Certain credit unions are now offering 100% mortgage financing as well, but these are also limited to a select group of borrowers. But most of these options are limited to certain types of borrowers.įor instance, the VA loan program allows qualified borrowers to buy a house with no money down, but the program is limited to military members. There are several ways to get a home loan for 100% of the purchase price, thereby avoiding a down payment. It's a particularly hot topic for first-time buyers with limited funds saved up. The exact nature of the question varies, but it usually goes something like this: "What are my options for buying a home with no money down, with 100% financing from the lender?" This is one of the most common questions we receive from our readers. Want to buy a house with no money down? You're not alone. Hope this helps and if we don’t speak all the best in your new home.By Brandon Cornett | © 2021, all rights reserved | Copyright policy Your credit profile and loan size is our bread and butter. We have some programs that fit your scenario nicely. They will be separate inquires but from the same industry code.įeel free to PM me. You can shop for a mortgage without negatively affecting your score. It’s 45 days from your initial credit inquiry.Do you really want to use the lender who is attached to the person/builder who is selling you the home? Do you want to use their preferred appraisal company? Not good options my friend. There are strings attached to that incentive. I was a preferred lender for a builder for years. Do some research and get some 3rd party input(reviews). Shopping for the cheapest lender you can find to manage and execute the largest financial transaction of your life is sketchy at best. The NASA loan is not attractive unless you only plan on being in the home for a short amount of time. PMI drops off your interest rate is the same for the duration or until you refinance. The PMI is baked in to your interest rate. How long do you plan on living in the home? Thoughts? I'm brand new to home buying so this is an immense learning experience for me.Įdit: The new house is located in Ashburn, VA I understand that all credit inquiries within 30 days should be counted as 1, correct? the mortgage company I am working with pulled my credit on 4/9/18. I am also concern about getting my credit pulled too many times. My quote with the mortgage company I am working with has me at 4.75% Fixed with 5.326% APR. I am working with another Mortgage Company and will be working with the builder's mortgage company as well (they offer a $5,000 credit for closing costs if you go with their lender). Just curious if anyone has any experience with these types of loans with NASA? It appears that while the interest rate is higher, I will save about $200,000 over the course of the loan. I called and talked to loan officer, they are offering 5.5% Fixed at 30 years. I have decent credit (770 score) and getting the money together for a downpayment of 3.5% shouldn't be an issue for me, one way or another. I'm looking into buying a new home (~$430,000) and am a first time home buyer. Looking for some advice regarding NASA FCU Mortgage Program: įor those not familiar, it is a zero down, no PMI mortgage.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |