Exceptions to owner occupancy?

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    We have owned and lived in our house that was purchased through the NACA loan program for five years. Last week, my husband accepted a job that would require us to move at the end of August. A condition of his employment is that we live in housing that will be provided for us by the employer. We had every intention of remaining in the house and paid a significant amount of money upfront to lock in a low interest rate. Since we purchased, the value of houses in the neighborhood has dropped and we still owe more on the house than it’s current value. This is our home and we would like to keep it. I would like to understand what our options are, if NACA is able to grant waivers to the owner occupancy requirement and under what circumstances. Frankly, my husband and I are nervous about bringing this to NACA’s attention and hope we are not forced to accept a situation that would leave us worse off than when we purchased.


    Hello serenity,

    NACA can indeed grant a waiver to the owner occupancy rule, but they are rare and only given on a case by case basis. You will need to put the request in writing explaining the circumstances in detail and supply documents form the employer to substantiate your request. The situation will have to be reviewed by a NACA executive and quite possibly the CEO, but an exemption is not out of the question.

    You should be far more nervous about NOT bringing this to NACA’s attention since the owner occupancy requirement is attached to a $25,000 lien on the home. Deliberately breaking the rule without a NACA exemption could not only force the sale of the home but cost you the $25,000 as well.

    Please contact me by email and I will help you get in touch with the proper NACA executive to make the request.

    Tim Trumble
    Online Operations, NACA


    Thanks, I’ll contact you directly.

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