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Old 05-24-2014, 10:39 PM
 
Location: Deep in the heart of Texas
1,916 posts, read 6,796,533 times
Reputation: 1978

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I've been hearing commercials about this type of loan. No down payment, iffy credit, etc. anyone here have experience applying for this type of mortgage? Are there fees involved? Thanks
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Old 05-25-2014, 08:33 PM
 
Location: MID ATLANTIC
8,296 posts, read 21,092,105 times
Reputation: 9647
I actually joined NASA thinking I was going good to us their no money down loan program. The rate was significantly higher, so I opted for a conventional 97% loan with no points, about 1.5% lower in rate at that time. NASA now has picked up a bit with business and aren't trying hard to get more. Their phone lines are jammed and getting through to anyone is a pain. The 97% is no longer available, but I'd look hard at a 95% and see if there was any way you could do that. It will serve you well. I would look at all possible options.
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Old 05-27-2014, 12:59 PM
 
7,980 posts, read 3,728,955 times
Reputation: 6744
OP, I used them. I got 100% financing with no PMI and no down payment...but, the loan required a credit score above 720 and less than 40% debt/income ratio. I just closed on May 9. But, as SmartMoney said, that deal isn't available anymore.

I had a very easy and smooth closing. I was a first time buyer.
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