NACA: https://www.naca.com/purchase
NACA mortgage benefits
No down payment
No closing costs
No hidden fees


No mortgage insurance

Conventional Typically 620 Typically 3%

FHA 500 3.5% with 580 credit score

VA Set by lender (often 580) 0%

USDA Set by lender (often 640) 0%

Assuming you are financing the purchase and put at least 20% down, most lenders will require you to have a salary of at least $450,000 per year to qualify for a $2 million home loan. This could be household income if both you and your spouse are on the loan.

However, the designation of mansion is generally accepted as a home that is 10,000 square feet or more. There are no hard definitions, but here are the generally accepted classifications: Luxury Home - up to 10,000 square feet. Mansion - 10,000 to 20,000 square feet.

To reduce income taxes and to shelter assets from estate and transfer taxes. To provide a vehicle for charitable giving. To avoid court-mandated probate and preserve privacy. To protect assets held in trust from beneficiaries' creditors.

While you could lose that single property to a lawsuit, it is a much better option than losing the property AND your personal assets. The cost of forming an LLC protects your house and other assets from landing in a future settlement or judgement.

There are many reasons why a home inspection fails. If your future home does not pass a home inspection, there are three routes you can take. Renegotiate terms, Back out of the deal, Proceed with the purchase As-Is. If the buyer is lucky, the seller will set up the necessary treatments and clear the property of any conditions that are deemed unsatisfactory by the inspector so the buyer doesn’t have to resort back to house shopping.

The buyer decides they want to lower their interest rate for the first 3 years with a 3-2-1 buydown. In this scenario, the buyer would pay an interest rate of 2% the first year, 3% the second year and 4% the third year but would have to pay the full 5% from years 4 – 30.

Understanding Buydowns

Buydowns are easy to understand if you think of them as a mortgage subsidy offered by the seller on behalf of the homebuyer. Typically, the seller contributes funds to an escrow account that subsidizes the loan during the first years, resulting in a lower monthly payment on the mortgage.