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Likelihood at approval for Conventional Loan

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Re: Likelihood at approval for Conventional Loan


@CreditInspired wrote:

@CapsNats wrote:

@CreditInspired wrote:

@NC_Mtg_Loaner wrote:

looks pretty good.....

 

although I will point out that you're likely going to need 5% for a down payment on a conventional loan UNLESS the property you are purchasing is in a geo-coded area that makes it eligible for a 3% down FNMA Home Ready or FHLMC Home Possible mortgage loan.

 

YOu can go to FNMA's or Freddie Mac's website to confirm there anyhow.

 

Congrats.


Do you happen to be a NFCU member?


My wife and I are both NFCU members, but neither are Veterans (family access). 


WooHoo!!!!!! You're a member. That's all that is needed to take advantage of their awesome benefits. Go to their product homepage and check out their mortgages. They offer 0% down conventional loans. I know because that's how I financed my home. Also, take advantage of realty referral program. It's a nice cash back after closing on your home. 


Awesome! And would the rates be similar to an FHA loan with a 3.5% downpayment? I'm assuming the program you're talking about is the HomeBuyers Choice loan? 

Message 11 of 12
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Senior Contributor

Re: Likelihood at approval for Conventional Loan


@CapsNats wrote:

@CreditInspired wrote:

@CapsNats wrote:

@CreditInspired wrote:

@NC_Mtg_Loaner wrote:

looks pretty good.....

 

although I will point out that you're likely going to need 5% for a down payment on a conventional loan UNLESS the property you are purchasing is in a geo-coded area that makes it eligible for a 3% down FNMA Home Ready or FHLMC Home Possible mortgage loan.

 

YOu can go to FNMA's or Freddie Mac's website to confirm there anyhow.

 

Congrats.


Do you happen to be a NFCU member?


My wife and I are both NFCU members, but neither are Veterans (family access). 


WooHoo!!!!!! You're a member. That's all that is needed to take advantage of their awesome benefits. Go to their product homepage and check out their mortgages. They offer 0% down conventional loans. I know because that's how I financed my home. Also, take advantage of realty referral program. It's a nice cash back after closing on your home. 


Awesome! And would the rates be similar to an FHA loan with a 3.5% downpayment? I'm assuming the program you're talking about is the HomeBuyers Choice loan? 


I did not do homebuyer's choice because there was a funding fee. The rate today is 4.5% (of course based on scores, etc.)

 

So to give you an idea of my scenario: I purchased in March 2018, 5/5 Conventional, 4.25%, $0 down, no points, no origination fee, no PMI. Now some will say the PMI is included, but personally I don't see it that way because other loans I looked at, NFCU still beat them hands-down when you looked at the total cost outlay. Oh yeah, and going through their realty program netted me $1,900 direct deposited to my savings. I couldn't have been happier.

 

The rate quoted on their site for FHA is as low as 4% with 3.5% down (again dependent on credit profile) 

 

So, the good thing is--you have options for the amount of money you want to layout.

 

GL2U. 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

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Message 12 of 12
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