All Forum Posts by: Kaleb M.

You can also do a 30 yr mortgage through NACA with below market interest rates and next to no closing costs and no down payment. NACA is definitely one of the lowest costs to originate a mortgage and you don't have to pay mortgage insurance with the loan but there are a few downsides as well. To get approved for NACA you have to go through a very extensive background check and several meetings/counseling sessions. Basically you have to be willing to share every bank account you have open. Also, NACA requires you live in the residence for the life of the loan and volunteer with the organization 5 times a year. If you decide to move or want to turn the property into an investment you would have to refinance.

@Kenny Bergeron Hope this helps and let me know if you have any other questions as I thought pretty long and hard about using NACA and completed most of the process to be approved before.

Kaleb

Thanks everyone for the quick responses! Thought provoking and encouraging. I'm going to do my homework but I think rolling the account over to my new employers plan is a great option. 

I'm hoping the community can offer me a few options and advice on how I can leverage an old employer 401k account for my first deal. I'm 25 and left my first job out of college to pursue a new career. The balance in my old employers 401k account is about 17k and because I have left the employer I cannot take a loan out against it. I've considered rolling the account over into my new employers 401k plan but then I got to thinking I might be able to better use it to help with a down payment on my first deal. I'm looking to start by being an owner occupant of a small multi-family 2-4 units in the Denver area. What do you think are the best ways to leverage the account to get started in Real Estate Investing while avoiding the high penalties for early withdrawal? Is a self directed IRA or a Solo 401k something I should be considering? Thanks for insight!

@Travis Sperr

Do you have a promo code for bigger pockets members? 

Dang I'm going to be traveling for work and miss another one. Any way you'd consider moving it to the later part of the week? 

Just curious has anyone used the new FHA grant loan? I am working on getting pre-qualified with a lender right for my first deal. I'm a first time home buyer and looking for either a duplex or triplex and planning to live in one of the units for the 1 yr minimum. One of the loans my lender is suggesting is a FHA grant which actually doesn't require a downpayment and gives you 5% towards the downpayment/closing costs. You still have to have a few thousand to close the deal but it seems like a very enticing program. The other option is a conventional loan with 5% down.