Can anyone re explain owning other property? I know NACA is not for investors but the new purchase workbook says (on page 6)
“– NACA is not an investor program or available to investors. If you own other
property you must sell it prior to closing on a NACA loan. You may purchase other properties after closing on the NACA Mortgage, but you must live in the property you bought with the NACA mortgage.”
Can someone clarify?
This topic was modified 1 year, 2 months ago by kaekae417.
It’s actually pretty simple. No member of the household may have an ownership interest in any other property at the time you close on your NACA home. In other words, nobody living in the house (you and the people who live there with you) can have their name on the title,deed, mortgage etc. for any other home.
However after you move into the home, and as long as you continue to live in the home as long as you have the NACA mortgage (your primary place of residence), we do not have the authority to stop you or anyone else in the household from buying another property. (Obviously though, you cannot use NACA to buy an additional property.)