I do not see many threads about NASA Federal BUT THEY ROCK! I left Navy FCU after being approved for their 100% Jumbo program for $555K. I had a tight deadline as my contract was 8/30 and I went under contract 8/4. Navy said they would TRY and meet the date but would not promise... They were very frustrating to work with and almost IMPOSSIBLE to get my LO.
Long story short, I decided to give NASA a stab at the loan and went to them on 8/15 and the SAME day I received my approval letter as my LO went in to action quickly! She wanted me to have access to her and make sure that I had ALL of her contact information for easy access. My LO took my application as a NASA "challenge" (in a good way) and said we CAN and WILL do this even though it meant NASA FCU had approximately 2 weeks to go from an approval to underwriting to closing. My LO immediately contacted her Manager on 8/15 to let him know we needed to expedite processing (if possible) and the Manager was "all in". I quickly sent over all of the requested information (stubs, w2's, bank statements, etc,) that I had readily available from my NAVY process. They immediately requested an expedited appraisal, which came in at $5K over contract price (so, I have a 100% jumbo loan WITH equity...sweet). My NASA LO was AWESOME --- ALL HANDS WERE ON DECK! My loan remained in processing/underwriting for less than 48 hours with NO additonal questions - the underwriter said we can make this happen by the close date. I can go on and on and on and on about how wonderful this experience with NASA was for me. Long story short, I closed on my home on 8/30!!!! NASA your rock. Navy - please work on your customer service skills as you have a competetor who is AWESOME!
First welcome to the forum.
I'm glad to hear you managed to get a super quick approval on your new mortgage through NASA FCU - I think this is the first "mortgage" I've seen on MyFico through NASA FCU.
Generally expecting a lender, any lender to approve, appraise and fund a loan in 2 weeks or even in less than 30 days is not an easy task - Jumbo loans tend to get a little more scrutiny as far as checking all the boxes. I will also say that I did a refi through NFCU which closed at the end of March (2018) - our LO and experience was excellent.
Again, congrats on your new home and mortgage
Thanks for posting about your experience. I am currently applying with NFCU for their 100% jumbo program. It is going a little slow, but my circumstances are unique so patience is warranted. I am planning to eventually apply with NASA to comparison shop, though.
Does anyone know of other 100% jumbo financing available in Virginia?
I am also going to apply for a jumbo loan in January. Are Navy Federal Credit Union and BNY Melon the best option for 0% and 5% down? My credit score is 740+ and DTI are well within limits. Looking at a house in the $550k range in TN.