Check NACA at
http://naca.com. They don't require a down payment, no closing costs, no private mortgage insurance, lower interest rate. The web site shows today's rate at 5.75% but the actual rate is usually a little lower that what is shown on their web site. This is 30-year fixed. You can also buy down your interest rate, all the way to zero if you have the cash.
They will look at how you have handled your finances for the last twelve months but require you to pay any collections from the last two years. You are required to go through pre-mortgage counseling to make sure you can afford the home you want to buy. I think it is worth looking into.
- Tue Aug 26 2008, 19:28