NFCU 100% Financing

[xerostatus]

I'm considering on applying for NFCU's 100% Financing mortgage loan.

I've already checked to see how much of a loan they would give me based on my income and existing debts, and have a ballpark figure in mind.

Now, I am a relatively young person really just bull-heading into this process (for now), so I'm as yellow as they come (that is to say, I am an absolute newbie to all of this).

I want know if anyone has any insight into the process, in terms of what kind of cash I would need to put up if I were to purchase a home, under the 100% financing from NFCU. So, obviously there will be no down payment, and they say PMI is not required (but there is an origination fee, which can be waived for a marginal interest rate increase). There is a funding fee of 1.75% of loan, but that can be rolled into the loan principle (max 101.75% LTV).

Again, my main question is what I'd need up-front if i were to purchase a home using this 100% financing loan from NFCU..

Closing costs? appraisal/inspection fees?

[Joiejoie]

I am a long time NFCU member and now a first time homeowner, but not through NFCU. When I started my process 3 months ago, I applied for this program and was pre-qualified for it. But I received the estimate of closing costs form, my realtor and I started looking at the fine print for this program- first off, I had a mid range credit score, and the loan started at 5.5% for excellent scores and put me at 6.0%. Second, there was a 1.75% funding fee that can be paid at closing or rolled into the loan. This prompted me to look at other banks and I eventually found a loan where I paid 3% down and had a lower rate. Fortunately, I am set to pay $500 less a month than what NFCU quoted me.

I have to say, I love NFCU as my main bank, but the customer service side of the mortgage loans was not up to par. Good luck to you!

[Joiejoie]

And I just re-read your post...you will need to come to closing with the same funds needed for most closings (I've only been through one, but the components of the fees were the same): title, tax fees, upfront payments of home insurance, taxes (NFCU only quoted me 2 and 3 months of those payments).  Home inspection will be paid by you before closing, as may be the appraisal (those cost me alost $700 total).  Depending on the home you select, you may have to pay earnest money, that should come back to you as a credit during closing.  I know the NFCU program paid $2500 towards closing, which is nice.  so it all depends on your situation.