OK..I think Im ready.....Need advice!

[REALISTICLYSPEAKING2014]

Been working really hard on rebuilding so I can finally pull the trigger and apply for a mortgage:

Currently my FICOs are as follows; EQ - 646   TU - 676  EX - 678

I am a member of Navy Federal and was hoping to be able to qualify for their 100% fiancing program. I dont think my scores are high enough yet, as from what I am reading they require more in the range of 700+.

My currently debt is Auto 540.00 per month and Consolidation loan - 4400.00  (109.00 per month). All credit cards are PIF with 1 reporting at 9% (for Optimum fico scoring)

Here is my dilemma - I know right now I can qualify for FHA, but I am looking in the mortgage range of 200-250m. Which would require 3.5% down (6000-7500) out of pocket. Should I just wait and get my scores up to Navy fed range? I really am in a situation because I would much rahter not have to pay PMI if I can wait a few months and save some money for incidentals if needed.

I am just coming up from a difficult credit rebuild - In the past 12 months, I have removed 6 collections with PIF, added 15 new accounts (Navy federal came to my rescue). I have quite a few INQ on all 3 CRA's  from rebuliding the past year, but only 1-30 day late with Capital one from 2 years ago and 1-30 day late from my previous  car loan also 2+ years ago (not reporting - paid in full/closed)

I am single and have a yearly salary of 64,000 and 8 years full time same employer.

What should I do? Suggestions?

 P.S - I am now also gardening!!!

[CreditHealthy]

This could be a difficult decision for you to make but, I;m sure you will figure it out. I belong to Navy federal as well, and thought about trying to go for their 100% financing but, I didn't know it required a score of 700, Is that across the board or just the middle score? Lets say you do try for the 100% financing does this mean you will have to pay nothing out of pocket, or come up with something for closing cost? May I ask where you read you needed a 700,was it on the website? I wish you all the luck

[REALISTICLYSPEAKING2014]

Navy Federal doesnt show the score requirements, but there are a few posts on here where different members have mentioned some approvals with mid scores at 688 and another thread where it mentions that it is hard to get this financing with them. I guess some have better luck than others.

From what I understand, there is a loan origination fee of 1.75% of the loan. There wont be any closing costs if the seller agrees to pay them and according to the woman I spoke with today there are some nice perks at closing? I didnt get that far as I kind of chickened out when she asked if I wanted to sumbit an application. (shrug)

Good luck to you too! Its a huge investment and I just want to be sure Im not wasting anyones time by trying prematurely.

[brcamacho]

I just closed on my home with Navy feds 100% program.  Middle score was 696.

Hope that helps.

[CreditHealthy]

Congrats! How much did you have to come up with out of pocket?

[Anonymous]

Why not ask them about their credit requirements? If you bank with them and have cards through them and you are good on everything that may make it a bit easier. I would just call back and discuss your credit concerns and see what they say. If you don't qualify they will tell you, they don't want to waste their time or yours if it isn't feasable.

[brcamacho]

WIth seller credits, I ended up getting part of my deposit back from Escrow/Title.  Everyone involved commented on how great it was to work with NFCU.

[REALISTICLYSPEAKING2014]

Well, I did it! The application process was a breeze! They said 3-5 business days and today is day 3...UGH!  Nervous, scared, ready!!! Feeling all kinds of emotions....

Going to be a long weeked....I guess a good thing is I wasnt denied already....but the waiting is the hardest part!!!

[CreditHealthy]

I'm nervous for you Realisticlyspeaking2014 but, I'm sure everything will work out fine. You are giving me motivation to pull the trigger...Good luck

[REALISTICLYSPEAKING2014]

Got a letter in my email today - APPROVED!!

200,000! I am estatic to say the least!

NFCU love again!!!!

Just wanted to pass the good word around!!!