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Good Morning, My husband has applied to NFCU for the HBC mortgage loan. We are waiting for the Verified Pre Approval from the underwriter. When we look in our mortgage account it says submitted to underwriting. My husband has already been pre qualified through our last lender for FHA financing but we would prefer conventional. I have a couple of questions..
1. How long has it take you to get a Verified Pre Approval from NFCU?
2. Would we be better off going through our previous lender that had already pre qualified him?
Husband Has great credit just high usage on his 3 CCs due to the holidays and helping 3 of our children relocate to our new state. Husband has worked for the same company for many years so job time is not an issue, down payment for new home will be coming from 401k.
The lender that has already pre-approved you for FHA still has all of your documents and shouldn't take more than 5 minutes to pre-approve you for conventional.
The advantage of the Homebuyers Choice Loan from NavyFCU is that it doesn't require a down payment, but in trade you get higher interest rates than if you decided to put money down. Since you are planning on putting money down that program loses it's big advantage over other conventional loan programs.
Thanks for your reply. Unfortunately with the first Lender we can't go Conventional. Our LO doesn't understand why AU keeps kicking it out when he tries conventional. Even though we had a conventional loan through them before we sold our house.
@ShanetheMortgageMan wrote:The lender that has already pre-approved you for FHA still has all of your documents and shouldn't take more than 5 minutes to pre-approve you for conventional.
The advantage of the Homebuyers Choice Loan from NavyFCU is that it doesn't require a down payment, but in trade you get higher interest rates than if you decided to put money down. Since you are planning on putting money down that program loses it's big advantage over other conventional loan programs.
It might be human error (LO) putting/omitting certain figures in the 1003 (application) that AUS is not liking. Maybe he isn't entering 3-6 mos reserves, checking DTI or if not showing debts paid off prior to close to get that AUS approval. There's is plenty of things to play around with to find that approval- don't take no as a definitive no. Get another quote as you won't have any further impact on your credit and as Shane put it there's no longer a benefit to do that Navy program if you have $$ to put down.
@StephOk wrote:Good Morning, My husband has applied to NFCU for the HBC mortgage loan. We are waiting for the Verified Pre Approval from the underwriter. When we look in our mortgage account it says submitted to underwriting. My husband has already been pre qualified through our last lender for FHA financing but we would prefer conventional. I have a couple of questions..
1. How long has it take you to get a Verified Pre Approval from NFCU?
2. Would we be better off going through our previous lender that had already pre qualified him?
Husband Has great credit just high usage on his 3 CCs due to the holidays and helping 3 of our children relocate to our new state. Husband has worked for the same company for many years so job time is not an issue, down payment for new home will be coming from 401k.
Also, note the highlights as there is a difference between these 2, pre-qual menas credit was run and based off the score you're pre- qualified for a home loan (giving LO verbal income), it's not until you provided documents to your LO to verify income and they run it through DU/LP (AUS) to get an approve/eligible. Some companies will actually send the file to a human UW to get a pre-approval.
Thank you. We have actually given our first LO my husbands pay stubs, bank statements, and 401k staments as well. Will probably check elsewhere or with a new LO if we don't hear from NFCU soon.
Also, ask the LO what the findings are that's not giving the approval as that will shed more light on the reason.
There are a couple of "tricks" a LO can do when it comes to running AUS findings if we don't receive an approval. Like @MauiMan85297 pointed out, you can add reserves as one example. There are other options that the LO may not be aware of. It definately wouldn't hurt to get another 2nd opinion.