FHA Loan

Me too!

I've heard of them for years and I did get in contact with them but appointments are for late Feb 2021.

Take it Francia. If you don't need it you can always cancel the appointment.

good luck

FHA also requires 3.5% down NACA is a process but it is no down payment

NACA is definitely a process. However, there is no closing cost, no down payment, no mortgage insurance, credit score isn't a factor, and you get to buy down your interest rate. Their interest rate is always below market value. Their deal is unmatched.

Thank you for the info about NACA

Thank you Abigail.

NACA it is then.

also, FHA loans will have mortgage insurance added, because of the low downpayment. Unlike traditional mortgages, this insurance NEVER goes away (in traditional, it drops off once you get to 20% or so paid off). The only way to get it off an FHA loan is to refinance. There are also stricter requirements about the condition of the house (we wouldn't have qualified for FHA because of sidewalk damage…). I don't know if NACA has similar rules, I'm not familiar with that program

See if your local housing organization has info on grants and assistance programs (here the county has an interest free loan up to $5000 for downpayment/closing, and some banks will grant $5000 on top of that)
Our local banks and credit unions had traditional mortgages that were extremely similar in interest and credit score rules, so you might not be unqualified

Does a VA loan trump all the loans? I am a veteran and would be able to get the refund on the certain fee they charge.

also, FHA loans will have mortgage insurance added, because of the low downpayment. Unlike traditional mortgages, this insurance NEVER goes away (in traditional, it drops off once you get to 20% or so paid off). The only way to get it off an FHA loan is to refinance. There are also stricter requirements about the condition of the house (we wouldn't have qualified for FHA because of sidewalk damage…). I don't know if NACA has similar rules, I'm not familiar with that program

See if your local housing organization has info on grants and assistance programs (here the county has an interest free loan up to $5000 for downpayment/closing, and some banks will grant $5000 on top of that)
Our local banks and credit unions had traditional mortgages that were extremely similar in interest and credit score rules, so you might not be unqualified

We were going to go with FHA but we are now going with traditional. I'm happy to hear the insurance will drop off at 20% or so

Definitely going to try naca

I need to look into this

Thanks everyone for the wonderful information you guys post on here! Its really nice to be able to come here and find out all kinds of ideas of saving money and we'll getting better deal all around that I wouldn't have known otherwise…So thanx y'all are awesome!!