CHARLOTTE, N.C. -- Hundreds of people turned out Thursday hoping to qualify for a low-cost mortgage that would enable them to own their own home.
The Neighborhood Assistance Corporation of America, or NACA for short opened the first day of its "Achieve the Dream" event, offering mortgages that sound too good to be true.
Bruce Marks, the founder and CEO of NACA said the mortgages were, "No down payment, no closing cost, and no fees."
NACA is a non-profit organization that grew out of the recession of 2008 when people were losing their houses to foreclosure.
NACA worked with area banks to reduce payments.
NACA's new program works again with banks, like Charlotte-based Bank of America, to reduce mortgage rates for home buyers who can not afford traditional mortgages.
"We spend a lot of time going over their budgets. Its really the financial management that we are helping them with so they become ready for home ownership," said Marks.
Charlotte Mayor Vi Lyles, who has been seeking solutions to the lack of affordable housing, said the city is backing the program with grants to supplement the mortgages.
"Working with NACA we are able to combine our down payment assistance program with their loan modification program giving more opportunities for people to own a home," Lyles said.
The NACA event runs each day through Sunday from 8 a.m. to 8 p.m. It is being held at 5835 Executive Center Drive in the Charlotte East Business Park.
Anyone interested should bring financial information including pay stubs, and tax returns.