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.
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?