NFCU 100% Homebuyers Choice Mortgage Approval

[Anonymous]

Applied online for the NFCU HBC 100% funded mortgage program, and a few days later received an email from a loan originator that it was conditionally pre-approved and to send in requested documents. I sent everything in, and just recently put an offer on a house for $275,000. I was officially approved, and am in the final stages of the purchase! I am so excited! 

My closing costs were estimated to be around $17k, which seems really high, and my loan originator stated it was a high estimate, and that I shouldn't be concerned- but still, it's a little concerning as the seller is only paying $2,500 towards closing costs. 

Info for qualifying:

Income:$82,000

48% credit utilization out of total $16,150 in credit 

Auto loan payment of $569/ month

Student loans at $300/month (currently deferred, but NFCU assesses 1% of the loan as a payment)

2 baddies: These were requested to be paid prior to approval$825 ( settled for half, paid and deleted from report) $270 ( Paid in full and deleted) 

[Anonymous]

Congrats!

[Anonymous]

Wow, congrats on the approval!  Please keep us posted on your journey and congrats on the home purchase!

[KatieKatie]

Congratulations! Would you mind sharing your mortgage scores and the interest rate you received?

[19eighty5]

Congratulations!

[itgirl74]

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@Anonymous wrote:

Applied online for the NFCU HBC 100% funded mortgage program, and a few days later received an email from a loan originator that it was conditionally pre-approved and to send in requested documents. I sent everything in, and just recently put an offer on a house for $275,000. I was officially approved, and am in the final stages of the purchase! I am so excited! 

My closing costs were estimated to be around $17k, which seems really high, and my loan originator stated it was a high estimate, and that I shouldn't be concerned- but still, it's a little concerning as the seller is only paying $2,500 towards closing costs. 

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Congratulations! I'm in the middle of getting a mortgage with them as well. If it helps, my loan officer quoted 1.75-2% of purchase price for closing costs. I'm rolling the funding fee into the loan, though, so yours may be higher if you're paying it at closing.

[Anonymous]

That loans is TERRIBLE.  Those fees are outrageous and he is breaking the law by saying its a "high estimate".  Look at the breakdown and I will pay your closing costs for you personally if that crook is charging LESS than $5000 in fees to NFCU.  NFCU has become as bad as USAA.  Find a mortgage broker who can get you a rate of 3.75% with $0 lender fees on an FHA loan.   If you can come up with 10k for his crazy costs you can get 3.5% down for an fha loan and have seller pay any other costs.   

[dizzum]

FHA loans aren't always a good fit for everyone, though.

[Bees18]

Hi do you have an update on your home closing? Did the closing cost actually turn out to be that high? Are closing cost typically higher with that type of loan since it's 0% down?