So I called up to NFCU to see what kind of information I can gather form them, as I hear that peopole arre told conflicting stuff all the time....-_____-
Spoke to a woman named Janice about their Homebuyers Choice program -- 100% Financing. She said that they lowered their regulations from "only accepting people w/ excellent credit" to " accepting people with good to very good credit". I told her that I THINK my mid-score is 680 (my TU score last week). She said that they qualifies as god to very good. And after talking a ling while with her about my income, my current DTI, my job situation, etc. She said that we were "perfect candidates" for this program.
She said that their requirements include : 1 year of clean credit history (no lates), all collections/chargeoffs must be paid off, and our lowest middle must be within the good to very good range.
The base rate is 4.125% 1% origination & .75% points. And highest is 4.5% Int, 0% Origination fee, w/ .25% points. There is no PMI, but there is a 1.75% Funding fee due at closing. You can pay this fee, ask the seller to pay it, or waive it for a .375% increase in your interest rate. They don't require a home inspection, but suggest it. They are weaiving pre-approval application fees. They dont work with brokers.
For this loan, they require the last 2 yrs of W-2s, 1 mointh of pay stubs, and 2 months of bank statements. The also are currently offering up to $2500 in closing costs, assuming that ur closing cost are more than that, u will ge tthe full amount, but it cannot cover the Taxes & Insurance paid at closing.
I still dont know who we are going with and I would still very much like to find a broker and see what deals can be found..... we'll see.
NFCU prequalified us for $260,550 with our income, DTI, and guesstimated credit scores. No HP. From what I read tho, these are worth nothing, so I will continue to shop around. 
Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012 
This was the program I had planned to use as well. It seemed great... I had done the pre-approval with them and had my credit checked and everything and then found out that they require 4 years post a bankruptcy for this program. My loan officer said but in your case, if you write a letter of explanation we can probably get you an exception (I will be 4 years post this September). So, I wrote a letter. Then the fun stuff started happening... before I even sent her the letter she said oops sorry, we won't be able to get you in this program. I'm like ummmm ok... then 10 minutes later she sends me another email and says no wait, I'm talking to someone else give me your letter. So, I sent her the letter... she then wrote me again and said she thought everything would be good to go and to hold on while she spoke to some more people... 10 minutes later I then get another email saying nope sorry we can't do it.
I proceeded to ask why and she said because I didn't keep my home when I filed for Bankruptcy... I'm like well lets see you keep a home when you file for bankruptcy that is 150,000 upside down. She then gave me false hope again and said she was fighting for me... then I received the final "NO" email and I again asked what the reason was... she said that because the home was included in my bankruptcy and then subsequently foreclosed on, they will not grant me an exception and I wouldn't be able to qualify with them until the foreclosure is 7 years post.
So, anyhoooooo.... a whole lot of fuss for no reason really. She knew I had a foreclosure from my Bankruptcy but yet did this whole song and dance. I appreciate she tried to make it happen but don't send me 15 emails of "we're good" then "no we're not good" then "we're good" ...
They then forwarded me to their FHA department which is very impersonal and slow and they ultimately denied me as well... its ok though, I am going to use the preferred lender from my builder anyways.
@Amythyst wrote:This was the program I had planned to use as well. It seemed great... I had done the pre-approval with them and had my credit checked and everything and then found out that they require 4 years post a bankruptcy for this program. My loan officer said but in your case, if you write a letter of explanation we can probably get you an exception (I will be 4 years post this September). So, I wrote a letter. Then the fun stuff started happening... before I even sent her the letter she said oops sorry, we won't be able to get you in this program. I'm like ummmm ok... then 10 minutes later she sends me another email and says no wait, I'm talking to someone else give me your letter. So, I sent her the letter... she then wrote me again and said she thought everything would be good to go and to hold on while she spoke to some more people... 10 minutes later I then get another email saying nope sorry we can't do it.
I proceeded to ask why and she said because I didn't keep my home when I filed for Bankruptcy... I'm like well lets see you keep a home when you file for bankruptcy that is 150,000 upside down.
So, anyhoooooo.... a whole lot of fuss for no reason really. She knew I had a foreclosure from my Bankruptcy but yet did this whole song and dance. I appreciate she tried to make it happen but don't send me 15 emails of "we're good" then "no we're not good" then "we're good" ...
They then forwarded me to their FHA department which is very impersonal and slow and they ultimately denied me as well... its ok though, I am going to use the preferred lender from my builder anyways.
Ugh that sucks!
I dont have any BK problems, but i certainly had credit problems in the past. As of 2 weeks ago my mid score, myTU, was 680 but Im sure that it'll be increasing quite a bit with a recent baddie off and util dropping over 30% . I think that we are really just looking for this 0% down benefits of this loan since we had no idea that we'd even be buyiung a home in the next next year. we thought that we'd have to wait until at least 2015 or something for our scores to come above our sad 500s, but with our recent peak in scores, its like, why not! I wish that we had new developments near us to go with a preferred lender for a builder! That sounds swanky! For us, on the other hand, it's all older condos and tiny single family homes that cost an arn & a leg! The price we pay for the city we live in -- SMH Shameful. ;-)
Well I hope it works out! I'm jealous cause the payment with the NFCU 100% was like almost 400 less than my payment will be with the FHA. I had opted to roll in all of Navy's fees into the loan for the interest rate increase and even with that the payment for a 405k house was like 2.1k ... with the FHA I'm doing its 2,430 a month for a 380k loan. The program is really sweet if you can get through their hoops.
I have a 50k auto loan with Navy, a 50k credit limit on my cash rewards card, a 15k limit on a NavChek and I direct deposit with them and have gotten and paid off loans with them over the years... I thought for sure they were gonna work with me... I was really shocked. Oh well.