Preheat oven to 375 degrees F.
Line a baking sheet with parchment paper.
In a large bowl combine all the meatball ingredients and mix well.
Form the meatballs into 2-inch balls. (You can also make smaller, appetizer size meatballs!)
Bake in 375 degree oven for 30 minutes or until a meat thermometer registers 165 degrees F. inside the meatballs.
Set the meatballs aside.
In a large skillet, melt the butter.
Add the flour and whisk to form a roux, cooking for about 1 minute.
Gradually add the milk and whisk until smooth.
Cook for another minute or two; the mixture will thicken a bit.
Reduce the heat to low and add the cheeses and whisk well until smooth.
Taste for seasoning and adjust with salt and pepper as necessary.
Turn off the heat.
Add the meatballs back to the skillet and spoon some of the sauce over the meatballs.
Serve as is - or make meatball sandwiches with hoagie buns.