My question is, can you switch products with navy Fed without another hard pull? I applied fha but want to understand all my options. Applied for 220000. 70k salary and 36k rental income. 685 mid score . Went fha for 3.5 down but now I'm thinking conventional with 5 down.. also I have never had a mortgage but own many houses outright. Would I still qualify for first time homebuyer? Thoughts please
Have you checked into the Homebuyers Choice 100% financing? Its much better than FHA, no PMI insurance and its a conventional mortgage!
I was preapproved with NFCU October 16th, went thru 4 offers, and just this past tuesday, officially went under contract with my soon to be home! I am scheduled to close January 19th, just in time as my approval expires Jan 16th.Phew!
I would check with the mortgage people you are workign with at NF - they are knowledgeble helpful and amazing!
Just a couple things...You will get up to 1500 towards your closing costs; if you sign up with the realty plus program (highly advised) they also give you money at closing. (mine in this case in about 1000 which will go into my savings about 3-4 weeks after i close, plus another 250 visa giftcard after you close.
Win win win in my opinion; My info similar to yours; Preparroved for 200, 000, Home price $172,000, salary 64,000/yr, mid score 681. No money down, but there are closing fees and a few other things like appraisals, inspections and funding fees that will come out of pocket. I have chosen the 5/5 arm at 4.5% - overall estimated out of pocket costs are about 5000 i will need at closing. Again, check with them. They are great and they are not pulling my credit reports again....That amazed me!!!
Good luck on your new home...I have a feeling my next couple of weeks are going to be a but crazy, but so worth it!
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