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My NFCU mortgage officer called this morning with the most beautiful news: my loan is clear to close! Scheduled for settlement on Tuesday, 11/25, and I couldn't be more excited.
Anyway, I know that I did a lot of searching for threads about Navy Federal's 100% financing, so I thought I'd post a bit about my experience. I'm about to lay down a novel, so here's the TL: DR summary: In a word, it's been amazing. Just a seamless transaction from start to (almost) finish.
First, for the details. Buying a SFH in Washington DC for $290K. 100% financing, 5-5 ARM, initial interest 4.25%. No funding fee. (On an interesting note, I initially applied for the 30-year fixed rate 100% financing. But that loan came back at a much higher interest rate and had a funding fee (I believe it was 1.75%, but my head is swimming). When I did the math and read the terms of the ARM, I decided to switch products). The house ended up appraising for $25K over my purchase price, so I'm actually going in with some equity despite the $0 down.
I've been dithering about buying for two years and watching listings like a hawk, but I didn't think I'd be pulling the trigger in the near future. As a result, had quite a few inquiries in the last six months. Probably not wise. Thanks to all the new inquiries and the fact that I'm currently carrying a balance, my score is lower than what's in my sig. Middle score was right around 705, low was 699, high was 72-something. I really wasn't sure how a mortgage app would go because, on the one hand, I have a very secure government job with about $110K in income and have been here for five years. On the other hand, my scores are down a bit right now and I have an appalling amount of student debt (let's just say that it's larger than many mortgages . . . around $200K). To my surprise and happiness, they approved me without fanfare.
Now the timeline:
Because I used their RealtyPlus program, I'm getting $1600 back a few weeks after closing. They're also covering a portion of my closing costs. And that, my friends, is it. Other than occassionally requesting documents that I had already submitted (which is not a big deal, in my book), they were flawless. Don't know if I just lucked into an extraordinarily good loan officer or if they really are this smooth, but I can't recommend this program highly enough.
(And finally, many thanks to anyone who actually read all of this. I hope it's actually useful to someone).
Wow! congrats to you! I was thinking of using NFCU 100% financing, would you mind me asking how much out of pocket did you have to come up with? Thanks
Thanks for the info!
I have been preapproved for a Mortgage with NFCU Homebuyers Choice as well and I am "patiently" waiting for an answer on a offer I made on a short sale property! Been a very longtime dream of mine and I cant say enough about Navy Federal...They are amazing and have been incredible to me the past year!
Congrats on your home! Sounds like you have some work ahead of you, but thats what will make it "your home".
I can only hope my closing goes as well as yours as I am using my own realtor but she really knows her stuff!
Good to know how smoothly your experience went. It doesnt suprise me at all!
Thanks again for sharing..
@CreditHealthy wrote:Wow! congrats to you! I was thinking of using NFCU 100% financing, would you mind me asking how much out of pocket did you have to come up with? Thanks
All told, I'll probably lay down about $4000 -- but this is so variable, I'm not sure it's useful info. Closing costs are a little high in DC (I think mine are running a little over 5%, so not outrageous, but on the high end of the range). But my purchase price includes a $10K seller contribution toward closing costs, which helps a lot. I already put down $3K for my EMD, so I should only need another $1K or so for closing.
Oooh, good luck! I'll keep my fingers crossed for you. I know how painful it is to wait. I think you'll have a great experience with NFCU once you get a contract.
Thanks so much for the info! Again...CONGRATS
Wow this is so helpful. I think I'm going to pull the trigger on the ARM as well. In terms of monthly payment, what was the difference between the ARM and the 100% financing. My mid score is about what yours is so its good to know that right at 700 will still get you 4.25. Did they ask for tax returns? Verify any assets or 401ks? It sounds so easy. You make me want to apply today. I still want to get my utilization a bit lower though first.
is this Navy Federal Credit Union?
VA loan?
congratulations!!! We got a pre approval from them too but they approved us only 93k and we were wanting 100k.... Our closing costs estimate were also almsot 7k!!! which seems outrageous!!!. I asked the LO, who has not been good, if we could switch to FHA that maybe that would be better for us, and she said she would have to transfer me to someone else. Does any of you guys know if our approval amount could be higher with FHA?
Can comeone explain what the 5-5 ARM means? I feel stupid for asking but I won't know unless I do. I am trying to figure out if we should push to get 5% together for a conventional, but if there is something reasonable out there that would help keep closing costs down (I would like to reserve our cash for moving costs, and initial repairs/emergencies).
Also, did you apply to be a member recently or had you already been an established member?
PS: Congratulations on your new home, how exciting!