NFCU Mortgage

[Caught750]

How is NFCU to work with? Is it beneficial to have other credit products with them to build an internal payment history?

DW has lower scores and some baddies but if they were to be close enough to a broker it would be worth adding her from the start as opposed to a refi in several years.

Just looking for any NFCU Mortgage info really!

[JVille]

Pull both your Mtg Scores (3 Bureau) and see what you are actually faced with. The Fico 8 score free with bank Accts and credit cards are completely different and much higher than Fico Mtg scores. You can buy a one time 3 Bureau report for each of you or do a subscription. Once you know each of your Middle scores you will have a correct answer.

[Caught750]

I know my mortgage scores, this isn’t what I was asking. I’m looking for information pertaining to NFCU, not generic information. I’m not an expert by any means but this isn’t my first mortgage either.

I don’t know DWs but I certainly qualify on my own. It’s just easier if I can add her from the start. I’m just hoping for actual Navy info.

[JVille]

Have a nice weekend!

[CreditInspired]

---

@Caught750 wrote:
How is NFCU to work with? Is it beneficial to have other credit products with them to build an internal payment history?

DW has lower scores and some baddies but if they were to be close enough to a broker it would be worth adding her from the start as opposed to a refi in several years.

Just looking for any NFCU Mortgage info really!

---

I’m not sure I understand your question but I’m going to try to give general info. 

I found NFCU mortgage products to be varied, and after reading about the different ones, I found the right one for my situation. 

It is not necessary to build an internal payment history with NFCU in order to get a mortgage product. It’s one’s entire credit history that counts. 

If DW’s baddies are within the last 24 months, it will help her credit profile immensely to get those taken care of whether it’s applying for a mortgage, refi, or any other credit product. 

Hope this helps

EDIT:

And if DW cannot be on mortgage for qualification reasons, she can be added to the deed. 

And yes, if she’s not added to a mortgage in the beginning, it can be refinanced at a later date adding her assuming she qualifies and that you can get the same or a lower APR. 

. 

[Caught750]

Thanks Inspired! Exactly the information I was looking for!

[CreditInspired]

---

@Caught750 wrote:
Thanks Inspired! Exactly the information I was looking for!

---

You're welcome Caught750

[Caught750]

I was wondering if a card would help, how strict they were with UW, and how they were to work with in general

[CreditInspired]

It's hard to pin NFCU down on CC approvals. They give monster SL approvals when applications are in the low-to-mid 600s on one hand, and then on the other hand there have been declines for applicants who had high 700 scores and thick files. No one can figure out NFCU's algorithm.

But on the mortgage front, their criteria is probably the same as other lenders, but definitely not as lenient as for CCs because of the amount being borrowed, even if a house is secured by the mortgage.

Honestly, I don't think a CC will help with getting a mortgage (if that's the question), especially if there are recent credit issues like lates and unpaid chargeoffs. However, medical collections under $2K are looked at differently, and if any, won't count against one seeking a mortgage.

Does DW have any CCs at all? If no, I think applying for a secured cc is a good first step.

[Caught750]

DWs issues are mostly medical and under $2k. My profile is solid and will be 750-775 on mortgage scores. I just wasn’t sure if a joint card would help DW but it seems like a no. Hopefully they’ll look past the med stuff. She has 3 and is an AU on several.