I've been reading this forum for quite some time and it's been very helpful, so I thought I'd return the favor! It's a little long!
background:
5/5 arm, 4.25% jumbo loan. We put 10% down and 1% orig fee .25% points. Our loan is just over 1mil. Yes, if you do the math that's a lot o $$. However, NFCU is one of the only banks that allowed for a 10% down on a jumbo with no PMI. Fico trimerge mid mortgage score was 679, 700 high and 665 low( they use the mid score of the fico mortgage 2,4 and 5).
yes, there are different scoring models for mortgage loans as opposed to regular fico 8... so definitely check those scores.
we had a whirlwind rollercoaster of a ride to closing. We were in a lease on the property before closing. we made application and sent in all necessary paperwork, executed contract, 2years taxes, 60 days bank statement, 401k and investment assets, k1(self employed) they ran our credit, any other necessary docs it took them about 3-4 days to give us a conditional approval...meaning we still had to go through underwriting and they would have certain conditions we needed to clear...ours were appraisal, clear title(that was a mess, I'll get into that in a bit) letter of explanation on a couple of NSF fees over a year and a half ago, negative credit issues dating back 4-5 years. Yes they did ask for those. Those were all paid and we had no outstanding balances. We have a dti of 12% front end and 30% after a mortgage. We carry very little debt, 3 CC, 1 small student loan and a loan w NFCU. We did not have stellar credit by any means, however we do have high income and substantial liquid assets.
So so at this point we were to close on 10/13 and everything seemed to be going according to plan, although we were worried we would get denied at some point because we just got our credit scores raised and been working on keeping credit clean, but had past baddies. Then we get a call from the sellers agent saying the seller was slapped with a foreclosure...yup while we're living there (and paying rent)and supposed to close. The foreclosure auction was taking place on the 3rd. We were scheduled to close on the 12th...can you say super stressed 😩!
we call our loan processor which we were passed onto after the conditional approval. We ask if they can close us before the 3rd. We ask for the 2nd. We still have not had an appraisal. They say, we will try our hardest, no guarantees. So we rush the appraisal(sellers agent is paying for that it's expensive). Appraiser shows up 2 days later and gets appraisal to NFCU the next day. We now have conditions sent to processor within one day. on Friday, they receive appraisal, on Monday they tell us it's at value. Told the file is going back to underwriting for final review and clear to close they told us 24-48 hours and we're still nervous if anything will mess up the approval...longest 48 hours! Wednesday morning we wake to an email saying you're approved, time to set up your closing!!!!!!! We do the jig, thank God and start setting stuff up.
we are now awaiting closing docs and are slated to close on the 2nd. We're not 💯 sure the foreclosure was stopped. There were so many liens, and other absolutely ridiculous stuff going on with the seller that we just weren't sure, title company worked overtime to ensure a clean and clear title and as of today cleared for the 2nd.
So long as we do not add or change our financial picture over the next 5 days we should be at closing table!
so now here we are 15 days from app to CTC and Navy Federal has been outstanding and quite phenomenal to get a jumbo loan from app to CTC in 15 days, never heard of a closing that fast! This is our 5th house to purchase and never been so stressed during the process. Our LO and processor were amazing. They kept us in the loop the entire time and even helped calm nerves. We were emailing back and forth almost every day!
i would highly recommend NFCU!! Btw we've been members for over 20 years!
we hope this helps anyone w timelines, etc!
