Hi everyone, Im completely at a loss and looking for some advice and help please. Ive never owned a home, and looking to buy in 2 years ( trying to save for at least 5% down). In two years when Im ready Ill have no inquires, (im waiting for everything to age off as well), and hopefully my middle score will be 680 by then.
First...How are home loans and the process with DCU or NAVY? Anyone have experience?
Next...(the low down)
BK7 discharged 08/2013
have rebuilt credit with car loan and cards nicely
my util will be 1% at time of apping
im single, no kids, salary is $60k
Is there any programs that offer no money down and/or closing costs assistance? Im also a nurse, what about any money assistance towards a 1st time home buyer in the medical field?
The reason I asked about DCU and Navy, is Ive got a good relationship with Navy....Ive got a CC, LOC, and my car loan with them.
Im just a member with DCU with a small amount in checking and savings for the fico score 
I thought with my BK on my reports, that a regular bank wouldnt look at me, but a credit union that Ive got a relationship with would.
Thoughts are appreciated, and thank you!!
I haven't gone through the process yet, but relationships mean very little for mortgages unlike virtually every other product; mortgages are incredibly standardized and the only place where there's any "let's make a deal" or "I like you as a customer" coming into play would be either in the jumbo space or for a portfolio lender... which the vast majority of mortgage originators aren't - no profit in it really these days, origination fees is where it's at.
From S10 and others I've learned not to pin hopes on a CU alone, as a disorganized lender can be problematic to work with and not all CU's are organized... I'm mostly using DCU as a rate hedge during my rate shopping knowing they'll be in the ballpark of a good rate at least but if they come through fantastically and my first pick and throwaway Zillow lender don't, I'll take their loan with a smile on my face; however, I'm not betting the farm on them. Probably doesn't matter much in my case as I'm just going to pick something that winds up being a throwaway or rental in the future so I'm not chasing the American dream, but other than a couple of application fees there's no downside to doing what virtually everyone should be doing in some form or fashion.
ETA: the one thing CU's do often do is their own mortgage servicing... so if you're familiar with the CU and how to make payments, that's one less thing which can go wrong when the mortgage gets sold and potentially the servicing will too.
Yup! Basically 31 days from now when I can prove W2 income... starting the new gig tomorrow. Maybe 6 weeks to get two full paystubs worst case since starting on a Wednesday post 15th.
Probably in your case your 04/98 scores will be lower than the FICO 8 scores the monitoring here and virtually everywhere else uses by the time you get to mortgage qualification, but continue to clean up what you can and just let the tradelines age; a BK isn't a death sentence just a PITA.
Inquiries are overrated to quote DLG and other than maybe recent ones, it's tradeline age which typically gets looked at in mortgage underwriting; I wouldn't worry about anything which has aged out from the scoring profile by the time you apply... that's one of the benefits to being a highly standardized industry, the score is the hurdle, and then it's just if there's a derogatory within a certain timeframe (like your BK) which makes your file unguarunteeable by FHA or unbuyable by the GSE's. Don't sweat whatever junk you have on your report now, clean up what you can and just let time do it's magic as your file is plenty thick for underwriting purposes.
Thanks Rev...I can't wait wait to hear about your mortgage adventures in the next upcoming weeks!! You've bene waiting awhile I know. Much luck to you, and please post your whole adventure. Maybe a blog or something, or be sure to come back here! Ill be following
@pizza1 wrote:
Thanks Rev...I can't wait wait to hear about your mortgage adventures in the next upcoming weeks!! You've bene waiting awhile I know. Much luck to you, and please post your whole adventure. Maybe a blog or something, or be sure to come back here! Ill be following
Yup, I'll document it here though I'm doing as much prep work as possible so I'm guessing hoping there won't be a ton of excitement and surprises .
Would be hypocritical in my opinion (for me anyway) not to given how much information I've gained from reading this board and other people's experiences moving through the process.