VA LOAN VIA NFCU, USAA, OR PENFED

[nathan]

I will be trying the mortgage territory at the end of this year when I transfer and i am contemplating which of the above cus offer the best Va loan. Please share your experience with navyfed, penfed, or usaa. I know it is too early but here is my situation:

six cc with available credit of 49.9k, 1.5k bal(will be paid to zero before apllication)

two auto loans of $780

student loan $145/mo

income, 6k a month combined.

Spouse, 5 cc with 6k available credit, $400 bal, zero other debts.(cc bal will be zero before application)

Six years active duty/navy

Baddies: Mine

equifax, 2 collections over 4 yrs old

Transuion, 4 collections over 4 yrs old, one paid

Experian, 5 collections over 4 yrs old, two paid

I have tried pfd on all collections, but no luck. All collections total is $650.

I have had zero baddies for over two years when I started rebuilding and scores are eq 659, tu, 655, and exp, 637 when i last checked before the freeze. Dw ficos are i the mid 600 too. Dw has two 6 yrs collections.

I am just wondering how navyfed, penfed or usaa will treat our baddies. I know VA guide lines require atleast 12 mos of perfect payment history, but banks still have thier own standards. i don't expect to hit 700 fico by december, but i don't also expect to drop below the mid 600 unless something goes wrong.. I am hoping to apply for 200k because it seems there are not too many good houses under 200k in the hamPton roads area. Any chance i could qualify for 200k with my circumstances? i can;t afford a down payment, so VA is my only choice and i will be looking for a seller who pays most or all of my closing cost. Thanks for your inputs.

[ronq]

I did a mortgage with NFCU and they were great. I applied for VA since I had mortgage latest in 05 (150 day late). I had talked to them several weeks before and did a pre-qual, but I had been looking a while and didn't due the pre approval since it was only good for 60 days and I hadn't seen anything I was ready to make an offer on. I did make an offer on Feb. 15 and after all of the offers/counter offers I called and applied at 6:30 PM on the 16th (president's Day). I picked VA since they make you select a loan type a application. My loan officer called me at 9:30 am the next day and discussed my loan. I had a VA at 5.5% with no but down, but I was putting down 15% so she said why not pu nothing down since it's VA and I said well I used my VA before so I didn't want to pay the 3% funding fee since as long as I put down 10% it was only 1.25%. She suggested conventional at 5.385% or 5.125%(with 1% origination fee) with no PMI. Since the origination fee is tax deductible (prepaid interest) and the VA isn't I went with the conventional. My scores were 706,725 and 734 which according to her everything over 720 is best rate. The best rate requires 20% down. She had my loan approved and uploaded to a web site that I could electronically sign the documents by 2:30 PM that day. They have been great through this process and I am closing on March 16. She is somtimes hard to reach, but she always calls me back sometimes the next day. She said they are really busy and usually she is either on the phone or with a member if they can't connect me to her. I have had an account and visa card since I was on active duty years ago. I moved all of my banking to them about 3 years ago and they have been great. I would recommend them since they don't sell your loan which I had happen with my first mortgage(VA) and the bank that bought it was horrible to deal with.