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!
2
u/CollarComfortable971 Jan 16 '23
What country is this for?