For many North Texans, the dream of home-ownership has become a nightmare. Current mortgages are underwater. New buyers can’t qualify for loans. This weekend, one company is working to keep the dream alive.
Mandy Bates said after a recent divorce, she just wasn’t able to buy a new home.
“With my credit, it just wasn’t possible,” said Bates.
Now, she’s attending the Neighborhood Assistance Corporation of America Event. The mother is meeting face-to-face with a lender at the Fair Park Automobile Building hoping to make her dream a reality.
“Right now, the rent is more than a house payment. You don’t own anything when you’re done. It would be nice for the kids and I to get out of the apartment and own a house,” said Bates.
It’s part of a push by the non-profit group to help people struggling to buy or keep a home, and it’s free. The program works with lenders, investors, counselors and underwriters to ease the painful impact the economy has had on so many people.
“Although interest rates are low, banks aren’t really lending to people. With these loans, you don’t need perfect credit to get it,” said Darren Duarte, communications director with the Neighborhood Assistance Corporation of America. “If we can document and verify the mortgage that a homeowner is in is unaffordable, we can go as low as a 2 percent mortgage rate to get to that affordable point.”
“My income took a dive, a real bad dive,” said homeowner Larry Boeger.
The plastering contractor said jobs are harder to come by, making it harder to keep up with his mortgage. He hopes to know by the end of the day, if his lender will work with him, until he can get back on his feet.
“If the economy comes back a little bit, then I’m fine,” said Boeger.
The event runs through Monday from 8 a.m. to 8 p.m. at the Fair Park Automobile Building, 1121 1st Avenue. Get more information here.
Those planning to attend should bring with them the following documents:
- Mortgage statement
- Property tax and insurance records
- 30 days of pay stubs
- 60 days of bank statements, if W2 employee
- 6 months of bank statements if self-employed
- 2 years of income tax statements
- Any other related financial documents