Hello Crew!
I have been building credit since oct 2015 and took my score from low 500 to 702 average between all three CB's. I was shopping for a preapproval and was preapproved for conventional 400k @3.85% 30 year with a 95% loan. Now I need a hefty down payment for that and it would basically take all my savings. I do have another option, but I am doing this myself and would love the savvy input from you all. I am a member of a credit union that does 100% financing ( no downpayment needed) and has a first time program that doesn't income cap so they would help with 2k of my closing costs as well. The Catch is that it's a 30 year adjustable. Now the rate doesn't change for 5 years so I could essentially refinance in 2 years to lock in a 30 year rate without the huge chunk of my savings going out the door. The rate I was approved with there is 4.25% with it subject to change in it's 5 year by as much as 2%. I am leaning toward the credit union offer, but what do you all think?
