NACA loan experiences

[Danielle Parsons]

Hello everyone! Newbie/aspiring investor here looking for a little advice from people who have gone through this before. I have yet to purchase any properties and I'm considering doing the NACA program to purchase my first house hack. Ideally I'd love to purchase a bit of a fixer upper and fix it up then refinance before moving on to my next house hack since you can't have a NACA loan if you own more than one property. I love the idea of being able to purchase a house hack for 0 money down. I do have money saved, but I live in an area where houses are fairly expensive and therefore down payments can be pretty sizable for someone just starting out so if I can utilize a program where I can purchase with 0 down initially and save what I already have for my next property, I'd love to do that if it makes sense. I participated in the NACA home buyers workshop recently and it seems like an amazing tool for people who don't have any properties yet, but are there any cons to using it then refinancing? Anything you would have done differently if you could? I appreciate any advice and insight in advance!