Navy Federal HomeBuyer's Choice FICO Score

[Anonymous]

We are scheduled to close on our Navy Federal 30 year Home Buyer's Choice loan at the end  of the month. When we initially applied, I found a disrepancy on my credit report that I disputed.  It was keeping my median score at 692.  Today my scores refreshed and middle score is now 729. I am trying to figure out if I have a chance at qualifying for the lower rate and if Navy Federal will even let me at this point. Closing is supposed to be 3/29.  Apparently underwriting changed my file to "approved" on the portal yesterday but  we do not have a clear to close yet.  

[hsfun2019]

I'll be interested to hear this as well. What is the current rate?  I've waiting to apply until my scores updated.  

Also how long was the expected closing period?  I'd heard they were 45+ days. 

[Anonymous]

We submitted our sales contract on 2/12. They told us closing needed to be set for 45 days.  I stayed on them constantly.  Communication was definitely slow at times but I made sure to try to stay a step ahead in the process anticipating what they might ask for. Mine was a little confusing because I also had self-employed income on top of w2.  we are ahead of the process and they said we could get our clear to close by next week but unfortunately the seller does not want to move up closing so we are closing 3/29.  I would consider using them again just feel like that it will take more work on my end than using an agent.  

[hsfun2019]

What rate did they quote you at 697?   

My scores are 719/700/700 on Mortgage scoring.    I wasn't sure what their idea of good credit was when you go through the application.

[Anonymous]

Our rate for the Homebuyers was 4.6% which is pretty steep. However, this is a second home and our DTI was on the high side and we only put 5% down which was huge because conventional lenders wanted 20% minimum. Your rate would probably be lower if it was  your primary mortage.  

[1t2b]

What is the "Homebuyer's Choice"?

[hsfun2019]

basically their low to no downpayment product along w no PMI and no escrow.

[Anonymous]

So as an update, I decided NOT to pursue the lower rate. Navy Federal has just been so slow to get anything done. I am currently waiting to see if we can get our clear to close this morning to meet our closing deadline of 3/26.  It just was not worth the chance for additional  delays unfortunately. We went with the Homebuyer's Choice because they were a little more lenient on DTI and also allowed us to only put 5% down even with this being a second home.  Praying we get the clear to close today!

[Anonymous]

We are using NF but doing a VA load, I've noticed too that their communication leaves much to be desired. We are FTHB (my husband is self employed & I am W2) but we and have so many questions about the process. We are showing "credit approved" online, and have our conditional approval. Our MLP called Friday and said she would reached out over the weekend to advise what documents we need to UW (which she wanted to submit for the first time this week). Appraisal is tomorrow and we have a tentative close date of 28 APR, the sellers have moved out of state, so we are pushing to close early. 

How exactly did you stay on top of your MLP, Emails, calls? I don't want to be pushy, but I am very conscious of emails so I get antsy. 

[Anonymous]

We emailed frequently and I wanted to talk on the phone at least once per week. One thing I will say is that is going to be extremely important with NF. If you read my latest post update you will see the whole thing almost imploded three days before settlement.  We did get our clear to close yesterday but it took me being on the phone for 45 minutes until I could talk to a supervisor who was able to see what a mess my file was and assign a new loan processor.  We almost didn't close at all due to mismanagement.  I'm happy we got the CTC but it was an incredibly frustrating experience.