FICO score needed for navy federal credit union 100% homebuyers choice mortgage

[rubicon]

I'm looking for data points here. While I know that NFCU uses their own scoring model, I'm trying to get an idea what were some of the lower scores approved for NFCU's 100% financing homebuyers choice mortgage. I'm diligently doing everything I can to squeeze points into my FICO and it would help to have an idea what target I am chasing.

Thanks guys!

[StartingOver10]

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@rubicon wrote:

I'm looking for data points here. While I know that NFCU uses their own scoring model, I'm trying to get an idea what were some of the lower scores approved for NFCU's 100% financing homebuyers choice mortgage. I'm diligently doing everything I can to squeeze points into my FICO and it would help to have an idea what target I am chasing.

Thanks guys!

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^^^Are you 100% certain that they use their own scoring model for mortgages?  Most mortgages lenders (99% or more) use mortgage scores as shown on the MyFICO 3B report  (your mid score) a/k/a (from Rev's post in the stickies):  Only one lender uses FICO 8 AFAIK. The mortgage loan product has to be on the same platform in order to be sold (loan sold or servicing sold).  

The FICO scores used for mortgages

• Equifax Beacon® 5.0

• Experian®/Fair Isaac Risk Model V2SM

• TransUnion FICO® Risk Score, Classic 04

These are sometimes listed on the tri-merge mortgage report as follows:

• Equifax/FICO classic V5 FACTA
• Experian/Fair Isaac (Ver. 2)
• Transunion/FICO Classic (04)

Note: they have been commonly referred to on the myFICO forums and elsewhere as:

• EQ 04 aka FICO 5 (on the myFICO report)
• EX 98 aka FICO 2 (on the myFICO report)
• TU 04 aka FICO 4 (on the myFICO report)

[Anonymous]

They have their own scoring system...they can pull for each CRA and seem to use TU most of the time, but it just can easily be any of them. They take debt to income seriously and your UTI, most folks that seen to get high $$$ CL have very low UTIs and I have found the best way to get CLI is spend low, PIF and 90+ days before you ask, they will ask about any derogs (explain why if it goes to review) but it's a definite no-go if your derogs are less then a year or plenty.

I hope that helps

Good Luck

**whoops..I gave the data for CC**

[Revelate]

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@Anonymous wrote:

They have their own scoring system...they can pull for each CRA and seem to use TU most of the time, but it just can easily be any of them. They take debt to income seriously and your UTI, most folks that seen to get high $$$ CL have very low UTIs and I have found the best way to get CLI is spend low, PIF and 90+ days before you ask, they will ask about any derogs (explain why if it goes to review) but it's a definite no-go if your derogs are less then a year or plenty.

I hope that helps

Good Luck

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This is for mortgage underwriting, not a credit card: they aren't comparable products nor underwriting.

I would be stunned and amazed if they were doing an internal score for mortgages, even NFCU which is the largest of credit unions by assets.; that includes their 100% mortgage which is going to have to be held on the books for a while... they almost certainly wouldn't pull a single bureau for a mortgage; actually at least from around August of last year they did a standard tri-merge pull, and were UW down to around 630-640 ish.

Searching on NFCU will probably get more / better data, the 100% loan has been discussed here a few times.

[Anonymous]

NFCU uses the standard mortgage scores that everyone else uses for their mortgages. They do not, AFAIK, use any other score. These were the scores used and discussed when I was recently pre-approved for their 100% LTV product. At a middle score of 715 I was in their Tier B so did not qualify for their best interest rate. Mine would have been 5.7%. I believe the cutoff for the top tier is 720. I do not know their rock bottom score where one might get an approval but as the scores go down the interest charged goes up. I wound up choosing a similar 100% LTV loan from BBVA Compass which is for low to moderate income earners or for homes located in a low to moderate income housing tract. My home is in a moderate income tract. I qualify for to best interest rate for my loan. The folks at NFCU were a joy to work with while it lasted and when I asked about returning should I need them after all they said they would be delighted. 

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

They have their own scoring system...they can pull for each CRA and seem to use TU most of the time, but it just can easily be any of them. They take debt to income seriously and your UTI, most folks that seen to get high $$$ CL have very low UTIs and I have found the best way to get CLI is spend low, PIF and 90+ days before you ask, they will ask about any derogs (explain why if it goes to review) but it's a definite no-go if your derogs are less then a year or plenty.

I hope that helps

Good Luck

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This is for mortgage underwriting, not a credit card: they aren't comparable products nor underwriting.

I would be stunned and amazed if they were doing an internal score for mortgages, even NFCU which is the largest of credit unions by assets.; that includes their 100% mortgage which is going to have to be held on the books for a while... they almost certainly wouldn't pull a single bureau for a mortgage; actually at least from around August of last year they did a standard tri-merge pull, and were UW down to around 630-640 ish.

Searching on NFCU will probably get more / better data, the 100% loan has been discussed here a few times.

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Yeppers thats why I edited to show my mistake..

[oldman425]

I'm closing next week with the NFCU 100% Home Buyers Choice.  I was also Tier B, Tier A requires your middle score to be 720 or better which my wife didn't meet. 

What are your current scores?

[rubicon]

My gf has a middle score of 720 and mine is currently 640. I'm reducing my util from 57% and we will see how that impacts my score.

Now with that said, did nfcu go by your fico 8 or mortgage scores or nfcu scores?

Also, if you don't mind, what were your scores/did they request that you pay off anything or lower your utilization in order to qualify you guys?

Thanks I'm applying next Friday

[rubicon]

By the way I just saw joe_bob's response about the mortgage scores

[Anonymous]

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@rubicon wrote:
My gf has a middle score of 720 and mine is currently 640. I'm reducing my util from 57% and we will see how that impacts my score.

Now with that said, did nfcu go by your fico 8 or mortgage scores or nfcu scores?

Also, if you don't mind, what were your scores/did they request that you pay off anything or lower your utilization in order to qualify you guys?

Thanks I'm applying next Friday

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Hey rubicon,

I started prepping in 2008 but got derailed in 2011-2012 and had to start again. Once I found this forum I learned much more than I ever knew. A little over 2 years ago I was able to finally get back on track and began paying off collections and opened 2 credit cards. I kept the balance on one at 0% and would have been slightly better off to begin this process had I followed advice and gotten utilization down to 1-8% on the other. But when my file went to underwriting there was nothing at all for them to tell me to do since I had cleaned up my file already and I carry relatively little debt compared to my income. 

You can acquire your mortgage scores with a 3B report here. It was worth it for me to know what they were and the LO's I spoke with were impressed that I knew them exactly. They don't like bad surprises or telling people things they don't want to hear about their readiness to buy a home. 

I don't know if it's possible for you, but I'd advise first getting your Fico mortgage scores and if below 700-720 then take some time to fix what is holding them down. 720, as mentioned, is optimal and strongly advised. At the very least your LO can advise you once you apply and a report is pulled. Or you can post more information and we can offer our advice. There is a thread in the mortgage forum telling you the many pieces of info we need to do that. Feel free to post the info and we'll give what advice we can.

Good luck to you both!