02-27-2012 10:19 PM
Does anyone know what the minimum FICO score is for the Navy 100% mortgage program? I have a mid score of 602, but I just paid my revolving debt down from almost 100% total util to 40% (1 is 55% and the remaining 6 are 0%). I'm hoping my scores will improve 40-60 points, but I don't know if that will be enough.
I've asked Navy the minimum and they won't tell me. I would especially be interested in hearing from anyone who has been approved recently for this program with a similar score. What debt to income ratios and rates did you get?
Thanks for your help.
02-28-2012 01:21 PM
Just applied for that program with a mid-score of 666 and was declined. Advised by rep that this was on of the most difficlut loans to be approved for
02-29-2012 04:45 PM
I am also considering this program vs. FHA.
My friends (who are also buying a house this year) and I both called NFCU's mortgage department, and every time, we each get conflicting information. But compiling all of the information that we have gathered over the past 6 weeks, here are the minimum requirements:
I think that's it. Like I said, we keep getting conflicting information depending on who we talk to. My friends are actually planning on going through a formal application through NFCU this week, so I might know more in a few days/weeks. But I think that the reason why these minimum requirements aren't documented anywhere on some sort of brochure is because NFCU reviews everything on a case-by-case basis, so they will make special considerations if they think the customer is good for it. Hope this helps.
02-29-2012 06:28 PM
02-29-2012 06:40 PM
Good luck and please update us with the requirements you had to meet when you go through the application process. If I get any updated information from my friends' app I will update as well.
10-22-2012 12:54 PM
What ever happened with your application, I am thinking about applying with mid-score being 695, and I am just wondering if it is worth it?
10-22-2012 01:41 PM
Just curious, What are the goods of this program over USDA or FHA?
10-22-2012 02:30 PM
We looked at this mortgage option recently too. The LO at our branch in San Diego didn't give out much info without actually submitting an application, but she did say maximum DTI was 45% or lower, they want to see 6 months of PITI in reserves and above the low 700's for both mid Ficos.
My mother is refinanced with Navy Fed and their underwriting process is a bear. We've decided to abandon this loan option and just go with a mortgage broker because of the difficulites she had with a simple refinance.
12-01-2013 08:27 PM
We are trying to work toward getting a home loan through this program as well. Does anyone know whether or not there have been any changes to the requirements previously listed?
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.