Which mortgage route would you choose?

[MontegoMack]

Navy Federal Credit Union (NFCU) or a local mortgage company?

Yes, I'm a member of NFCU. However, I never served, so I don't have other military benefits like access to a VA loan.

I know these aren't my only options, but it seems like they're the most viable to get the best rate. 

Mortgage FICO about 700 straight across the board. 

. 

[kc0039]

You can get the best rate depending on how deep your pockets are if that's what all you're thinking about.

[Anonymous]

With NFCU, it all depends on what kind of loan you are looking to get.  Do you mind sharing what type of mortgage you are looking for?

[MontegoMack]

I believe I'm looking for a conventional mortgage. 

I'm looking in the $350k range and while it's tight for me to come up with the cash on hand for the downpayment, I make about $130k now and can manage the payment. 

I'm not looking for a USDA loan, nor am I looking for a rehab loan. I've considered FHA or even CHFA (the CT version of FHA), but I'm prepared to just do conventional. 

My *mortgage scores* are around 700 and my credit is fairly clean with the only negs are lates from 2 years ago (when I found myself in a horiible financial bind that wiped out a lot of my savings). 

[VALoanMaster]

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@MontegoMack wrote:

I believe I'm looking for a conventional mortgage. 

I'm looking in the $350k range and while it's tight for me to come up with the cash on hand for the downpayment, I make about $130k now and can manage the payment. 

I'm not looking for a USDA loan, nor am I looking for a rehab loan. I've considered FHA or even CHFA (the CT version of FHA), but I'm prepared to just do conventional. 

My *mortgage scores* are around 700 and my credit is fairly clean with the only negs are lates from 2 years ago (when I found myself in a horiible financial bind that wiped out a lot of my savings). 

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Hi MontegoMack,

I would steer clear of any of the big box banks. Do a Google search for reviews on NFCU & really research the reviews before making a choice.

As far as the loan program options, you need to see estimated rates/payments & closing costs for each one so you can do a side by side comparison to determine which option is best for you.

[kc0039]

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@MontegoMack wrote:

I believe I'm looking for a conventional mortgage. 

I'm looking in the $350k range and while it's tight for me to come up with the cash on hand for the downpayment, I make about $130k now and can manage the payment. 

I'm not looking for a USDA loan, nor am I looking for a rehab loan. I've considered FHA or even CHFA (the CT version of FHA), but I'm prepared to just do conventional. 

My *mortgage scores* are around 700 and my credit is fairly clean with the only negs are lates from 2 years ago (when I found myself in a horiible financial bind that wiped out a lot of my savings). 

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You can put a minimum downpayment of 3% for a home going the conventional route. Having a socre of 700 is going to hurt a bit, but not too much.

[Anonymous]

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@MontegoMack wrote:

I believe I'm looking for a conventional mortgage. 

I'm looking in the $350k range and while it's tight for me to come up with the cash on hand for the downpayment, I make about $130k now and can manage the payment. 

I'm not looking for a USDA loan, nor am I looking for a rehab loan. I've considered FHA or even CHFA (the CT version of FHA), but I'm prepared to just do conventional. 

My *mortgage scores* are around 700 and my credit is fairly clean with the only negs are lates from 2 years ago (when I found myself in a horiible financial bind that wiped out a lot of my savings). 

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I know CHFA well as I am in CT also.  It has a lot of restrictions and conventional is a very good option for you.  Definately call NFCU as we used them and process was super easy.  What county are you looking to buy in?

[MontegoMack]

Yes, 

I sent you a PM. 

[Anonymous]

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@MontegoMack wrote:

Yes, 

I sent you a PM. 

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And I responded..