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No Downpayment is Back

NASA  FCU touts 0% downpayment for home purchases for DC region

April 15, 2011

By SAM GARCIA Mortgage Daily

A credit union based in the Washington, D.C., region is touting mortgage programs that require no downpayment for homes costing more than a half million dollars.

The catch: you have to be an astronaut.

Actually, the program is also available to families of astronauts as well as people working in aerospace and their families.

portrait of Sam Garcia

NASA  Federal Credit Union announced the 100 percent financing Thursday. It's available to finance the purchase of properties in Maryland, Virginia and Washington, D.C.

According to the Upper Marlboro, Md.-based institution, no mortgage insurance is required. This is significant given that the cost of mortgage insurance can reach nearly $20,000 over five years on a $500,000 loan (get mortgage insurance quote).

Home purchases up to $650,000 can qualify.

On home purchases where the value falls between $650,000 and $850,000, consumers can put down just 5 percent.

Refinances are available up to 95 percent of the home's value on loans as high as $650,000. On mortgages between $650,000 and $850,000, NASA will provide up to 90 percent refinances.

The programs are quite a stretch from the 80 percent financing typically available today when transactions don't include mortgage insurance.

The 76,000 members of NASA  include current and former NASA  employees, people who are employees or members of the credit union's partner companies or associations, and immediate family members or household members of a credit union member.

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