NACA loan if you already own property

[Kelly Davis]

In the guidelines for acquiring a NACA loan, you can't use the service if you already have property in your name. If your properties are in a LLC will they view that the same as if you bought a property in your name?

[Tim Trumble]

Hi Kelly,

Your friend is right in saying that the NACA Purchase Program is neither fast nor easy, and in fact it's designed to be that way.

The program is highly detailed, making sure all the "i's" are dotted and "t's" are crossed. It's "old school" full document underwriting and always has been so. The length of time though varies dramatically depending on the member and their individual circumstances. Members who are well prepared and have no issues that need to be resolved typically get through in about 90 days. On the other hand, there are a few that have taken two years.

Remember that our program is targeted to low and middle income borrowers, many of whom have past credit issues that need to be resolved before they are ready to become homeowners. Based on expereience, the typical member takes six to nine months. On the extreme ends of the scale, I have seen acouple of people who took three years due to a variety of issues, and one lady who went start to finish in 14 days. The good news is that no matter what the circumstances are, if you stick with the NACA program relentlessly, you WILL become a homeowner!

Tim Trumble
On;line Operations, NACA