Owning property in another country

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    I cant find any specifics on this. If someone owns a condo in another country but no property in the US, will they be disqualified from the naca loan?


    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.

    • This reply was modified 3 months, 1 week ago by TTrumble.
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