Notes now are horribly overpriced from funds due to it being the flavor of the month.

Personally, I built mine to my requirements and to fit our syndication model (everyone has their own little flavor with their own assumptions and models).

To get a flavor of his approach check out BP podcast 52, McElroy's interview.

I am a conventional mortgage lender (by the way ARM's are conventional loans, just a different "flavor."  

There are no wrong answers - each investor has their own "flavor" if you will. 

Welcome Levi, nice to add more international flavor to BP Nation!

If you would like to give some context as to the factors that you look at in priority order (more important factors vs. less important factors) that would be a value added conversation as well.Additionally if you would like to provide some flavor as to what kind of ranges you are seeing regarding re-performing 2nds and the factors that influence your buying decision, that would be excellent as well. 

I did 2 years of reading 1 book every month, listening to just about every flavor of BP podcast, watching youtube videos, and networking and it does change your life.

I'm not familiar with the NACA program, however, we have what appears to be a similar program in Massachusetts that seems to have similar flavors. 

HELOCs have a couple of different flavors to them and running them through a lender might be helpful.