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I just got off the phone with a NFCU LO (#1532492 w/ Nationwide Mortgage Licensing System). She stated that NFCU does not require applicants with Conventional loans to pay PMI (this is rolled into the loan via interest rates) and they use the IBR Student Loan payments as shown on the credit report. Credit score >700 and qualifying loan package.
Feel free to verify this information with another NFCU loan officer and let us know.
Today (Nov 3rd) quoted interest rate of 4.75% (which is high), and APR of 5%. The 95% program interest rates are 4.5%. No discount or orgination fees. At 100% the interest rate: 4.875%, plus 1.25% funding fee (all to be rolled into the loan balance). Right now, I have a sales contract for a home build to close in March 2017. I have to wait until about 2.5 months out to shop around my interest rates. So, I will be keeping NFCU in mind especially their 97% mortgage program.
Hope this information helps.
Yeah, I will evaluate several lenders in January when I am closer to closin. LO did say you can refinance after 12 months. I guess their refinance interest rates are lower, but of course you are paying closing cost again. However, it is a streamline process for refinancing. Main thing for me is they use IBR student loan payments instead of the 1% of total balance.
If you plan on refinancing a few years down the road, I would look into their 100% ARM loans as well, that's what we ended up doing. That way you lock in a lower rate now, and the only closing costs that you end up "wasting" is the appraisal fee. NFCU does not charge lending fees for their ARMs. Something to think about!