I am planning on applying for Navy Federal's 100% Homebuyer's Choice Mortgage later this year. I discovered NFCU's zero down mortgage program about 2 years ago. Back then, the mortgage seemed really hard to qualify for, but now, it seems a lot easier. I have seem a couple of folks on this board with mid-scores in the mid 650's qualify.
So have they really loosened their requirements? My mid score was about 615 last year, but I expect a huge jump when I consolidate my credit card debt and as the effects of a redeemed repo about 2.5 years ago fade. I am hopeful that I'll get a huge jump as my Experian mortgage score is 715 (not quite sure why there is such a discrepancy between my top and mid scores).
Do I have a shot at qualifying? I have a loooong and varied credit history, good income, and the only major derogatory I've ever had over the past 20 years was the redeemed repo (a loan I had cosigned for a family member). I reeeeeeeallly want this mortgage.
