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Just closed on VA NFCU Mortgage

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Established Member

Just closed on VA NFCU Mortgage

Thanks to this board I was able to close on my house using a VA morgage with NFCU. A couple of things I found hard to find on this board and advice I wish I had known before the process:

 

  • It really will happen 30 days from preapproval if you are responsive
  • You DO NOT need to have filed taxes if you are a regular w/2 earner. You still have to sign the form allowing them to access, but I verified wiht them that they dont check unless self employed for VA.
  • USE the realty plus agent they are in tune with NFCU and help you along the way - you will also get a refund bonus
  • You will only get one creit check at the start with ic goof for I think 180 days. I asked the rep directly and they said no.
  • You have to show that you can pay the estimated closing costs whcih are high
  • Closing costs came in at about half of what they quoted
  • USE EMAIL TO COMMUNICATE
  • upload all documents to the secure link and then email, its faster. 

Let me know if you wan to know anyting else. 

8 REPLIES 8
Valued Contributor

Re: Just closed on VA NFCU Mortgage

Congrats on closing and your new home! Thank you for sharing your experience. 

Message 2 of 9
Regular Contributor

Re: Just closed on VA NFCU Mortgage

Congratulations on that!!! Would you share any other data points please?  Purchase price, interest, down payment (if any),credit scores.  Thanks and a 30 day closing is awesome!!


Starting Score:EQ 560t> TU 560EXP 570
Current Score:EQ 674t> TU 697EXP 700
Goal Score:EQ 700> TU 700EXP 700>

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Message 3 of 9
Established Member

Re: Just closed on VA NFCU Mortgage

Thank you! Here you go, let me know if you need any others. 

 

  • Median Score was 690
  • Loan amount 280k
  • 3.65 rate  30 year
  • No Down Payment
  • Closing cost about 5,500
Message 4 of 9
Established Member

Re: Just closed on VA NFCU Mortgage

Also had a forclosure about 6 years ago. I had to write a letter explaing why I forclosed.

Message 5 of 9
Regular Contributor

Re: Just closed on VA NFCU Mortgage

Congratulations!🎈🎊🍾 

Message 6 of 9
Established Contributor

Re: Just closed on VA NFCU Mortgage

Congrats !

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 7 of 9
New Member

Re: Just closed on VA NFCU Mortgage

Thank you so much for your post.  We are just waiting for two tradelines to report them my wifes scores will be golden to apply.  A couple of questions.  Did your seller contribute any to closing costs in the contract?  What will they accept as verified funds available for closing?  How long for pre-approval?  What docs will thay ask for?  Do you have any high Utilization cards or accounts? What was your DTI if you don't mind sharing?  Thanks again for the information I have been searching for.  Congrats on your new home!

Message 8 of 9
Established Contributor

Re: Just closed on VA NFCU Mortgage

You can definitely ask a seller to pay closing costs. They may or may not but it's part of negotiating a contract.

 

I don't know what USDA will accept as verified funds.

 

Preapproval is useless in my opinion. All it tells you is if you can fill out an application. You can skip that part and just ask for an app. What you really want is the Certificate of Eligibility, which is generated after they review your app and tells you exactly how much loan they approve you for and allows you to make an offer on a house.

 

Timing is different for every office. It should occur around 2 weeks after they pull your credit. Mine took two months.

 

They ask for 3 months of check stubs, 2 years of tax returns and 2 months of bank statements. My highest utilization on a card is around 66%. My dti is 17%.

 

Thanks, I'm still searching, not under contract yet.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 9 of 9
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