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NFCU HomeBuyers Choice loan 2016

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New Member

NFCU HomeBuyers Choice loan 2016

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!!!
Message 1 of 17
16 REPLIES 16
Valued Contributor

Re: NFCU HomeBuyers Choice loan 2016

Thats a lot of information there, thanks for sharing, paragraphs would help.

Fico 8's TU 777/ EQ 784/ EX 767 - 2/2019// AAoA 4.3 years // Lines 2/2019= 510k Personal - Business 52k // Inquiries 8 TU -10 Exp - 10 Eq.
Message 2 of 17
New Member

Re: NFCU HomeBuyers Choice loan 2016

Lol I know it's kind of a run on sentence. I'm sure there are plenty of other grammatical errors. Hopefully everyone gets the point that their loan process is not very complicated. At least that's what I wanted to convey..
Message 3 of 17
Valued Contributor

Re: NFCU HomeBuyers Choice loan 2016

I am using the same loan for a much less amount right now. My closing date is set for 08/06/16 but I am trying to get it finished much quicker. I just sent my loan processor updated bank statements to show her that the earnest money check has cleared the bank. Thanks for your post. They have not asked for copies of past rent checks, but maybe I should have those ready just in case. Thanks for the info! I hope my loan finished up as quickly as yours did!

Message 4 of 17
New Member

Re: NFCU HomeBuyers Choice loan 2016

One more thing, I was aproved for 227k but I only used 208k my closing costs (which the seller paid) $6000. I am getting back $1900 at closing. Good luck if you're already working with the processor thank you're already done as far as Navy Fed is concerned.
Message 5 of 17
Valued Contributor

Re: NFCU HomeBuyers Choice loan 2016


@Truestory101 wrote:
One more thing, I was aproved for 227k but I only used 208k my closing costs (which the seller paid) $6000. I am getting back $1900 at closing. Good luck if you're already working with the processor thank you're already done as far as Navy Fed is concerned.

Unfortunately I didn't get any closing costs from the seller. I bought an old farm house on some acreage that we need to renovate. The selling price was so low that they were not willing to give any on closing. I will have to bring about 5k to closing, I think.

Message 6 of 17
Valued Member

Re: NFCU HomeBuyers Choice loan 2016

Did the 6000 closing costs include the 1.75 fee? And I understand they do not have pmi or ufpmi but do they charge an annual % (like usda does .50% annually instead of pmi)
Message 7 of 17
Valued Member

Re: NFCU HomeBuyers Choice loan 2016

The difference:  Mortgage is a secured loan because they can take the home, but not the case with a personal loan.  Why approved for one and not the other, not sure beyond what I stated.

Message 8 of 17
Frequent Contributor

Re: NFCU HomeBuyers Choice loan 2016

NFCU does repull, it's just a soft pul. They use a trimerge report which is run through EQ but is all 3 bureaus.
My Cards: NFCU Cash Rewards 4.6k; Ashley Furniture 7k; Lowes 2.45k; Home Furnishings 2k; Amazon 1.5k, Guitar Center 1.5k; Discover It 2k; Local CU 1k; CapOne Quicksilver Platinum 1.3k; CreditOne Platinum 900; Sears Citi 5.75k; Total 30k credit. 2 TMCC Auto loans @ 5.09%; and a mortgage!
Message 9 of 17
Regular Contributor

Re: NFCU HomeBuyers Choice loan 2016

Thank you for this post, OP even though it's been a while since you posted.  It is time for me to apply for the mortgage and I have been very nervous.    Your post really eases my fears.  I already have found the house I want to bid on.  It's not listed yet so we will get first crack.  So now it all comes down to financing. 

 

 

Message 10 of 17
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