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Detroit Residents Attend Homeowner Workshop

April 26, 2015 By homegauge

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On Saturday, over 5,000 Detroit residents looking to buy homes attended a home buyers workshop put on in partnership by the Neighborhood Assistance Corporation of America and the new Detroit Neighborhood Initiative.
Stephanie Ebron, National Workshop Coordinator, stood amid hundreds of people seeking homeownership. (Photo: Max Ortiz / The Detroit News)

The Detroit Neighborhood Initiative, announced by Mayor Mike Duggan last week, allows Detroit residents to purchase a home and secure a mortgage with no down payment, closing costs or fees at below-market rates.

“This new mortgage program is going to make home ownership possible for a lot of Detroiters who currently are renting,” Mayor Mike Duggan said to The Detroit News. “It’s also going to be a great boost for our Land Bank auction program because it will allow bidders to borrow up to 150% of the value of an auction property. That means they also can access the funds they need to renovate the property and move in.”

Residents who attended the workshop, held at Pure Word Missionary Baptist Church, were surprised at the opportunity of homeownership the package makes possible.

“I was surprised at the no down payment, no fees, and no credit check,” Hoyal Glaster, 37, of Detroit, a first-time home buyer looking forward to utilizing the package said. “I didn’t know it existed before they (NACA) came to Detroit.”

“They helped me understand a lot about buying a home…and how to get a mortgage,” he said.

NACA, which has more than two million members according to its website, is a non-profit counseling agency that works to provide home owners with mortgages and helps modify current mortgages.

Bruce Mark, founder and CEO of NACA, which is certified by the U.S. Department of Housing and Urban Development, called the event “historic” and “life changing” for participants.

“It’s certainly the largest home buying event in Detroit history,” Mark said. “It shows the upward swing and reflects huge pent-up demand for home ownership.”

“Part of meeting the demand is having the workshops,” Mark said. “Detroit is a tremendous opportunity for the NACA program and home ownership.”

Demand for home ownership is so high that the workshop had to cap participants at 5,000, Mark said, but he estimates 10,000 people will go through the program in the coming weeks either online or over the phone.

“It’s the largest demand in the country ever,” he said, noting that NACA will soon be opening an office in Detroit. NACA currently has 37 offices across the country.

“When you can purchase a house for $5K and get $55K for renovations, PITI (monthly principal, interest, taxes and insurance rate) is $397 forever…that’s life changing,” Mark said. “No down payment, no closing costs, no fees…all based on a current interest rate of 3.5 percent.”

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Filed Under: Home, Ownership

NACA Home Ownership Program

April 18, 2015 By homegauge

NACA_logo
NACA Qualified & Approved Home Inspectors
Since NACA has brought the home ownership program to Michigan in 2014, Stocks Home Inspection has been diligently working with it’s members to assist them in their home buying process. We are proud to be NACA qualified & approved home inspectors, and we look forward to helping our members obtain their home ownership goals. We have been chosen to represent NACA because we are simply the best of the best, and we are committed to the success of this program.
NACA OVERVIEW

The Neighborhood Assistance Corporation of America (“NACA”) is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or modify their predatory loan with far better terms than those provided even in the prime market.

Investing in working people
The NACA homeownership program is our answer to the huge subprime and predatory lending industry. NACA has conclusively shown that when working people get the benefit of a prime rate loan, they can resolve their financial problems, make their mortgage payments and become prime borrowers. NACA’s track record of helping people who have credit problems become homeowners or modify their predatory loan debunks the myth that high rates and fees are necessary to compensate for their “credit risk.”

Started in 1988, NACA has a tremendous track record of successful advocacy against predatory and discriminatory lenders as well as providing the best mortgage program in America with $10 billion in funding commitments. NACA is the largest housing services organization in the country and is rapidly expanding by growing its existing 30+ offices, headquartered in Boston, MA, opening many new offices nationwide, and expanding the services it offers its membership. NACA’s confrontational community organizing and unprecedented mortgage program have set the national standard for assisting low- and moderate-income people to achieve the dream of homeownership.

NACA – America’s Best Mortgage Program
The incredible NACA mortgage allows NACA Members to purchase their homes with:

  • no down payment,
  • no closing costs,
  • no fees,
  • no requirement for perfect credit,
  • and at a below-market interest rate.

Everyone gets the same incredible terms, including the below-market interest rate, regardless of their credit score or other factors. NACA also provides free, comprehensive housing services. NACA counsels Members into the extraordinary NACA mortgage using character-based lending criteria that takes each Member’s circumstances into account to determine whether they are ready for homeownership and what they can afford. This is in contrast to risk-based pricing where people are often given loans they cannot afford while brokers and others make tremendous fees and profits.

Property renovation and foreclosure prevention
NACA also provides property renovation assistance and Membership Assistance for NACA homeowners. NACA’s Home and Neighborhood Development (“HAND”) Department addresses repair issues, and where appropriate provides rehab assistance throughout the renovation process. NACA’s Membership Assistance Program (MAP) provides comprehensive counseling for Members who are delinquent on their home payments, including establishing payment agreements and providing financial assistance to help Members avoid foreclosure.

Innovative technology
The NACA program has developed state-of-the-art mortgage software for web-based counseling, processing and underwriting., called “NACA Lynx”, which is the envy of the mortgage industry. This is a paperless system that allows for character lending, loan processing and underwriting to be done on a very large scale.

Powerful national advocacy
NACA has revolutionized mortgage lending with its mortgage services and advocacy. NACA’s organizing department continues the aggressive advocacy against predatory lenders and the fight for economic justice. NACA is a high-profile organization, with its program and advocacy featured in the national media, including the Wall Street Journal, Prime Time Live, Boston Globe, Washington Post, major news outlets, and local networks nationwide.

NACA’s committed staff and contacting NACA
Our staff of hundreds of dedicated staff is committed to working with you to access this incredible mortgage product and to advocate for strong neighborhoods and economic justice. We are always looking for qualified staff—see our current job listings for details. To keep updated on NACA services, campaigns, and relevant legislative happenings, sign up by clicking Contact Us.

Filed Under: Home, Ownership

Why Are Municipal Building Inspections Not Enough?

October 8, 2014 By homegauge

Here are the five essential differences between a municipal inspection by the local building department and a private inspection by a qualified home inspector:

1.  A building inspection is strictly for building code compliance, but it is possible for a home to be poorly built and still comply with code. Home inspections deal with all kinds of substandard conditions, including those that do not involve code, such as poorly fitted doors, poorly mitered trim, missing tile grout, missing shelves in cabinets, sloped floors, loose toilets and faucets, etc.

2.  A building inspection usually lasts about 15 to 30 minutes, while a home inspection lasts from 2 1/2 to 4 hours. This is because many more things are inspected and tested in the course of a home inspection.

3.  Building inspectors simply look at the completed construction. They do not test the operational condition of fixtures and appliances. Faucets are not turned on, drains are not tested for leaks, appliances are not operated, smoke and carbon monoxide detectors are not tested, and so on.

4.  Gas and electrical services to a home are not turned on until the final inspection is completed and the home is signed off. The building inspector can approve the appearance of the wiring and gas piping, but nothing is tested as part of the final inspection because you cannot test fixtures without gas or electricity. Home inspectors arrive when utilities have been turned on. They plug testers into outlets to ensure grounding, correct polarity, and ground fault protection. They operate built-in fixtures and appliances such as dishwashers, garbage disposals, lights, ceiling fans, exhaust fans, electric ovens, garage door openers, and more. They also test the gas-burning fixtures such as forced air furnaces, water heaters, gas-log fireplaces, and cooking appliances.

5.  Building inspectors perform a walk-through inspection only. They do not crawl through subareas or attics, and they do not walk on roofs. Home inspectors do all of these things, enabling them to identify construction defects that routinely go unnoticed during a municipal inspection.

Veteran home inspectors know that all brand new homes have defects of various kinds, usually minor but sometimes major. Examples include broken roof tiles, missing roof flashing, attics without insulation, furnaces improperly installed in attics, congested drainpipes, drains that leak, non-tempered glass next to bathtubs and showers, inoperative GFCI outlets, ungrounded outlets, drain vents that terminate in attics, chimneys in contact with combustible materials in attics, loose safety rails, disconnected air ducts under the house, PVC discharge pipes on water heater relief valves, and this list could go on and on.

These are the reasons why people who buy brand new homes should hire an independent home inspector. A home inspection gives homebuyers the best opportunity to take advantage of the builder’s warranty. Bypassing an inspection leaves undisclosed defects to be discovered at a later date, after the builder’s warranty has expired.

Filed Under: Home Inspection Advice

Building a Home

March 15, 2013 By homegauge Leave a Comment

If you want to build a new home, there are things you need to know before you begin. Learn about construction standards and about buying land, so you know your rights.

MPS Supplementing Model Building Codes

The Minimum Property Standards (MPS) establish certain minimum standards for buildings constructed under HUD housing programs. This includes new single-family homes, multi-family housing and healthcare-type facilities.

HUD Minimum Property Standards and How They Supplement the Model Building Codes

Until the mid-1980s, HUD maintained separate Minimum Property Standards for different types of structures. Since that time, HUD has accepted the model building codes, including over 250 referenced standards and local building codes, in lieu of separate and prescriptive HUD standards. However, there is one major area of difference between the MPS and other model building codes — durability requirements. Homes and projects financed by FHA-insured mortgages are the collateral for these loans, and their lack of durability can increase the FHA’s financial risk in the event of default. More specifically, the model codes do not contain any minimum requirements for the durability of items such as doors, windows, gutters and downspouts, painting and wall coverings, kitchen cabinets and carpeting. The MPS includes minimum standards for these, and other items, to ensure that the value of an FHA-insured home is not reduced by the deterioration of these components. [Read more…]

Filed Under: Home Inspection Advice, Home Maintenance Tips, Words of Advice

Lightning

February 28, 2013 By homegauge Leave a Comment

Lightning is the “visible discharge of static electricity within a cloud, between clouds or between the earth and a cloud,” as defined by Underwriters Laboratories. Lightning is unpredictable and a serious threat to buildings and their occupants virtually everywhere.

0_0_0_0_250_270_csupload_55031164Facts about lightning:

  • Benjamin Franklin invented the first lightning rod in 1752 –- a kite outfitted with a metal key — while waiting impatiently for the completion of a church on top of which he would mount a lightning rod.
  • Lightning comes up from the earth –- as well as down from the cloud — from high vertical features such as chimneys and trees.
  • A typical lightning bolt carries 50,000 amps, tens of millions of volts, and can reach 50,000° F. “Superbolts” may be 100 times more powerful than typical bolts, and travel much farther, too; one such superbolt went from Waco to Dallas, Texas, after having traveled about 118 miles.
  • According to the National Weather Service, of the 34 people killed by lightning in the United States in 2009, all were outside when they were struck. Thus, homes provide a great deal of safety against lightning strikes. Interestingly, the same report indicates that 82% of lightning casualties were male.
  • Permanent injuries caused by lightning strikes are predominantly neurological and can include sleep disorders, attention deficits, numbness, dizziness, irritability, fatigue, depression, and an inability to sit for long periods of time.
  • Between 2002 and 2005, lightning caused an annual average of $213 million in property damage.

[Read more…]

Filed Under: Home Inspection Advice, Home Maintenance Tips, Words of Advice

The Facts About Lead

January 31, 2013 By homegauge Leave a Comment

Did you know the following facts about lead?

FACT: Lead exposure can harm young children and babies even before they are born.
FACT: Even children who seem healthy can have high levels of lead in their bodies.
FACT: You can get lead in your body by breathing or swallowing lead dust, or by eating soil or paint chips containing lead.
FACT: You have many options for reducing lead hazards. In most cases, lead-based paint that is in good condition is not a hazard.
FACT: Removing lead-based paint improperly can increase the danger to your family. If you think your home might have lead hazards, read on to learn about lead and some simple steps to protect your family. [Read more…]

Filed Under: Home Inspection Advice, Home Maintenance Tips

Holiday Home Safety Tips

November 8, 2012 By homegauge

Happy Holidays

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The winter holidays are a time for celebration, and that means more cooking, home decorating, entertaining, and an increased risk of fire and accidents. InterNACHI recommends that you follow these guidelines to help make your holiday season safer and more enjoyable.

Holiday Lighting

  • Use caution with holiday decorations and, whenever possible, choose those made with flame-resistant, flame-retardant and non-combustible materials.
  • Keep candles away from decorations and other combustible materials, and do not use candles to decorate Christmas trees.
  • Carefully inspect new and previously used light strings, and replace damaged items before plugging lights in. If you have any questions about electrical safety, ask an InterNACHI inspector during your next scheduled inspection. Do not overload extension cords.
  • Don’t mount lights in any way that can damage the cord’s wire insulation. To hold lights in place, string them through hooks or insulated staples–don’t use nails or tacks. Never pull or tug lights to remove them.
  • Keep children and pets away from light strings and electrical decorations.
  • Never use electric lights on a metallic tree. The tree can become charged with electricity from faulty lights, and a person touching a branch could be electrocuted.
  • Before using lights outdoors, check labels to be sure they have been certified for outdoor use.
  • Make sure all the bulbs work and that there are no frayed wires, broken sockets or loose connections.
  • Plug all outdoor electric decorations into circuits with ground-fault circuit interrupters to avoid potential shocks.
  • Turn off all lights when you go to bed or leave the house. The lights could short out and start a fire.

[Read more…]

Filed Under: Home Inspection Advice, Home Maintenance Tips, Words of Advice

Protect Your Property From Water Damage

September 19, 2012 By homegauge Leave a Comment

Water may be essential to life, but, as a destructive force, water can diminish the value of your home or building. Homes as well as commercial buildings can suffer water damage that results in increased maintenance costs, a decrease in the value of the property, lowered productivity, and potential liability associated with a decline in indoor air quality. The best way to protect against this potential loss is to ensure that the building components which enclose the structure, known as the building envelope, are water-resistant. Also, you will want to ensure that manufacturing processes, if present, do not allow excess water to accumulate. Finally, make sure that the plumbing and ventilation systems, which can be quite complicated in buildings, operate efficiently and are well-maintained. This article provides some basic steps for identifying and eliminating potentially damaging excess moisture.

Identify and Repair All Leaks and Cracks

The following are common building-related sources of water intrusion: [Read more…]

Filed Under: Home Maintenance Tips

Mold, Moisture and Your Home

September 11, 2012 By homegauge Leave a Comment

0_0_0_0_250_181_csupload_49423384Mold Basics

  • The key to mold control is moisture control.
  • If mold is a problem in your home, you should clean up the mold promptly and fix the water problem.
  • It is important to dry water-damaged areas and items within 24 to 48 hours to prevent mold growth.

Why is mold growing in my home?

Molds are part of the natural environment. Outdoors, molds play a part in nature by breaking down dead organic matter, such as fallen leaves and dead trees. But indoors, mold growth should be avoided. Molds reproduce by means of tiny spores; the spores are invisible to the naked eye and float through outdoor and indoor air. Mold may begin growing indoors when mold spores land on surfaces that are wet. There are many types of mold, and none of them will grow without water or moisture. [Read more…]

Filed Under: Home Maintenance Tips

Carbon Monoxide

September 10, 2012 By homegauge Leave a Comment

Carbon monoxide (CO) is a colorless, odorless, poisonous gas that forms from incomplete combustion of fuels, such as natural or liquefied petroleum gas, oil, wood or coal.

Facts and Figures

  • 480 U.S. residents died between 2001 and 2003 from non-fire-related carbon-monoxide poisoning.
  • Most CO exposures occur during the winter months, especially in December (including 56 deaths, and 2,157 non-fatal exposures), and in January (including 69 deaths and 2,511 non-fatal exposures). The peak time of day for CO exposure is between 6 and 10 p.m.
  • Many experts believe that CO poisoning statistics understate the problem. Because the symptoms of CO poisoning mimic a range of common health ailments, it is likely that a large number of mild to mid-level exposures are never identified, diagnosed, or accounted for in any way in carbon monoxide statistics.
  • Out of all reported non-fire carbon-monoxide incidents, 89% or almost nine out of 10 of them take place in a home.

[Read more…]

Filed Under: Home Maintenance Tips

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