topic Re: NFCU HomeBuyers Choice Approval! Timeline and Stats in Mortgage Loans

NFCU HBC Denial - FHA Approval - Timeline and Stats UPDATES

Anonymous — Tue, 06 Sep 2016 17:16:43 GMT

I got the approval (and subsequent denial) from NFCU through their HomeBuyers Choice program. I am now going FHA. Timeline and stats -

App in formembership - 7/21

Membership completed - 7/28

Rescore requested (scores too low due to util) - 7/31

Rescore completed partially - 8/4

Application for mortgage submitted - 8/4

Automated underwriting "REFER" submitted for manual underwrite - 8/5

Mortgage approval, no conditions - 8/6

Appraisal - 8/14

Clear to close - DENIED

675 mid-score

No derogs or lates

100k income

3 years on the job, 13 in the industry

10.2/43.3 DTI (2 car loans, 5 CC payments, student loans)

342k home price, 348k loan

5.125% rate

101.75% financing

Starting Over -

Application for mortgage submitted - 8/31

Automated underwriting "APPOVED" - 9/1

Mortgage approval - 9/2

Appraisal - 9/6

Clear to close - ???

718 mid-score

No derogs or lates

100k income

3 years on the job, 13 in the industry

10.2/43.3 DTI (2 car loans, 5 CC payments, student loans)

327k home price, 321k loan

4.125% rate

96.5% financing

We are dealing with a tight timeline due to other lenders trying to push USDA when my income was too high, and then a subsequent denial due to tax transcripts having issues (we still don't know what the 'ISSUE' is.). The initial sales price was 348k, but due to a low appraisal it it now 327k. We got a refer from auto underwrite due to thin credit, but FHA Total Scorecard gave us an approval. We are now working with the builder's lender.

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Aduke1122 — Sat, 06 Aug 2016 18:15:30 GMT

That's awesome , we are looking at them for our first home next year . Still have a few things to get done with our credit files . But congrats on your new home! Oh so are you saying that you are not putting anything down ? Also with that how much are your payments going to run ? I'm new to all this just trying to get as much info as I can, one more question did they pull a complete factual report? I have been told that they do this with jumbo loans and even if it's been removed from your regular credit report that they can still see the negative stuff on a factual report ?

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

erinbean28 — Sat, 06 Aug 2016 18:29:37 GMT

Following this thread as we just applied for pre-approval! Congratulations!!!

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Sat, 06 Aug 2016 18:32:24 GMT

I do not believe that they pulled a factual report. If they had, they would see tons of unresolved stuff from my identity theft fiasco that is too old for me to address.

I am putting 0 down besides my earnest money and appraisal fees. My payments will be about 2600 a month, with 1900 of that being principle and interest. We bought in Texas, which has astronomical (think high 2s to mid 3s percent) taxes. Also, Hazard insurance there is ridiculous.

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Sat, 06 Aug 2016 18:33:29 GMT

THANK YOU!

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Sat, 06 Aug 2016 19:15:53 GMT

Good job and congrats!!

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Aduke1122 — Sat, 06 Aug 2016 20:07:36 GMT

Thanks for your response!

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Sun, 07 Aug 2016 00:01:31 GMT

Congratulations!

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Sun, 07 Aug 2016 01:51:50 GMT

@Anonymous wrote:
I do not believe that they pulled a factual report. If they had, they would see tons of unresolved stuff from my identity theft fiasco that is too old for me to address.

I am putting 0 down besides my earnest money and appraisal fees. My payments will be about 2600 a month, with 1900 of that being principle and interest. We bought in Texas, which has astronomical (think high 2s to mid 3s percent) taxes. Also, Hazard insurance there is ridiculous.

They do pull factural reports for their pre-approvals..

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Sun, 07 Aug 2016 01:52:29 GMT

That's crazy if they did. My history that's fallen off is awful terrible no good very bad!

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

reckedhim — Sun, 07 Aug 2016 21:02:03 GMT

My girlfriend and I just submitted all required documents on Friday for the same type of loan. It'll be interesting to see how your journey will compare to ours. Thanks for posting this.

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Wed, 10 Aug 2016 02:05:46 GMT

Not quite sure how to edit my original post but my appraisal was ordered today. I'm guessing that is good news! Yay!

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Sat, 13 Aug 2016 04:28:02 GMT

Rush appraisal ordered for Monday morning. Home will be inspection ready 8/19. Closing is scheduled for 8/26!!!! Hooray!

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Sat, 13 Aug 2016 04:45:49 GMT

Congrats!
How easy/hard has the process with NFCU been? Is it frustrating to get documents and stuff to them, or was it easy, or did you have a branch nearby?
Thanks. I am thinking of using NFCU when we buy our next one, but have no branch nearby.

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Sat, 13 Aug 2016 04:56:41 GMT

It's been super easy! I have scanned and emailed everything without having to leave my office. I live nowhere remotely near an NFCU branch. My ONLY gripe is that I was referred by my realtor to a very senior loan officer and he is impossible to get on the phone. He is horrible about updating me on anything. He does keep my realtor and the builder updated at least.

I haven't had to provide documents more than once, he's very succinct, and he put me through underwriting up front to avoid any issues. The communication gap is hard to deal with, but otherwise it's been smooth.

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

creditfan — Sun, 14 Aug 2016 17:29:00 GMT

I'm new to this kind of loan

sorry if this is studility question

I wonder why you picked homebuyer choice over conventional fixed rate since conventional loan % much lower than homebuyer choice. Is there a reason for that? thanks

I just moved to Houston TX for a few months, I planed to buy our first house after 2 years when all my hard inquiries felt off CR and have steady job before apply

edit: houses over here is pretty cheap, a decent house is like $150k

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Sun, 14 Aug 2016 19:00:56 GMT

@creditfan wrote:
I'm new to this kind of loan
sorry if this is studility question
I wonder why you picked homebuyer choice over conventional fixed rate since conventional loan % much lower than homebuyer choice. Is there a reason for that? thanks
I just moved to Houston TX for a few months, I planed to buy our first house after 2 years when all my hard inquiries felt off CR and have steady job before apply

edit: houses over here is pretty cheap, a decent house is like $150k

The homebuyer choice is 100% financing unlike the conventional. So I am assuming that is why OP went for it.

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Aduke1122 — Sun, 14 Aug 2016 19:06:12 GMT

I believe OP stated that in the orginal post . Seems like the way to go if you don't have a big down payment for the conventional loan.

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Mon, 15 Aug 2016 16:45:40 GMT

I went HBC because it is a 100% option. I was under contract at the beginning of this year, and had paid 10% down plus earnest on a FSBO property. Long story short, seller took off with the escrowed amount, I sued, I won, he hasn't paid even though I have a judgement. Unfortunately I was limited by the courts to only the amount they allow as a max, so even when I get my money, it will only be a portion.

With no savings left, I was left with only 3 options - spend the last of my newly accmulated savings on a down payment for FHA, go USDA, or go HBC through Navy Fed. Turns out I make too much for USDA. For the FHA route, the home price limit is too low for what we want, and I need money to move cross country. So, HBC it is! It actually is a really good program, and with no PMI, the rate isn't all that bad.

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Anonymous — Mon, 15 Aug 2016 17:34:12 GMT

@Anonymous wrote:
I went HBC because it is a 100% option. I was under contract at the beginning of this year, and had paid 10% down plus earnest on a FSBO property. Long story short, seller took off with the escrowed amount, I sued, I won, he hasn't paid even though I have a judgement. Unfortunately I was limited by the courts to only the amount they allow as a max, so even when I get my money, it will only be a portion.

With no savings left, I was left with only 3 options - spend the last of my newly accmulated savings on a down payment for FHA, go USDA, or go HBC through Navy Fed. Turns out I make too much for USDA. For the FHA route, the home price limit is too low for what we want, and I need money to move cross country. So, HBC it is! It actually is a really good program, and with no PMI, the rate isn't all that bad.

What a horrible story. Glad NFCU is working out and looking forward to seeing you have the keys in hand.

topic Re: NFCU HomeBuyers Choice Approval! Timeline and Stats in Mortgage Loans

NFCU HBC Denial - FHA Approval - Timeline and Stats *UPDATES*

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

Re: NFCU HomeBuyers Choice Approval! Timeline and Stats

NFCU HBC Denial - FHA Approval - Timeline and Stats UPDATES