NFCU HBC Denial - FHA Approval - Timeline and Stats *UPDATES*

[Aduke1122]

Thank you for the tip. I will definitely be calling them tomorrow!

[Anonymous]

We got our loan approval with conditions of the appraisal value meeting the sales contract addendum. The builder came back and asked if we would pay 5k over the appraisal, I told them no. They say they will have an answer shortly on whether they can come down the extra 5k or not. 

They have already come down a total of 25k to meet the appraised value. I feel bad for my sales guy. At this point, I hope they throw their hands in the air and juts sell it. I would think if they were REALLY against meeting the appraised value they wouldn't have come down at all.

We are so close, but yet so far. Our lender says that because I am salaried, straight W2 with a letter from my employer saying my job is not changing, that they are ok with everything as it is.

[Anonymous]

The builder conceded the entire way! We should close in 6 days. We just need the updated contract addendum, and then we can rock and roll!

[Aduke1122]

Yay CONGRATULATIONS! ! You guys deserve it with everything that has been going on the last few weeks!!

[Anonymous]

Congratulations!!

[erinbean28]

Congratulations!!!! I am so happy for you guys! 

[Anonymous]

Contract addendum done. Now onto final disclosures and then final underwriting. Almost there!

[pinkeaze]

Congrats OP! I'm so glad everything worked out in your favor! I'm curious for others who applied how long did it take for you to receive pre approval confirmation & amount? Looks like it took about 2 days for the OP, which I've heard NFCU can be a little slower than most in that aspect - definitely not immediate. 

Oh & thanks for the info on Transunion, turns out so far I won't need a rescore, I paid down 3 cards by the statement cut dates and between today and yesterday I got FICO ScoreWatch notifications that they've updated. The last one I'm waiting on is Wells Fargo and soon as it hits all 3 bureaus I'm submitting my NFCU application. 

[erinbean28]

Pinkeaze, we are pre-approved through NFCU. It took 6 business days before we heard back on their decision, however we were applying for a jumbo loan so I believe the underwiriting is different for a jumbo loan (since the loan is considered higher risk). Good luck in your pre-approval and note that they pull your morgage scores and not your fico8 scores!

[pinkeaze]

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@erinbean28 wrote:
Pinkeaze, we are pre-approved through NFCU. It took 6 business days before we heard back on their decision, however we were applying for a jumbo loan so I believe the underwiriting is different for a jumbo loan (since the loan is considered higher risk). Good luck in your pre-approval and note that they pull your morgage scores and not your fico8 scores!

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Ok good to know! As soon as I read your post I double checked and looks like the MyFico app does provide a few score versions/variations in addition to the FICO8.

So I'm able to see what they call a "Mortgage Score FICO 5" -- but who knows if those are even the same as what NFCU even uses. so I'm cautiously hopeful. 

But to your point it is definitely not the same as my FICO8 score - it is lower. THANK YOU!!!!!