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NFCU 100% Financing Mortgage Loan-Multi-Family Home

ms_stink
Valued Member

NFCU 100% Financing Mortgage Loan-Multi-Family Home

Good evening all: 

 

My husband and I were aporoved for a NFCU 100% Financing Mortgage Loan and we put an offer on a multi-family home (2 units--one for us and one for my brother-in-law) and we were told we can't use this loan for this type of home.

 

I was totally surprised by this because on the loan application we selected type of property as a multi-family. AND in August using this same loan our offer was accepted (deal didn't go through) on another multi-family home which we passed on the contract to the NFCU Loan officer and us not getting this type of proeprty wasn't an issue.

 

I have an email in to my NFCU Loan Advisor to see what the deal is but if anyone here knows if this is indeed true or have some insight into this issue please let me know.

 

Thanks!


Starting Score: 521 12/13
Current Score: FICO 652 TU / 656 EXP / EQ 638
Goal Score: 700

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CreditInspired
Super Contributor

Re: NFCU 100% Financing Mortgage Loan-Multi-Family Home

I'm not sure but this sounds more like an investment situation; and if yes, the loan terms would be different. There would be a downpayment of something like 10-20%--definitely not 100% financing. Someone at NFCU may have dropped the ball. JMO


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

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