All Forum Posts by: Jennifer Ouch

@Tim Trumble thank you! do I also have to volunteer every year throughout the entire life of the loan?

@Charlie MacPherson do you know about the lien they place on the home? with my research it sounds like refinancing would be a bit difficult needing their permission. I've been going to my appointments and bringing documents as i keep researching, i just don't know if it's worth going through their loan yet.

thanks!

@Steve Bracero yes I've been researching the FHA loan because of its 3.5% down, and only has a requirement to live within the unit for one year vs. NACA they want the owner to live there for the entire occupancy.. they also place a 25k lien on the home it just seems a bit more difficult to leave the property if something comes up

@Matt Leonard thank you I will look into this!! 

Hi everyone,

I am located in Massachusetts and was wondering if anyone has advice on first time home buyer mortgages. I was looking into the NACA program, but after some more research, I don't think it's the best route for me. My goal is to purchase a multi-family home and live in one of the units, hoping to have my rent (mostly if not all) covered by my tenants. I would like this to be my first real estate investment, but I'm lost when it comes to loans! NACA looked great because of it's no money down, but as an investment it didn't really fit my goals.

I am looking for a low down payment loan because I don't have much saved right now. 

Thank you!

@Carley M. hi Carley! i've been stalking a little bit of your posts bc i'm thinking of going through NACA. when you say that it's funding your next property purchase, is it because you are able to save for the downpayment while continuing to live in your 4-plex? i was just brainstorming the strategy for the next investment if i did purchase a multi-family through NACA. do you plan on living in the 4-plex for a while? i was concerned about the requirement to live there throughout the entire loan. any insights on this part would be so helpful and appreciated!

thank you!!

@Patrick Wheeler Hi! sorry for the late reply. had a baby in the meantime lol. i wrote in the thread my experience so far. i'm leaning towards the naca loan for my first multi family property, i just don't know if it's the greatest idea because of its restrictions. but, for no downpayments or closing costs, it would help me get my feet wet much quicker. do you have any other financing options you have pursued or researched? thanks :). 

@Daniel Ortiz Hi sorry for the late reply! I don't know if you did some research on it yet, but what interested me about them was that you don't need a down payment. as long as you can prove to them you can afford a mortgage that's their main concern. you need to comply with many rules such as not owning any property (nor anyone living in the home), living in the home for the entire mortgage, and volunteering a couple times within the organization. theres also a membership fee of $25 a year. 

I had two appointments so far and needed to bring a ton of documents. If you are on top of all the docs needed like paystubs, w2s, etc, the process can be much quicker. once you have the documents needed it gets sent to the bank for approval. its much more complex than this, but these are some of the basics..

i'm on maternity leave so that's holding me back at the moment bc it's unpaid. i have to wait until I get back to work and provide a months worth of pay. my counselor said possibly by April my file will be complete to send to the bank (since i go back to work in march.) . After someone gets approved, the house search begins. if I wasn't on maternity leave my file would have been completed sooner because i had everything, i just need to take a landlord course and provide the certificate. 

i'm following through with this program for now, because i think it could work. my goal is to own more property so i wasn't sure if this was the right choice bc of the requirement to live there through the entire mortgage. i could refinance when i want to move, but i don't know much about that process and if it would work out smoothly. as i keep pursuing them i'm sure i'll get more answers and eventually decide what to do! in the meantime i'm still researching other options. 

@Joel F. sorry for the late reply. i did read about this which sounds like a great benefit! 

@Matt Leonard although I am very late in replying lol, that was also something I was really concerned about because I definitely don't want to live in my first home forever since it will be a multi family unit. I was thinking of an "exit strategy" if I go through naca because I want to eventually own more property. I could potentially refinance with another loan, but I don't know much about the process so I'm still figuring out what's my best route in my first investment! I will check out what you suggested :)