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DH and I are ready to apply for a mortgage. I think our only/best option will be an FHA loan because he filed BK 4 yrs ago and it included a foreclosure. We live in TN so we don't have a local NFCU office but we became members in March.
Would we be better off looking for a local mortgage company or can we still work with NFCU?? For those who went through NFCU and not local to them, how was your experience??
I have not financed anything through NFCU but I am now a member and plan to use it as my #1 goto financing source in the future. I recommend that you start with NFCU. All the best with your journey.
I have been a NFCU member since 1986. They have been great with car and personal loans, and credit card. I have had 3 (current) mortgages with NFCU and they were good too although their underwriting has a conservative reputation. However, my very recent experience has not gone so well. I applied with NFCU along with a couple of other banks to see who could give me the best deal. NFCU has not communicated with me and the loan officer will not call me back. I'm wondering if NFCU isn't feeling the pains of becoming too big. Anyway, I'd say put in application with them and others to see who can give you the best rate and makes you feel most comfortable.
NFCU is definitely more conservative. If you can't pass automatic underwriting your file will end up in with a group of people that go through each file and say yes or no. We were in that situation and we were post BK13 discharge and FC. We were approved on our third try with them. Unfortunaly I wasn't comfortable with their level of communication so we went elsewhere. The best thing about using NFCU is that they never sell their loans.
We're using NFCU and we live in VA but buying a home in TX. You don't have to go in to do anything, our loan officers are in two different states. All of it can be done through fax and electronically. Good luck.
We're two hours from our "local" branch. Everything was done electronically and our Loan Officer and Mortgage Processor were always available by email & phone to answer questions (during working hours, of course)... and one was West coast & and the other East coast, so lots of hours covered.
Biggest benefits for us were/are (in decending order of importance):
NFCU services their own loans; no switching mortgage service companies a gazillion times over the life of the loan.
LOW rates. VA loan was 3.25% when we closed on 04/15.
$1500 closing cost assistance.
They offer a bi-weekly payment option so you can sneak in that 13th monthly payment without thinking about it.
Thanks for the feed back! Because of DH's credit situation, I am starting to think we need to work with a local company that has some flexibility. Once we get through the mortgage process, we will utilize what NFCU has to offer.