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Jeremie Torres
  • Rental Property Investor
  • Baltimore, MD
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NACA Mortgage - Go for it or no?

Jeremie Torres
  • Rental Property Investor
  • Baltimore, MD
Posted Oct 16 2020, 19:47

What am I about to get myself into? 

Not trying to cut corners here but after a ton of research, I've seen them pull deals the way it's advertised. I've attended their workshop a few weeks ago and today I finally got to talk to a counselor. I had questions about how it works when they lend for a property. Definitely a lot of paperwork and a lot of hoops to go through. Though, I found out that they allow you to purchase a multiunit property from a duplex to a max of a fourplex. They also want you to live in at least one of the units for the duration of the time NACA is the mortgage lender. Then I ask what if I wanna get outta there after 3 years?

A couple of ways out of it: 

1. Refinance out of the NACA mortgage (Counselor said that they will probably give me a hard time about that.) Or

2. Sell the house (Which they will also give me a hard time since they go above and beyond for me with minimal cost initially.)

It sounds like going for either option they will give me a hard time about it. The counselor stated that they specially cater to regular consumers and not so much about investors and I get it. They would rather honor the mortgage to someone/family who is looking to stay for years and not have an investment goal with it. 

Has anybody been through with them? Pros and cons? Worth it? I'd like to hear about your experience. Thanks in advance.