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Author: chrisb76 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128129  
Subject: No point/No closing cost for 1st timer? Date: 1/28/1999 10:46 PM
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Hi all:

Does anyone know if it is possible for a 1st time home buyer to get a no cost no point loan? I'm planning on putting 5% down on a condo around 75k (not found yet).
I have good credit (I've recently gone over my credit reports).

I've been looking and I've seen these types of loans for around 7% to 8% total APR. I ran the numbers and compared to renting here (750) even at 8% I still am really ahead in 5 years even if I lose money selling.

I still owe about 7500 on my car but that is a low payment so it won't interfere with qualifying for the 38% of your gross income rule. That's why I'd rather get a no closing cost loan, so I don't deplete my savings and so I can plow extra into getting rid of that car loan.

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