Have you seen the primary residence loans at 0% and no PMI?

[Nicole A.]

These days, I don't usually see or hear commercials since I typically listen to my music via Spotify and have no cable TV, but I did happen to have the radio on and heard an interesting ad. It was NASA Federal Credit union offering 0% down, no PMI, 30 year mortgages on primary residences. And you don't need to work for NASA to be a member. I was intrigued and found that other places are also currently offering this deal such as Navy Federal and another place or two. I do think the trend is that they're all credit unions.

Yes, the rate is a bit higher. Rate is about 5.0%. There is also a funding fee of 1.7% of the base loan amount.

But for someone wanting to get into their first property with little to no money (if you can negotiate the seller to cover closing) out of pocket, this could be a great option. You could secure your property, live in it and perhaps rent out an extra bedroom or 2 for the first year or so. Or, if this loan allows it, get a multi-unit and live in one. And after that, decide if a change is in order.

A neat option! I haven't seen such a mortgage available before like this.