fairgrounds from June 27 to June 29, from 8 a.m. to 8 p.m. each day. For more information about NACA, interested individuals can visit their website.
