NFCU 100% financing credit requirements

[CreditGuy03]

Anyone know what the credit scores should be? 

I called NFCU and they said "case by case basis" which is typical credit union jargon. They say that then you apply thinking you have hope because hey... 'Case by Case' right? Only to be denied without even getting a chance to explain your "CASE".

Mine are 680,640,640 Wife 653,645,638 with 120k income combined and $1500 monthly debt.

[Jess21]

I cant say a lot but we applied for this last year an were approved but with a high interest rate and only for 80k,  i couldnt buy anything worth it for that price in this area and the LO was not helpful at all.

[Anonymous]

I am about to app for one of their 100% products (5/5 ARM) and have asked them many questions so far.  Specifically, are there different DTI limits that they look at when pre-qualifying.  I was informed that with those loans, they can go up to 45% combined DTI based on the total credit profile.  

This leads me to believe that the amounts you would pre-approve for be much different (except possibly a little higher?) than anywhere else.

Edit:  I plan on applying sometime around the 23rd of this month (when my last cc balance updates), I have a 120K single salary, 15 years on job, and FICO's should be north of 720 when I app.  I'll let you know what I pre-qualify for.  

p.s. they have a program going now where if you use a NFCU Preferred Plus realtor, you will get cash back after closing.  On my anticipated purchase price of 375K, that would be $2200 cash back.  Just food for thought.

[Anonymous]

Knocturnal,

Please keep us all updated on your experience with them. I've been looking at their 2/2 ARM for a refinance and would love to hear about what you get approved for and how your interest rate shapes up.

I've been banking with them for almost a year now and am hoping to refinance with them within the next few months while rates are so low.

~JB

[Anonymous]

Absolutely, will do!