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NFCU HBC Denial - FHA Approval - Timeline and Stats *UPDATES*

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Anonymous
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Re: NFCU HomeBuyers Choice Approval! Timeline and Stats


@Anonymous wrote:

A little tip on Transunion - if you contact the fraud assistance department, they will let you submit official proof of payment to them, and update your file the same day. Even if it isn't fraud, just a mistake. Or say, you have a 0 balance now and it is off-cycle. Experian and Equifax are terribly to work with on updating records off-cycle, but it will at least boost your TU, and that MIGHT make a difference.

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I have called Amex credit dept and as a 1 time exception they reported my 0 bal early just in time for my 3b pull
Message 141 of 148
Anonymous
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Re: NFCU HomeBuyers Choice Approval! Timeline and Stats


@Anonymous wrote:

@Anonymous wrote:

I went HBC because it is a 100% option. I was under contract at the beginning of this year, and had paid 10% down plus earnest on a FSBO property. Long story short, seller took off with the escrowed amount, I sued, I won, he hasn't paid even though I have a judgement. Unfortunately I was limited by the courts to only the amount they allow as a max, so even when I get my money, it will only be a portion.

 

With no savings left, I was left with only 3 options - spend the last of my newly accmulated savings on a down payment for FHA, go USDA, or go HBC through Navy Fed. Turns out I make too much for USDA. For the FHA route, the home price limit is too low for what we want, and I need money to move cross country. So, HBC it is! It actually is a really good program, and with no PMI, the rate isn't all that bad.


you're luck you were able to join NFCU .. because after that you would have been out of options IMO


We actually went FHA and could have gone with BBVA compass as well.  We used the builders lender in the end. 

Message 142 of 148
Anonymous
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Re: NFCU HBC Denial - FHA Approval - Timeline and Stats *UPDATES*


@Anonymous wrote:
Most NFCU loans don't have PMI. The rate is higher, but the final payment may be the same....AND you can deduct the interest whIle PMI is just money down a hole.

That is a VERY Good point

Message 143 of 148
Anonymous
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Re: NFCU HBC Denial - FHA Approval - Timeline and Stats *UPDATES*


@Anonymous wrote:
And my mortgage is now on my credit report! I got my first statement from the mortgage company. It's way too real now haha.

Blessings to everyone out there trying to get a mortgage. If I can do it, anyone can!

I just read this whole thread.. WHEW .. I felt like I criend and laughed with you.

 

How did the new mortgage effect your scores if you dont mind me asking?

Message 144 of 148
Anonymous
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Re: NFCU HBC Denial - FHA Approval - Timeline and Stats *UPDATES*

The effect was approximately 0 haha. No change. I imagine as I pay it down it will have more of an impact. However, I did take on a large debt load, increasing my util severely, so it is kind of hard to tell. MyFico has a feature that tells you what impact a change has on your score, and it tells me 0. I also saw no jump or decrease in my FICO8 scores, but my mortgage scores went up 10 points each.

 

Thanks for reading! I am hoping people can learn a bit from it, and realize that no matter how hopeless it seems, it can be done.

Message 145 of 148
Anonymous
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Re: NFCU HBC Denial - FHA Approval - Timeline and Stats *UPDATES*

interesting .. so your mortgage scores go up by having a mortgage....even a new one. Had not heard that.

Message 146 of 148
Anonymous
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Re: NFCU HBC Denial - FHA Approval - Timeline and Stats *UPDATES*

I doubt many people pay attention to their mortgage scores after they get a mortgage. Once is said and done, it's all about the FICO 8s again haha.

Message 147 of 148
Anonymous
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Re: NFCU HBC Denial - FHA Approval - Timeline and Stats *UPDATES*


@Anonymous wrote:

I doubt many people pay attention to their mortgage scores after they get a mortgage. Once is said and done, it's all about the FICO 8s again haha.


until they are ready to refi out  of a less than perfect arrangement

Message 148 of 148
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