This distinction is between the purchase mortgage and the refinance mortgage.

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. 

He must make that distinction.

And then you may sign a loan application with them, you may pay some fees, rate lock, etc. but there is no formal term sheet.Therefore its an important distinction among lenders--s how long does it take to typically close from various stages?

The simple answer is that the easiest way to get your money out would be to have your land surveyed, and carve out a conforming lot, creating two distinctly different parcels of land.

A quick distinction for @Mateusz Prawdzik and the others that like my plan.

There has to be a distinction drawn between the city and suburbs.

@Scott Bottomley The distinction that Maggie made is irrelevant.

@Bill Hamilton  as a broker and a very active buyer.. the whole distinction is I am a buyer..

Additionally, cash can be an effective strategy to acquire properties in situations with multiple competing buyers, or at property auctions.In each of these situations, cash provides either the only way to acquire an attractive asset, or delivers a distinct advantage over financing.