Construction Loan

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  • #65479
    pookac81
    Participant

    I currently own a home with a NACA loan. I want to completely understand the process of getting a custom home. I understand that I have to sell my home first. I understand that I’ve got to obtain a construction loan from a third party and then use NACA. Would this be in the homesave program or purchase? I’m going to purchase land this year and build my dream home on that property. What are my steps?

    #66270
    TTrumble
    Member

    Hello pookac81,

    You are not saving a home from foreclosure, so this would not be a Home Save file. It is a Purchase Program file, but you simply have to complete the steps that you outlined above and then use the NACA loan to pay off the construction loan and become the permanent mortgage.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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