Mayor Marty Small encourages residents to explore NACA's mortgage program during November 13–15 event at The Claridge Hotel.
ATLANTIC CITY, N.J. — Atlantic City residents looking to purchase a home will have an opportunity later this month to explore a mortgage program that offers qualified buyers financing without a down payment, closing costs or mortgage insurance.
The Neighborhood Assistance Corporation of America (NACA) will bring its three-day "Achieve the Dream" homeownership event to The Claridge Hotel, 123 S. Indiana Avenue, from Friday, November 13, through Sunday, November 15.
The event will run from 8 a.m. to 8 p.m. each day, giving prospective homebuyers an opportunity to meet with NACA representatives, receive financial counseling and learn about the organization's mortgage program.
Atlantic City Mayor Marty Small Sr. announced the event during a November 2 news conference and encouraged residents to take advantage of the opportunity.
"Our hope is that this event will help create more homeowners right here in the Great City of Atlantic City," Small said.
"With the momentum happening in our city, the nation is taking notice and having a world-class organization like NACA bring this opportunity to our residents is tremendous. Charity starts at home, and we're committed to doing everything we can to improve the lives of our residents."
A Different Approach to Mortgage Qualification
NACA's homeownership program is designed to help prospective buyers who may face obstacles obtaining a conventional mortgage.
According to the organization, its mortgage program offers several features that distinguish it from traditional financing, including no down payment, no closing costs, no lender fees, no mortgage insurance and a low, fixed interest rate.
The program also does not use credit scores to determine mortgage eligibility.
Instead, NACA evaluates an applicant's overall financial readiness, including income, expenses, payment history and ability to afford a mortgage.
Prospective buyers must still demonstrate that they can meet the financial obligations of homeownership and satisfy the program's qualification requirements.
The program is available to people across income levels, although eligibility conditions and certain property restrictions may apply.
NACA also provides free homebuyer workshops, financial counseling and assistance throughout the mortgage process.
The absence of a down payment requirement does not mean every applicant will qualify for financing or that buyers will have no expenses associated with purchasing or maintaining a home.
Mayor Sees Opportunity to Expand Homeownership
The announcement comes as Atlantic City officials continue efforts to encourage residential investment and expand opportunities for residents to own homes.
During the news conference, Debra White of the New Jersey Department of Community Affairs shared her personal experience becoming a homeowner through NACA.
White described how the program helped her overcome barriers that can make traditional mortgage financing difficult for prospective buyers.
NACA founder and CEO Bruce Marks called the organization's approach a "solution to the homeownership crisis."
Marks emphasized the need to make affordable homeownership more accessible, particularly for households that may have sufficient income to make monthly mortgage payments but struggle to accumulate money for a down payment and closing expenses.
He also expressed interest in establishing a permanent NACA office in Atlantic City.
Such an office could provide ongoing access to counseling and homeownership services beyond the November event.
No formal announcement of a permanent Atlantic City location was made.
Thousands Expected to Explore Program
NACA holds "Achieve the Dream" events in communities across the country.
According to the city's announcement, a recent event in Atlanta attracted approximately 5,000 people over three days.
Organizers say thousands of people have already registered for the upcoming Atlantic City event.
Although the program is being promoted to Atlantic City residents, prospective homebuyers from other communities may also be interested in attending.
The event is intended to help participants understand the qualification process and begin taking steps toward homeownership.
Those who are not immediately ready to purchase a home can learn about counseling and financial preparation services that may help them qualify in the future.
How to Attend
The NACA "Achieve the Dream" event will be held Friday, November 13, through Sunday, November 15, from 8 a.m. to 8 p.m. daily at The Claridge Hotel, 123 S. Indiana Avenue, Atlantic City.
NACA's workshops, counseling and mortgage program services are provided at no charge.
Advance registration is encouraged.
Residents can obtain additional information and register through NACA's website at www.naca.com or visit the City of Atlantic City's website at www.acnj.gov.
For residents who have considered buying a home but believed the upfront costs or traditional credit requirements made ownership impossible, the event offers an opportunity to explore an alternative path and determine whether they qualify.
About the Author
Karen Johnson
With over 30 years of news experience in major markets like Los Angeles, Denver, and Columbus, Karen now covers our area for South Jersey NewsBeat. She also brings her articulate and conversational news delivery to WOND radio listeners every weekday. Her background includes work with the NBC Radio Network, and she thrives in fast-paced news environments.
