Navy Federal 100% First Time Home Buyers Program?

[jcrsmom]

Did you ever do it?  I am considering using the program.

[Creditaddict]

Me? No

[jcrsmom]

Oh ok I just wanted to see if anyone else did it and how it went.

[navistar]

  what does mi and pmi mean? its not in abbreviation thread.     

[FSFdoppleganger]

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@navistar wrote:

  what does mi and pmi mean? its not in abbreviation thread.     

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MI: Mortgage Insurance

PMI: Private Mortgage Insurance

[jcrsmom]

Private mortgage insurance.

[ComputerWizMaster]

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@jcrsmom wrote:

Oh ok I just wanted to see if anyone else did it and how it went.

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I did complete a mortgage via the program. I will try to do a write up after work.

What questions do you have specifically and I can try to address them.

[jcrsmom]

Thanks, that would be great!

I guess what to expect as far as expenses with closing.  My husband and I are both self employed so it will be a little more work I think since we would have to go the route of providing tax records etc.  I am hoping to talk to a mortgage guy over there on Monday. We've been playing email tag.

[ComputerWizMaster]

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@jcrsmom wrote:

Thanks, that would be great!

I guess what to expect as far as expenses with closing.  My husband and I are both self employed so it will be a little more work I think since we would have to go the route of providing tax records etc.  I am hoping to talk to a mortgage guy over there on Monday. We've been playing email tag.

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I also had to provide tax records, I think this is a standard part of the process?

In terms of expected expenses at closing... It is pretty flat. The closing cost are essentially the taxes and recording fees due in your jurisdiction as well as the minor fees like appraisal and home inspection. You are allowed to roll the funding fee into the loan.

My experience was pretty straight forward I felt. The staff was very nice and responsive the whole way through the loan process. They answered questions I had via email pretty quickly and didn't leave me isolated. The loan closed on time as well (about 1 month).

Due to the nature of the program they care primarily about DTI and Credit Score. I believe they want a 680 or 690+ to qualify, but my memory could be fuzzy on this.

[jcrsmom]

Thanks for the info.  For the DTI ratio, do they just figure debts and not monthly bills?  For cc's, my DTI is 3%.  Also, crdit score should not be a problem since it's 737 right now and I just paid off 2 other debts that were not yet marked on my report so that should boost it a bit more.

Did they look to see how much you had in savings?