Hello everyone if you're reading this in sure that you were just like me searching the net for everything that you could find out about NFCU first time home loan. Well, I have to say it's not as difficult as you think to be approved. First off I began the process May 17, 2016 and I close on my house July 8, 2016. I made the initial call to Navy on the 17th the gentlemen on the phone told me that they needed to pull my credit report as the did (keep in mind you will be charged a little over $12). Btw Navy uses Equifax for your home loans and they only pull credit once. A few days wiener by and I received a phone call from a loan officer that told me that she needed more info in order to process the loan. Keep in mind Navy Federal Manually Underwrites First Time Homebuyers upfront!!! That means that you'll need to have 2 years of W2's, 2 recent check stubs, landlord info (I had to produce 6 months of cancelled rent checks) and 2 months of bank statements. Once my LO received all paperwork it took about 3 days or so but I was pre approved for 227,000. Now, I don't have perfect credit 630-640, the interest rate is higher than expected but 5.3% is the best rate that anyone can get on this type of loan and they do asses a 1.25% origination fee that they tack on to the loan. But once you're pre approved through Navy then you're pretty much approved because they do their checks and balances up front. After my wife and I found a home that we liked and our offer was accepted the appraisal was ordered, navy will take the appraisal money directly out of your account, but don't worry you'll get it back at closing time. Keep in mind the "estimates" for closing costs (at least with my LO) were high she quoted me $8000 over the phone!! My Realtor told me that was too high so I allowed the Realtor and my LO to discuss how much we needed to ask the seller for, since all of the work is done by email and phone the LO has no idea about local markets as far as taxes and title work goes. Since most of the paperwork is done via email my LO and I were in constant communication she was very polite, our original closing date was for July 15 however the seller had to leave the country so they moved the close up to July 8. Since all of the real "footwork" is done upfront I was contacted by the loan processor around the week of June 15. The processor is who you'll do any of the closing and getting you're file ready for the underwriter. Now, you're probably like this sounds pretty smooth well it was, the processor told me that I had a clean file. No collections of outstanding payments however I did write an LOX for some old paid collections and an old payed student loan that I defaulted on but had been paid off since. As a side note on my bank statements I had some OD fees they never asked one question about them. As long as you have your paperwork upfront the process will be easy. I will tell you this just a month before applying for a home loan I was turned down by navy for a $6000 personal loan and a month later they approved me for $227,000 without any changes to my credit file, now I know what you're thinking how is that even possible??? I have no clue but it's the truth!!!
