topic Re: PRE-APPROVED! NFCU Homebuyer's Choice in Mortgage Loans

PRE-APPROVED! NFCU Homebuyer's Choice

Anonymous — Thu, 17 Mar 2016 23:35:53 GMT

It's official! I just got done hitting the submit application button for my first mortgage! My stats are below...Now I patiently wait to see if I'm approved!

Mortgage Applied For

30 Year Fixed Homebuyer's Choice 100% Financing No PMI

5/5 ARM Homebuyer's Choice 100% Financing No PMI

Mortgage Scores

EQ: 694

TU: 700

EX: 695

Negative Items

Paid Judgement from Nov. 2009

Paid Chargeoff from Dec. 2009

AAoA

Just over 2 yrs.

Current Profile

20 accounts currently being paid as aggreed

NFCU Car Loan---$18,000 owed $25,000 original balance $485 PMT

Student Loan-------Opened since 2006 Never Late $116 PMT

15 Open Credit Card accounts with about $80,000 available credit w/ <1% utilization

$72,000 W-2 Salary before Bonuses

Current Employer 1 Yr. 2 Mo. (Was with them before from 2011 - 2013)

Previous Employer 1 Yr. 3 Mo. before going back to Current Employer

Been in the Industry for 10+ Yrs.

Looking to be Pre-Approved for a $250,000 Mortgage with a current DTI of about 8%-9%

Why is waiting the hardest part??? Hopefully my 695 Mortgage Mid-Score will qualify me for NFCU's "GOOD" Credit Range!!!

I will update this thread as my Mortgage Process continues with NFCU!

Thank you to everyone on this board for the information that has made my credit rebuilding journey possible!

Re: Just Applied! NFCU Homebuyer's Choice

Anonymous — Tue, 15 Mar 2016 00:39:56 GMT

You should be approved easily. You have low DTI, i didn't see any problem with it.

Re: Just Applied! NFCU Homebuyer's Choice

GirlMelanie89 — Tue, 15 Mar 2016 02:27:16 GMT

Good luck, although I think you'll br just fine! I would like to apply with them as well in a few months, so let me know what your experience is like!

Re: Just Applied! NFCU Homebuyer's Choice

Anonymous — Wed, 16 Mar 2016 00:14:40 GMT

Got a call this afternoon from the LO at NFCU I had been in contact with for about a week prior to my application being submitted asking some basic questions about employment. She told me that my file had been submitted to Underwriting for review and to expect about a 48 hour wait time before we heard back from them. So far the loan officer has been very responsive to email contact and also any phone contact that has been made. From the reviews I have read you either get a very good and responsive LO or a one that is almost impossible to get in contact with when dealing with NFCU.

Re: Just Applied! NFCU Homebuyer's Choice

Creditwiser — Wed, 16 Mar 2016 00:41:39 GMT

Good luck to you on the endeavor. I'll be looking for a new MTG next year myself and hope to use NFCU. I'll be looking forward to your updates and progress . I'm sure I speak for everyone in here that our fingers are crossed for you

Re: Just Applied! NFCU Homebuyer's Choice

Anonymous — Wed, 16 Mar 2016 23:36:35 GMT

I emailed my LO this afternoon just to check in and see if there was anything I needed to do...She told me that my file was still in underwriting and that this was completely normal due to the large amount of people that apply this time of year. Was told that she would be in contact as soon as she received the file back from underwriting. The anticipation is killing me!!!

Re: Just Applied! NFCU Homebuyer's Choice PRE-APPROVAL RECEIVED!!!

Anonymous — Thu, 17 Mar 2016 22:01:56 GMT

Just got an email from my LO with all of my pre-approval paperwork for the full $250,000 that I requested. With my profile I qualified for everything that was stated on their website with identical rates to what were posted for the "GOOD" credit range. Like many have posted the Closing Costs that they give upfront for Pre-Approvals are very high and double list the 1.75% Funding Fee as both rolled into the loan and being paid upfront. After disecting everything I was sent it is basically exactly what I was expecting when I was doing my math before applying! Very happy to be approved and now let the Home Shopping begin!

Re: Just Applied! NFCU Homebuyer's Choice PRE-APPROVAL RECEIVED!!!

GirlMelanie89 — Fri, 18 Mar 2016 17:51:13 GMT

Thats awesome! Keep us posted!!!

Re: Just Applied! NFCU Homebuyer's Choice PRE-APPROVAL RECEIVED!!!

Anonymous — Sat, 19 Mar 2016 23:49:28 GMT

Congrats so far. Keep us posted.

Re: PRE-APPROVED! NFCU Homebuyer's Choice

Anonymous — Sun, 20 Mar 2016 14:21:40 GMT

How diffcult is it to apply or get approval for this loan type?.. I am also a NFCU member. I didn't think many banks were giving 100 percent financing.

Re: PRE-APPROVED! NFCU Homebuyer's Choice

Anonymous — Fri, 25 Mar 2016 00:31:56 GMT

Today was the day I thought I was going to start seeing the downside to all of the horror stories I've heard about NFCU Mortgage Loan Officers...I called to speak with my loan officer today and was let know by voicemail that she was on leave all of this week! I let the LO officer know that this was the week I was going house shopping and was told just to let them know if I decided to put in an offer. I would have at least liked an email or a heads up that they would be on leave this week. When I called back I was able to get into contact with a receptionist who let me know that a different LO was now in control of my information until my LO returned from leave....SO! With all of the possibilites going through my head of how this could turn out poorly I was so HAPPY when I spoke with the stand in LO!!! My original LO officer had left great and detailed notes as to everything in my file and absolutely no problem getting what I needed from the New LO to get an ammended Pre-Approval for the amount I was offering!!!

As of right now my my Offer has been placed and we heard back from the Seller's Agent that he would get with his clients in the morning and let us know something tomorrow!!! Fingers crossed for the Offer to be Accepted!

So Far NFCU has been nothing but EXCEPTIONAL to work with!!!

Re: PRE-APPROVED! NFCU Homebuyer's Choice

nikkiheaven — Sat, 26 Mar 2016 22:46:41 GMT

So what is your expected mortgage for 250,000? What are your closing fees?

Re: PRE-APPROVED! NFCU Homebuyer's Choice

nikkiheaven — Tue, 05 Apr 2016 04:10:58 GMT

Bump