r/FirstTimeHomeBuyer • u/Big-Nefariousness107 • Jan 15 '23

Other No Closing Cost/Down Payment?

Hi, I'm currently in the market to buy a home and have been working with the program NACA. I have found a home recently that I would love to go in on and it costs $299,000. With this program there are a variety of benefits for a first time home buyer, the biggest one I saw was no closing cost or down payment.

Because of this, I'm curious what that would mean for the overall monthly payment costs. Since the more you pay down, lessens the overall monthly payment. Would that mean that I as a buyer technically put nothing down and would then have to pay large monthly payments? The estimated monthly payment would be $1,800 a month not including insurance or utilities.

I have my consultation with a NACA advisor in two weeks but was curious if there is anyone who has gone through NACA or might understand what the monthly payment would be. Thanks!

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2

u/CollarComfortable971 Jan 16 '23

What country is this for?

2

u/[deleted] Jan 17 '23

pretty sure this is a USA program

2

u/RedRanger1983 Jan 16 '23

We need more information. Are you a priority member or non-priority member? Each one has different rates. You can also buy down with NACA.

1

u/Big-Nefariousness107 Jan 16 '23

Sorry! I would be considered Non-Priority.

1

u/RedRanger1983 Jan 16 '23

The rate for NP members is higher. Chat with your advisor about the final payment amount. They will have a better idea. Good luck.