The City of Newark, New Jersey, United States of America (USA) will be selling homes for $1 each. These homes will, however, need to be rehabilitated.
The Neighborhood Assistance Corporation of America (NACA), according to Mr. Sam Adjangba, a Newark based Real Estate Developer and Investor, a Mortgage Advisor, and an Energy Consultant, who is the Liaison between the Newark Property and Development Committee and NACA, will provide financing for the rehabilitation. The rehabilitation will be done by contractors approved by the Newark Property and development committee.
Participation in this program is subject to qualification. NACA, according to Mr. Adjangba, is leading the fight for Economic Justice, and is committed to helping the underserved build generational wealth through access to affordable mortgages and financial assistance.
NACA, he said further, “fights to close the racial wealth disparity gap through character-based lending. NACA takes their members’ circumstances into account to help make affordable homeownership a reality.
“NACA stabilizes Neighborhoods through ADVOCACY and ACTIVIST MEMBERS.”
Mr. Adjangba stressed further that “NACA has issued $20 BILLION in Mortgage commitments. NACA has helped 500,000 people buy homes. NACA is the largest HUD-approved counseling organization in America with many offices nationwide. NACA has $15 billion committed to the NACA Mortgage with $10 billion from Bank of America (NMLS #4082).”
He listed NACA’s mortgage benefits and features as:
No down payment
No closing costs or fees
No mortgage insurance
No Consideration of Credit Score
No Perfect Credit Required
Interest Rate Below Market Rate
According to him, below market fixed-rate mortgages as of May 3rd, 2023, is 5.5%; 30-year fixed is 5%; 20-year fixed is 5.375% while 15-year fixed
* The interest rates are the APRs since there are no closing costs, points, or fees. The interest rate for Non-priority Members are as follows: 6.5% for 30-year fixed APR; 6% for 20-year fixed APR; 6.375% for 15-year fixed APR.
Sam Adjangba is the Liaison between the Newark Property and Development Committee and NACA. He is a Newark based Real Estate Developer and Investor, a Mortgage Advisor (NMLS# 143162) and an Energy Consultant.