In a small/medium sized pot, melt butter over medium high heat until bubbly.
Add flour and stir to combine. Cook for 1-2 minutes or until lightly golden. Stir frequently to prevent burning.
Add Liquids
Reduce heat to medium, slowly add in milk, one half at a time. Mix completely before adding the next half. Stir constantly.
Once all the milk is incorporated, add heavy cream and hot sauce. Stir to combine.
Add Cheese
Mix in freshly grated cheddar cheese and cream cheese. Stir until fully melted and the cheese mixture is smooth.
Serve warm and enjoy!
Notes
This recipe makes a thick cheese sauce that is mildly spicy, great for kids or those sensitive to spice. If you are looking for a stronger kick, add in a hot pepper or two and saute it in the butter before adding flour. You can also use a spicier hot sauce or simply add more to the nacho cheese sauce depending on your tastes. The heavy cream can be subbed out with more milk if desired. Buying your cheese in blocks and shredding it yourself will lead to a smoother cheese sauce. Store leftovers in an air tight container in the fridge and thoroughly reheat before serving. It will thicken considerably in the fridge, resembling the texture of Velveeta. It melts beautifully once heated.