NFCU- will they consider BK discharged for a mortgage?

[Anonymous]

Who has experience in applying mortgage with NFCU (Navy Federal Credit Union)?. Do they qualified anyone with BK discharged. (I am a member) but I am scared to inquire. Anyone who have experienced with them and can give me an insight, will greatly appreciated. Thanks.

[LMcClendon]

Yes, Navy Federal will not only consider but if the discharge date is past two years or more they will offer you good rates considering how good your credit is post bankruptcy.

[Anonymous]

Will it really have to be 2 years??. I am post BK for a year and have tradelines that i have been paying on time since the discharged. Will they consider?. My fico score is Trans 670, Equifax 615 and Exper 628 just today. I might used my 401k for a down payment ( I have 18K),  no savings ( just starting to save) I don't think I can save as much for the down payment. Is there really no more programs for down payment & closing cost assistance. Will NFCU will find me a program for this or should i be the one looking for this program if there is?? Any input is appreciated.

Message Edited by charmaine on 09-28-2008 04:20 PM

[Anonymous]

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@Anonymous wrote:

Will it really have to be 2 years??. I am post BK for a year and have tradelines that i have been paying on time since the discharged. Will they consider?. My fico score is Trans 670, Equifax 615 and Exper 628 just today. I might used my 401k for a down payment ( I have 18K), no savings ( just starting to save) I don't think I can save as much for the down payment. Is there really no more programs for down payment & closing cost assistance. Will NFCU will find me a program for this or should i be the one looking for this program if there is?? Any input is appreciated.

Message Edited by charmaine on 09-28-2008 04:20 PM

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401(k) or TSP (also called Federal Thrift Savings Account)?

I ask because if you're eligible to be a NFCU member, you might be military or DoD, which use TSP for retirement savings.

If TSP, bear in mind that unless you take a loan against your TSP (and you can only get a loan against HALF of your TSP account balance), you'd either have to separate from your (DoD or military) job, or be 59 1/2 or be filing for divorce/legal marital separation, to have access to the $$.

We just found this out ourselves, having planned to buy a house with our $50K balance in our TSP account -- only to have TSP rules and reality bite us in the patootie.

[Anonymous]

hi wonderin, no I am not on the military. I became a member because of my sister, whose husband is in the military and they can extend their family to be a member. I have a 401K plan at work and we are allowed to take half of it and if you use this to buy your house it's going to be tax free.

[Anonymous]

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@Anonymous wrote:

hi wonderin, no I am not on the military. I became a member because of my sister, whose husband is in the military and they can extend their family to be a member. I have a 401K plan at work and we are allowed to take half of it and if you use this to buy your house it's going to be tax free.

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Whew. Awesome. I was REALLY afraid that you were like us, and made plans only to have them dashed at the last minute!!

Best of luck to you -- and keep us posted!! And if you ever need some encouragement, we'll be here!!

[Anonymous]

Thanks for all the responses, but i haven't got an answer yet.  Can they accept a 1 yr post BK? with trade lines paid on time since discharged.. fico 670,628,615.. $43300/yr income with only $200/mo debt payment , because if not I might as well wait ... don't want to be rejected if it's not possible.

[fishbjc]

I've heard two years, but why not call and speak to an agent?   If you filed bk...why don't you have a down-payment?  How can you make a mtg. payment and all that comes with it if you have zero savings?  What will you use for closing costs?  Emergency expenses?

All these things need to be visited before you make that leap.  You'll be safer if you have a cushion for yourself and $$$ for anything that arises with the home.

Good Luck!