topic Re: Do we qualify? Navy FCU Applied in Mortgage Loans

Do we qualify? Navy FCU Applied

xiownthisplacex — Wed, 12 Jul 2017 14:43:59 GMT

1) -I don't have access to any of the mortgage scores, but all 3 should be in the 730-750 range (Chase pulled mine today for Slate approval 751)
-Same with the fiance, but hers are in the 650-670 range

2) -Myself, no derogs or late payments, everything is on time
-Fiance had 2x30 on her current mortgage last year June and July 2016
-She also has 2 Cap1 CC's that she was 1x90 on for both also in June 2016
-$800 medical

3) Myself, 100% commission based income, W2 though not 1099
& -2015 $88,000 Taxes
4) -2016 $99,000 Taxes
-2017 YTD tracking $152,000 (new employer in Nov 2016, same industry 7 years, different state)

Fiance
-2015 $51,000 (hourly)
-2016 $41,000 (hourly and new job Feb 2016, same industry 10 years)
-2017 Salary now $48,000 (promoted May 2017)
-2017 started court ordered child support $527/m

5) Myself
-$575 car payment
-$248 co signed car payment for my brother (he always paid this)
-$660 PenFed personal loan ($25,000)
-$135 Discover CC ($6,500)
-$275 Chase CC ($13,600)
-$175 HOA for a house I own free and clear (I pay every Jan in full for the year)

Fiance
-$250 car payment
-$1,300 mortgage payment
-$30 Cap1
-$30 Cap1
-Medical $800 (not sure if this needs to be here)

6) Myself
-W2 employee for 8 months at current employer, previous employer 6 years in a different state same industry, 100% commission based income, no 1099.

Fiance
-W2 employee for 1yr 5 months at current employer, previous employer 5 years, 10 years total same industry, used to be hourly but May 2017 changed to salary.

7) -Savings $14,000
-Checking $3,000
-401K $3,200
-Free and clear house estimate of $83,000

8) Sarpy county in NE

9) Single family

10) $250,000 - $300,000

11) Primary residence, 2 adults and 1 child

12) Mortgage purchase

Would we qualify for another mortgage or do we need to sell this house first?
Her scores are lower because of her slow pays last year, is it better to apply with her or without?

Re: Do we qualify?

medicgrrl — Tue, 11 Jul 2017 14:12:30 GMT

I think your hurdle is that you've only been at your current job 8 months and you're 100% commission.

Re: Do we qualify?

VALoanMaster — Tue, 11 Jul 2017 15:59:12 GMT

@xiownthisplacex wrote:
1) -I don't have access to any of the mortgage scores, but all 3 should be in the 730-750 range (Chase pulled mine today for Slate approval 751)
-Same with the fiance, but hers are in the 650-670 range

2) -Myself, no derogs or late payments, everything is on time
-Fiance had 2x30 on her current mortgage last year June and July 2016
-She also has 2 Cap1 CC's that she was 1x90 on for both also in June 2016
-$800 medical

3) Myself, 100% commission based income, W2 though not 1099
& -2015 $88,000 Taxes
4) -2016 $99,000 Taxes
-2017 YTD tracking $152,000 (new employer in Nov 2016, same industry 7 years, different state)

Fiance
-2015 $51,000 (hourly)
-2016 $41,000 (hourly and new job Feb 2016, same industry 10 years)
-2017 Salary now $48,000 (promoted May 2017)
-2017 started court ordered child support $527/m

5) Myself
-$575 car payment
-$248 co signed car payment for my brother (he always paid this)
-$660 PenFed personal loan ($25,000)
-$135 Discover CC ($6,500)
-$275 Chase CC ($13,600)
-$175 HOA for a house I own free and clear (I pay every Jan in full for the year)

Fiance
-$250 car payment
-$1,300 mortgage payment
-$30 Cap1
-$30 Cap1
-Medical $800 (not sure if this needs to be here)

6) Myself
-W2 employee for 8 months at current employer, previous employer 6 years in a different state same industry, 100% commission based income, no 1099.

Fiance
-W2 employee for 1yr 5 months at current employer, previous employer 5 years, 10 years total same industry, used to be hourly but May 2017 changed to salary.

7) -Savings $14,000
-Checking $3,000
-401K $3,200
-Free and clear house estimate of $83,000

8) Sarpy county in NE

9) Single family

10) $250,000 - $300,000

11) Primary residence, 2 adults and 1 child

12) Mortgage purchase

Would we qualify for another mortgage or do we need to sell this house first?
Her scores are lower because of her slow pays last year, is it better to apply with her or without?

Hi Xiownthisplacex,

1) How long have you earned commission & what is your AGI for 2015 & 2016?

You need a 2 year history of earning commission in order to count it & it will be averaged over 2 years.

2) Is your fiance paying $527 p/m for child support or receiving it?

3) What are the taxes & insurance for the home you won free & clear? Those figures will be included in the debt to income ratio calculations unless you sell the home.

4) Does the $1,300 per month mortgage payment include taxes & insurance?

5) What are you going to do with the home you won free & clear?

Additional questions:

If you plan on keeping both homes & converting them to rentals, how much will they rent for?

Re: Do we qualify?

xiownthisplacex — Tue, 11 Jul 2017 16:18:27 GMT

@VALoanMaster wrote:

Hi Xiownthisplacex,
1) How long have you earned commission & what is your AGI for 2015 & 2016?
You need a 2 year history of earning commission in order to count it & it will be averaged over 2 years.
2) Is your fiance paying $527 p/m for child support or receiving it?
3) What are the taxes & insurance for the home you won free & clear? Those figures will be included in the debt to income ratio calculations unless you sell the home.
4) Does the $1,300 per month mortgage payment include taxes & insurance?
5) What are you going to do with the home you won free & clear?
Additional questions:
If you plan on keeping both homes & converting them to rentals, how much will they rent for?

1) 7 years of income have been 100% commission, 2015 $88,000 and 2016 $99,000 line 37 of taxes.

2) She is receiving $527/m child support but only started in Jan 2017

3) Taxes and insurance are $1,397 combined for the year

4) Yes it includes the taxes, pmi and insurance

5) My brother lives in the house I own, rent free (I'm trying to help him get back on his feet), he pays the utilities, HOA and taxes, no rent though.

The house my fiance and I live in she has the mortgage and we are selling it as soon as we can, but not sure if before or after we move.

Re: Do we qualify?

VALoanMaster — Tue, 11 Jul 2017 16:40:51 GMT

@xiownthisplacex wrote:
@VALoanMaster wrote:

Hi Xiownthisplacex,
1) How long have you earned commission & what is your AGI for 2015 & 2016?
You need a 2 year history of earning commission in order to count it & it will be averaged over 2 years.
2) Is your fiance paying $527 p/m for child support or receiving it?
3) What are the taxes & insurance for the home you won free & clear? Those figures will be included in the debt to income ratio calculations unless you sell the home.
4) Does the $1,300 per month mortgage payment include taxes & insurance?
5) What are you going to do with the home you won free & clear?
Additional questions:
If you plan on keeping both homes & converting them to rentals, how much will they rent for?

1) 7 years of income have been 100% commission, 2015 $88,000 and 2016 $99,000 line 37 of taxes.

2) She is receiving $527/m child support but only started in Jan 2017

3) Taxes and insurance are $1,397 combined for the year

4) Yes it includes the taxes, pmi and insurance

5) My brother lives in the house I own, rent free (I'm trying to help him get back on his feet), he pays the utilities, HOA and taxes, no rent though.
The house my fiance and I live in she has the mortgage and we are selling it as soon as we can, but not sure if before or after we move.

Ok, based on the numbers I've run, you should be fine to buy a new home up to $300,000 with counting your fiance's current $1,300 mortgage payment. I included the existing mortgage as a worse case scenario to give you some options. You can wait until it sells or you can buy now & sell it later or convert it to a rental property.

Re: Do we qualify?

xiownthisplacex — Tue, 11 Jul 2017 16:45:09 GMT

@VALoanMaster wrote:

Ok, based on the numbers I've run, you should be fine to buy a new home up to $300,000 with counting your fiance's current $1,300 mortgage payment. I included the existing mortgage as a worse case scenario to give you some options. You can wait until it sells or you can buy now & sell it later or convert it to a rental property.

Perfect that is the price range we are wanting, $250,000-$300,000, thanks for your input!

Re: Do we qualify? Navy FCU Applied

xiownthisplacex — Wed, 12 Jul 2017 14:43:19 GMT

We went ahead and applied last night online at Navy FCU. Received end page that said we would get notified within 24-48 hours, but received a prelimnary interest rate based on credit history and LTV (their words)

-30yr fixed

-$308,750 ($16,250 down, purhcase price $325,000)

-Interest Rate and points 5.375% and 2.625% Points

-Origination Fee 1%

Rate seems a bit high and a lot of points too, but I am guessing it's because of my fiances scores and slow pays last year. What do you think?

Re: Do we qualify? Navy FCU Applied

VALoanMaster — Wed, 12 Jul 2017 15:00:28 GMT

@xiownthisplacex wrote:
We went ahead and applied last night online at Navy FCU. Received end page that said we would get notified within 24-48 hours, but received a prelimnary interest rate based on credit history and LTV (their words)

-30yr fixed
-$308,750 ($16,250 down, purhcase price $325,000)
-Interest Rate and points 5.375% and 2.625% Points
-Origination Fee 1%

Rate seems a bit high and a lot of points too, but I am guessing it's because of my fiances scores and slow pays last year. What do you think?

The rate & fees are very high. Do you know what score they pulled for your fiance? I ran pricing at 670 & 680 the rate was less with no points.

Re: Do we qualify? Navy FCU Applied

xiownthisplacex — Wed, 12 Jul 2017 15:05:49 GMT

I don't know what scores they pulled for us yet, I am waiting to hear back from them because I don't see a place where it'll show me any info on the application yet.

Re: Do we qualify? Navy FCU Applied

VALoanMaster — Wed, 12 Jul 2017 15:22:07 GMT

@xiownthisplacex wrote:
I don't know what scores they pulled for us yet, I am waiting to hear back from them because I don't see a place where it'll show me any info on the application yet.

NFCU is notorious for being conservative (read: tougher guidelines for credit scores/history) so now that you've seen their rates & fees, you should have two reasons to steer clear of them.

Re: Do we qualify? Navy FCU Applied

xiownthisplacex — Wed, 12 Jul 2017 15:27:46 GMT

@VALoanMaster wrote:
NFCU is notorious for being conservative (read: tougher guidelines for credit scores/history) so now that you've seen their rates & fees, you should have two reasons to steer clear of them.

I can see that, their no PMI with 5% down caught me eye and I've always heard good things about them (credit card side though) so I figured I'd give them a shot :/

Re: Do we qualify? Navy FCU Applied

VALoanMaster — Wed, 12 Jul 2017 15:33:00 GMT

@xiownthisplacex wrote:
@VALoanMaster wrote:
NFCU is notorious for being conservative (read: tougher guidelines for credit scores/history) so now that you've seen their rates & fees, you should have two reasons to steer clear of them.
I can see that, their no PMI with 5% down caught me eye and I've always heard good things about them (credit card side though) so I figured I'd give them a shot :/

Yeah a lot of people get "hooked" by that but it's a lie. You are paying PMI one way or another because it protects the LENDER (NFCU) in the event you default on the loan.

Re: Do we qualify? Navy FCU Applied

xiownthisplacex — Wed, 12 Jul 2017 16:02:11 GMT

@VALoanMaster wrote:
Yeah a lot of people get "hooked" by that but it's a lie. You are paying PMI one way or another because it protects the LENDER (NFCU) in the event you default on the loan.

Yes very deceiving I can see now I'll what they say in the following days, but I am working with another company as well that was referred by a member here.

Re: Do we qualify? Navy FCU Applied

xiownthisplacex — Wed, 12 Jul 2017 20:01:24 GMT

Found out our scores, middle were 756 for me and only 624 for fiance.

Removing her would bring the rate down to 4.875% with no points and no origination fee. Considering there is no need for PMI, is this rate good?

Re: Do we qualify? Navy FCU Applied

VALoanMaster — Wed, 12 Jul 2017 21:33:19 GMT

@xiownthisplacex wrote:
Found out our scores, middle were 756 for me and only 624 for fiance.

Removing her would bring the rate down to 4.875% with no points and no origination fee. Considering there is no need for PMI, is this rate good?

did they say it was 4.875% with no PMI?

Re: Do we qualify? Navy FCU Applied

xiownthisplacex — Wed, 12 Jul 2017 21:45:42 GMT

@VALoanMaster wrote:

did they say it was 4.875% with no PMI?

Yes I asked him, he said because I am doing conventional with 5% down payment that there would be no PMI.

Re: Do we qualify? Navy FCU Applied

VALoanMaster — Wed, 12 Jul 2017 21:49:40 GMT

@xiownthisplacex wrote:
@VALoanMaster wrote:

did they say it was 4.875% with no PMI?

Yes I asked him, he said because I am doing conventional with 5% down payment that there would be no PMI.

a conventional loan with less then 20% down requires PMI......

Re: Do we qualify? Navy FCU Applied

xiownthisplacex — Wed, 12 Jul 2017 23:22:41 GMT

That's what their website says and I asked him 3 times about it lol

Re: Do we qualify? Navy FCU Applied

Anonymous — Thu, 13 Jul 2017 12:22:22 GMT

My wife applied two weeks ago and got approved for 4.125% with 0 points. Only putting down 18% and no PMI. Easy process so far.

Re: Do we qualify? Navy FCU Applied

Anonymous — Thu, 13 Jul 2017 12:48:20 GMT

@VALoanMaster wrote:
@xiownthisplacex wrote:
@VALoanMaster wrote:

did they say it was 4.875% with no PMI?

Yes I asked him, he said because I am doing conventional with 5% down payment that there would be no PMI.
a conventional loan with less then 20% down requires PMI......

I thought it was not required if they keep the loan.