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NFCU Buyer's Choice question & a few others

Valued Member

Re: NFCU Buyer's Choice question & a few others



Sorry for the delay on the update.


We received a call from NFCU loan originator saying that due to our BK, they would not approve our loan.

Further, she indicated even with a combined MMS of 697, that wasn't "A credit" that was B.

She further quoted an current interest rate that day for a conventional at 4%! YIKES

I asked about their Buyer's Choice loan as well. She indicated that was an even higher interest rate at 4.5% & at our MMS would require 15% down. Except for the BK of course. Asked if needed an LOE for the BK, she said no that was not needed.


It appears NFCU threshold for approval is quite high & having a BK on your CR is loan they are not willing to approve (ours was 2 months from the 3 year mark).

She said I will send your application to the underwriter & they send you a letter of "adverse action".

I'm thinking, wow, the underwriter automatically denies the loan based on your recommendation alone w/o an independent review of the application submitted?

So there's no discernible difference between a loan originator & an underwriter?


I'm rather glad they didn't approve the loan. We would have NEVER agreed to such an interest rate in this market, even with the 10-15% readily available to put down.


We decided to wait until our BK ages the full 3 years + 1 month (July 8th) & apply elsewhere.










BK 13 DM'D 2/2018
Personal Credit acquired since BK=$41,800:
11/2018 Cap1 QS (AU): $2000
07/2019 Discover IT (AU): $2800
03/2020 NFCU MR Amex (AU): $19000
09/2019 Wayfair: $6500
09/2019 Overstock: $850
06/2019 Mission Lane Visa: $800
10/2019 NFCU Secured (Joint)-{cov to CR Visa w/$2k}:
10/2019 NFCU CR: $10,000
FICO 8 (as of 04/8/21):
EQ: 712
EXP: 704
TU: 705
MMS EQ 5: (692)me & DH 722
TU 4 (691) me & DH 714
EXP 2: (693) & DH 699
EXP 3: (687) & DH 695
Message 11 of 12
Frequent Contributor

Re: NFCU Buyer's Choice question & a few others

Yes, I called them a few days ago and even the lowest rate was still over 4%. Rates are going up for sure. However, NFCU does rate match so I'm still considering them for my app in two months.

Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

7/7/18 05/24/21
EQ 557 701
TU 566 715
EX 514 711

Mortgage Scores FICO 5,4,2
7/7/18 05/24/21
EQ 494 685
TU 480 703
EX 479 693

Goal Score 720
Message 12 of 12
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