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The answer can be found in the Qualification workbook on pg 28.
No Member of the household can have an ownership interest in any other property: The NACA Mortgage is not limited to first-time homebuyers. If you currently own a home, you must have an executed Purchase & Sale contract prior to submitting a mortgage application through NACA and complete the sale of your existing home prior to the closing on the NACA mortgage. This limitation does not include the following: land, time share, inherited property without a mortgage, a mobile home which is titled as a vehicle and not as real estate or properties in another country without a mortgage.
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