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2.97 Thirty year fixed rate

By Michelle Way

Real Estate Agent with AVALAR Pro Realty

June 21, 2007 04:59 PM

Today my client was quoted a 2.97 thirty year fixed interest rate believe it or not it is true. A few months ago NACA had a homebuyers workshop. Naca is a company through Bank of America that helps people with Low to moderate income afford a home. It is not credit score based. There are NO Closing Cost. Now DownPayments. and No MI. They consider themselves to be the Best Mortgage and so far I would have to agree. He is paying 15500 to get this rate but still that is awesome. Plus NACA is the only loan that I know of that will let you have a ZERO percent interest rate IMPRESSIVE. You can visit the web site at www.naca.com

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Wayne and Lynda Gomillion

Real Living Hagan Realtors | Pinehurst ~ Southern Pines, NC - Pinehurst, NC

Thanks for an enlightening post!

"The Pinehurst Home Team"

Jun 21, 2007 05:30 PM

Richard Dolbeare

Inactive - Wailuku, HI

Living the Hawaii Lifestyle

Who is underwriting the cost? Obviously such a loan can't be sold in the secondary market.

Jun 21, 2007 05:35 PM

Chuck Christensen

Your Financial Coach - Bellingham, WA

Thank you Richard...this loan could never be sold in the secondary market....because their is more too it...I have used B of A for a few loans and get their wholesale rates daily...I have never seen this one...it sounds like an Option ARM and a 30 year fixed is one of the choices...2.97 nis a interest only starter rate probable....better get more info!

Jun 21, 2007 06:30 PM

Paul Moye

Benchmark Realty - Franklin, TN

Broker, GRI, SRES

In some parts of the country based on income levels and home sales volumes there are subvented rates being used to assist those who would otherwise never qualify based on income. They have a decent credit score but are limited by their income to afford a house. These loans can be sold in a performing portfolio with other high risk loans, see these loans traditionally are paid on time by the owner for the life of the loan.

Jun 22, 2007 12:52 AM

Matthew J Blum - (retired from the business)

Palm Beach Gardens, FL

I have to be honest at first I was going to right YEAH RIGHT!! but then I followed the link. This is a great program. Thank you for sharing., I don't usually have this type of lower income but it is nice to know it is out thier.

Jun 22, 2007 11:11 AM