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Navy FCU Homebuyers Choice Pre-Approval Application

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Valued Member

Navy FCU Homebuyers Choice Pre-Approval Application

Hello Everyone,

As there havent been any posts regarding the NFCU Homebuyers Choice mortgage process recently, I thought I would take you along with me as my husband and I work to ontain a pre-approval.

Present credit scores
Husband EX 753, TU 751, EQ 693
Mine EX 693, TU 694, EQ 670

Financials
Total adjusted annual income: 169,000
Monthly income: 15,500
Monthly Debt: 1,900
DTI: 12-13%
401k balance: 21,000
Savings: 5,000

We were told last night that we were pre-qualified for the Homebuyers Choice (assuming we had very good credit and qualified for the 4.875 interest rate) for an 800,000 house. As we want actual hard facts to shop for a house we just hit the submit button for a pre-approval application for a $750,000 home loan.

We are also working with NFCU to try their realty plus referral process, which allows you to work with one of their recommended teal estate agents and in return get a cash bonus upon closing.

We will keep you guys posted and update you in 24-48 hours once we hear back from the underwriters. On a side note, when we started on this journey 1.5 years ago our highest credit score was a 580! We owe it all to the help on these forums for getting us on track to buy our first house!

Wish us luck!!!

Starting Score: 550
Current Score: Equifax 693, Transunion 697, Experian 689
Goal Score: 700


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20 REPLIES 20
Frequent Contributor

Re: Navy FCU Homebuyers Choice Pre-Approval Application

From my experience, 693 is the score they will use, and that qualifies as GOOD, so rates are according to that if you look at their matrix within the application. I got a 5.125 rate at 1% origination plus the 1.75% funding fee with a score similar to yours. Those are being financed as well. It's worth it to have the fees rolled in instead of that additional .25% interest rate bump.
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 2 of 21
Frequent Contributor

Re: Navy FCU Homebuyers Choice Pre-Approval Application

By the way are those your mortgage scores or your FICO 8s?
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 3 of 21
Established Contributor

Re: Navy FCU Homebuyers Choice Pre-Approval Application


@erinbean28 wrote:
Hello Everyone,

As there havent been any posts regarding the NFCU Homebuyers Choice mortgage process recently, I thought I would take you along with me as my husband and I work to ontain a pre-approval.

Present credit scores
Husband EX 753, TU 751, EQ 693
Mine EX 693, TU 694, EQ 670

Financials
Total adjusted annual income: 169,000
Monthly income: 15,500
Monthly Debt: 1,900
DTI: 12-13%
401k balance: 21,000
Savings: 5,000

We were told last night that we were pre-qualified for the Homebuyers Choice (assuming we had very good credit and qualified for the 4.875 interest rate) for an 800,000 house. As we want actual hard facts to shop for a house we just hit the submit button for a pre-approval application for a $750,000 home loan.

We are also working with NFCU to try their realty plus referral process, which allows you to work with one of their recommended teal estate agents and in return get a cash bonus upon closing.

We will keep you guys posted and update you in 24-48 hours once we hear back from the underwriters. On a side note, when we started on this journey 1.5 years ago our highest credit score was a 580! We owe it all to the help on these forums for getting us on track to buy our first house!

Wish us luck!!!

Wow OP. This couldn't have been timed better. I'll be following your journey as I am within a couple of weeks of starting this same process. I was really wondering how well that RealtyPlus program works. Good luck to you and do keep us posted. 
 

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP


Message 4 of 21
Valued Member

Re: Navy FCU Homebuyers Choice Pre-Approval Application

The scores listed above are all Fico8 scores. ProfGoGetter, did they tell you if they used Fico8, or another version?
Thank you to both! Just received the email to upload our documentation, we will be getting that uploaded before end of day today.

Starting Score: 550
Current Score: Equifax 693, Transunion 697, Experian 689
Goal Score: 700


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Message 5 of 21
Frequent Contributor

Re: Navy FCU Homebuyers Choice Pre-Approval Application

They use the mortgage scores which can be higher, lower or the same. My mortgage scores were higher on EQ and EX but lower than FICO 8 on TU.
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 6 of 21
Valued Member

Re: Navy FCU Homebuyers Choice Pre-Approval Application

We have been waiting on pins and needles, but no word yet on the status of our application for Pre-Approval. We did submit the application on Saturday, so Monday would have been day one, Tuesday day two, but today is Wednesday amd still no word. Smiley Sad

Our expierence with Realty Plus has been fantastic! 24 hours after telling the morgage rep we were interested in RealtyPlus, a RealtyPlus coordinator had reached out to us and interviewed to match us with the best local agent possible. By Monday morning a local realtor had reached out to us, provided us with access to the MLS and cleared his calendar to start showing us houses. On the website the RealtyPlus program advertises up to $5,000 cash back after closing, but what we've found out is the amount you get back is pretty much equivalent to your first mortgage payment...pretty nice bonus!

I will update this post again after we speak with our loan officer...might just have to give them a call this afternoon because the wait is killing me!

Starting Score: 550
Current Score: Equifax 693, Transunion 697, Experian 689
Goal Score: 700


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Message 7 of 21
Valued Member

Re: Navy FCU Homebuyers Choice Pre-Approval Application

Well, here we are on day four and still not one peep from NFCU regarding the status of our pre-approval. My husband called our loan officer yesterday to ask for an update and the woman he spoke with told him she had no idea why anyone would tell us we would have heard from her wothin 24-48 hours, but that our file was in underwriting and we should just wait to hear back. No time frame, no assurance, nothing. Meanwhile we have a realtor waiting on standby to show us properties this weekend and we have no idea whether we are even pre-approved or not!
Overall I am feeling unsettled and anxious. If this is our expierence in pre-approval what is it going to be like once we submit an offer!?

Starting Score: 550
Current Score: Equifax 693, Transunion 697, Experian 689
Goal Score: 700


Take the myFICO Fitness Challenge
Message 8 of 21
Valued Member

Re: Navy FCU Homebuyers Choice Pre-Approval Application

It has now been 6 business days since applying for pre-approval from NFCU and still no decision from the underwriting team. My husband and I have found we were much more successful in obtaining a status update by calling the general mortgage department phone number then dealing woth our loan officer, who seems to always be very busy.

We were told we would have a decision by end of day Friday, but never heard back from them. I called the general mortgage number this afternoon (Monday) and was told the file is still with underwriting. Overall I am not sure what the hold up is, I have seen several other recent posts on this forum of pre-approval turn around taking 48 hours, but that hasnt been the case with us. Im not sure if it is because our mortgage is a jumbo loan, or if the CA underwriters are just that backlogged, but either way we are not enjoying the expierence. Hoping we will have some news by tomorrow.

Starting Score: 550
Current Score: Equifax 693, Transunion 697, Experian 689
Goal Score: 700


Take the myFICO Fitness Challenge
Message 9 of 21
Community Leader
Super Contributor

Re: Navy FCU Homebuyers Choice Pre-Approval Application

Following your thread. Good luck to you!


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 758; TU: 746; EQ: 762
Message 10 of 21