Prepaid vs Escrow-closing costs (NFCU 100% Coventional Homebuyers Choice Mortgage)

[redE2move]

Congratulations! That seemed pretty fast. Was it less than 30 days from start to finish?

[Goodcreditsesame]

Morning!


I went into contract on 2/22 with anticipated closing date of 3/31 so it was over a month

[redE2move]

I'm 8 weeks shy of applying. I can't wait to get started. We don't make much money so I'm not sure about the NFCU 100%. It seems to attract borrowers with a high income. Our lease requires 60 days notification to vacate and ends in July. So I'm hoping that we'll be able to get a preapproval but more nervous about even finding something in this market.

[Goodcreditsesame]

Morning,

honestly, I think the income is why we were approved. We make about 105 combined. We do have several open collections and lates in 2015 on my car loan.

[redE2move]

Through reading and research I've found that Navy will extend with stronger income.  We are just the opposite no open collections and both of our middle mortgage scores are now in the mid 700s but the income is only $56,000.  Because we don't have the income, we are hoping that tightening up in all other areas will get us an approval.

[Goodcreditsesame]

Best of wishes to you!