All Forum Posts by: Tim Trumble

The NACA program is exclusively for owner-occupants, but does allow purchase of up to four-unit proerties as long as the owner lives in one of the units. NACA is exclusively for owner-occupants and not for the purchase of investment properties. To enforce the owner occupancy requirement, NACA places a $25,000 lien on the property for the duration of the loan.

The lien allows NACA to enforce its owner occupancy requirement. If you violate this requirement by not living in the home while you still have a NACA Mortgage, NACA will have the right to demand payment of $25,000 and foreclose on your property. If at some point you decide to sell or refinance the home, you will need to contact NACA to obtain a release of the lien. If all the conditions have been complied with, NACA will provide with a lien release without any charge to you. Also the occupancy requirement with NACA will no longer apply.

@Andrew Beaver Just to clarify for all here, the NACA program does require owner occupancy for the entire time you have the NACA loan, which is ensured with a $25,000 lien. If you should refi or pay off the loan, the occupancy requirement and lien are cancelled.

Tim Trumble, NACA

NACA has indeed stramlined the closing process that the vast majority of transactions go from contract to close in 28 days or less.

The program is for real and does indeed work, even if it may seem a little too good to be true. We have closed on more than 50,000 loans to date and the demand for NACA's services is greater than ever.

Tim Trumble

Online Operations, NACA

No, I'm afraid not. We place a $25,000 lien on the property to prevent loans against the equity in the home and to enforce our owner occupancy requirement for a s long as you have the NACA mortgage. HELOCs and similar loans only rob you of your equity and potentially make the home unaffordable, which would directly contradict NACA's primary objective.

@Phil G, how did the call go?

Tim Trumble

Online Operations, NACA

Hello @Coby Fuller,

Unfortunately, NACA isn't going to be able to help you. One of our restrictions is that no member of the household may have an ownership interest in any other property. We would be happy to work with you, but I'm aftraid inheriting your mom's house is going to stop you cold.

I'm sorry we can't be of help to you.

Tim Trumble

Online Operations, NACA

@Hassan Muhammad did you ever get the information you were looking for? Unfortunately, your post just came to my attention.  We will indeed finance up to a four-unit property.

Tim Trumble

Online Operations, NACA

Hello German Garcia,

Yes, you may buy up to a four-unit property.

Tim Trumble

Online Operations, NACA

Hello German Garcia,

The NACA program requires that you live in the property as long as you have the NACA mortgage. You are free to sell or refinance at any time, but you may not use the NACA program again for three years after closing on a home through the program.

Tim Trumble

Online Operations, NACA

Jenkins Ramon, I'm afraid NACA does not offer any programs for investors. All of our programs are geared exclusively for owner-occupants.

Tim Trumble

Online Operations, NACA