Refinance NACA loan

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  • #76862
    vhcortez81
    Participant

    I purchased a multiunit property through NACA in 2016. I live in one of the units and rent the other three. I want to refinance the NACA loan to take advantage of the equity I have built to purchase a single family property. I know I have to refinance to get the 25,000 removed. If I refinance with a different lender, will NACA allow me to obtain a HELOC even if I refinance through a different lender? Does NACA not approve a HELOC or cash pullout? I’d like to hear if any of you had any experience refinancing their NACA loans with other lenders.

    • This topic was modified 2 months ago by TTrumble.
    #76886
    TTrumble
    Member

    Hello vhcortez81,

    I’m afraid you’re over-thinking things a bit.

    A refinance is, by definition, obtaining another loan to pay off and replace an existing loan.

    If you refinance, you will no longer have the NACA loan and in turn will no longer be bound by the requirements of the NACA loan, so you won’t have to get permission from us for anything.

    You only have to obtain a release of the $25,000 lien at the time you refinance. Please email your request to releases@naca.com when you are getting ready to do the re-fi.

    Tim Trumble
    Online Operations, NACA

    #77047
    vhcortez81
    Participant

    Hello Tim,

    But what if I am refinancing out of the NACA loan and during that process the bank offers me a cash out option or a heloc? Will NACA have to approve that cash out/heloc if I am refinancing and have the NACA lien removed?

    Thank you for your consideration.

    #77491
    TTrumble
    Member

    Hello vhcortez81,

    I’m afraid you’re still over-thinking it. In either case, you’re still refinancing, so the NACA loan has no effect if they give you a cash out option or HELOC since the NACA loan will no longer exist.

    Tim Trumble
    Online Operations, NACA

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