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NFCU CLOSING COST

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tmoney
Regular Contributor

NFCU CLOSING COST

I apllied for the 100 % financing program and got a preapproval with the funding fee being rolled into the loan. Why is this fee also included in the closing cost

Message 1 of 8
7 REPLIES 7
StartingOver10
Moderator Emerita

Re: NFCU CLOSING COST


@tmoney wrote:

I apllied for the 100 % financing program and got a preapproval with the funding fee being rolled into the loan. Why is this fee also included in the closing cost


Because it is a one time fee due at closing. You can pay for it at closing or you can roll it into your loan. It has to be disclosed though, that is why you see it in the GFE.

Message 2 of 8
tmoney
Regular Contributor

Re: NFCU CLOSING COST

I have it rolled into the loan already . Does that mean it gets rolled into the loan twice.  I applied for 300,000 home with loan amount of 305,400 with funding

fee rolled into loan but on the closing cost sheet it list this funding fee amount again 

Message 3 of 8
StartingOver10
Moderator Emerita

Re: NFCU CLOSING COST


@tmoney wrote:

I have it rolled into the loan already . Does that mean it gets rolled into the loan twice.  I applied for 300,000 home with loan amount of 305,400 with funding

fee rolled into loan but on the closing cost sheet it list this funding fee amount again 


No, it is not paid twice. It is paid one time, in your case it is rolled into the loan.

On your closing costs worksheet you should see all of your debits and all of your credits itemized and an approximate amount of cash to bring to closing. This worksheet is much easier to read than a normal GFE and many LOs use it to explain the costs (in addition to formally providing the GFE).

 

If you want to post the sheet without your personal information you can do so and we can show you where it is not taken into account twice. Or you can get in touch with your LO and have him show you specifically.

Message 4 of 8
roost3r
New Member

Re: NFCU CLOSING COST

I am applying next week for the same loan. Can you tell us what your scores are or did they disclose minimum score requirments? Ive heard 740s to get the 100% loan. Unless its a VA loan and thats likely different. Thanks!

Message 5 of 8
tmoney
Regular Contributor

Re: NFCU CLOSING COST

My scores were good 762,748,747 but ny fiance's were lower ,her mid score being 672 with her having a few lates and a chargeoff  no collections. We had no

problem getting a preapprovalwith our combined income in high six figues even though I have a kind of high DTI (30%) She has no debt .They only preapprove

for a specific loan amount so I just gave them a estimate on the amount of house we wanted to purchase.

Message 6 of 8
nikkiheaven
Contributor

Re: NFCU CLOSING COST

Can you share what your mortgage payment wii be?  I'm looking at the same loan amount with the same product.

Message 7 of 8
tmoney
Regular Contributor

Re: NFCU CLOSING COST

Depends on your price of home We are purchasing for @ 304,000 with 5.0 interest rate.  No PMI or down payment. Not worried about interest rate now ,will refinance

with my VA loan once married. Our payment is @ 1745.00

Message 8 of 8
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