Regular Contributor
Posts: 212
Registered: ‎01-09-2012
Re: Navy Federal Credit Union minimum FICO score for mortgage

I am also considering this program vs. FHA.


My friends (who are also buying a house this year) and I both called NFCU's mortgage department, and every time, we each get conflicting information. But compiling all of the information that we have gathered over the past 6 weeks, here are the minimum requirements:


  1. Minimum middle credit scores of 680 (required of both applicants if applying with a spouse)
  2. Minimum middle credit scores of 720-750 to avoid 0.5% interest rate bump. (I say 720-750 because we were told different things depending on the day we called and who we talked to), I assume this will depend largely on whether your underwriter at closing wants to be generous that day.
  3. No reserves required if purchasing a home < $417K
  4. Six months of reserves required (P+I+T+I+HOA fees) if using their 100% Jumbo HomeBuyers Choice loan, basically any loans above $417K
  5. They will count 60% of the value of any 401(k) in the applicants' names
  6. Maximum 6% seller contribution towards closing costs
  7. Maximum 3% gift contribution (by family, close relatives, etc.)
  8. 1.75% funding fee - cannot be rolled into mortgage
  9. 1.00% loan origination fee
  10.  0.75% discount points

I think that's it. Like I said, we keep getting conflicting information depending on who we talk to. My friends are actually planning on going through a formal application through NFCU this week, so I might know more in a few days/weeks. But I think that the reason why these minimum requirements aren't documented anywhere on some sort of brochure is because NFCU reviews everything on a case-by-case basis, so they will make special considerations if they think the customer is good for it. Hope this helps.


Starting Scores: EQ 582 TU 584 EX 615 (FICO - Lender Pulled) 1/4/2012
Current Scores:EQ 632 TU 698 EX 669 (Lender Pulled) 3/17/2012
Goal Scores:700 club here we come!

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