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NFCU 100% Homebuyers Choice Mortgage Approval

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NFCU 100% Homebuyers Choice Mortgage Approval

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) 

 

 

 

 

Current Score: EQ 715 | TU 687 | EX 723
Starting Score : EQ 547 | TU 519 | EX 521 (02/18/2017)

CreditOne: $450
OpenSky: $200
NFCU CashRewards: $4,500
NFCU CLOC: $11,000


Scores were really low due to my student loans being in default, they were removed from default 12/2018. Scores jumped.


Message 1 of 8
7 REPLIES 7
Established Member

Re: NFCU 100% Homebuyers Choice Mortgage Approval

Congrats!
Message 2 of 8
Valued Contributor

Re: NFCU 100% Homebuyers Choice Mortgage Approval

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

Message 3 of 8
Regular Contributor

Re: NFCU 100% Homebuyers Choice Mortgage Approval

Congratulations! Would you mind sharing your mortgage scores and the interest rate you received?
Message 4 of 8
Senior Contributor

Re: NFCU 100% Homebuyers Choice Mortgage Approval

Congratulations!

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 5 of 8
Frequent Contributor

Re: NFCU 100% Homebuyers Choice Mortgage Approval


@FloridaMKTR 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. 

 

 

 


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.

Starting Score: EQ: 478 | EX: 499 | TU: 534 Current Score:EQ: 759 | EX: 805 | TU: 830 Goal Score: 800
Message 6 of 8
New Visitor

Re: NFCU 100% Homebuyers Choice Mortgage Approval

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.   

Message 7 of 8
Established Member

Re: NFCU 100% Homebuyers Choice Mortgage Approval

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

 

 

Message 8 of 8
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