I was wandering if it is possible to purchase the home you are currently renting using the NACA program. I am currently renting and I have just completed the intake process and am now ready to being looking for a home. My landlord has offered to sell me the home I currently rent which I love and would like to buy. Does NACA allow a person to purchase a home they currently rent?
I don’t think so. I’m positive it has been done before. If you search the forum there are posts on this topic in the last year or 2. Your MC will give you more information and anything unique you will find out during the underwriting.
I’m not sure you can do a FSBO. Your landlord will likely need to get an agent and list the house. Again your MC will give you more information on that. The bank and HAND will both treat the transaction as if it’s a house you do not currently live in which means a home inspection will still be required and anything that shows up on the inspection report will need to be addressed accordingly.
NACA members purchasing the home they are currently renting happens all the time.
There’s no extra hoops to jump through, with one tiny exception. Since the landlord is also the seller, we can’t accept the usual Verification of Rental (VOR) form needed to prove you have paid your rent on time for the past 12 months. Therefore, you will have to show by cancelled checks or your bank statements that you have been on time with the rent.