My family has recently ran into a number of legal and medical issues that have racked up some sizable bills. Fortunately, my home’s value has skyrocketed since I bought it using NACA 1.5 years ago. 😀 With that said, I would like to pursue a HELOC to consolidate my bills, which I have done before. Does anyone know if this is possible while utilizing NACA? Please let me know. Thanks!!
Unfortunately, HELOCs are prohibited as long as you have a NACA loan. They were a major source of financial trouble after the housing bubble burst and violate our principle of ensuring that your home is affordable. It is part of the reason the $25,000 lien is placed on the loan by NACA in addition to protecting the owner occupancy requirement.