Navy Federal Homebuyers Choice Loan

[AWill71i]

I'm a Navy Federal member and I'm interested in applying for the Navy Federal Homebuyers Mortgage loan. Has anyone every applied for that loan and what are the requirements to get the loan? What documents would I need to submit? And I owe back taxes would that affect me?

[ShanetheMortgageMan]

If you owe back taxes then they'll need to at least be set up on a payment plan with any payments due paid on time.  The monthly payment will be included in your debt to income ratio calculation to determine how much you can qualify for.  I'm not sure about the specific program you mentioned, but standard documentation for someone who is employed are 2020/2021 W-2's, last 30 days of paystubs, last 2 months of any liquid assets you want to use to qualify (checking, savings, IRA, 401k, etc.), photo ID & social security card.

[FuturePlan2]

I am currently under contract for a new purchase with this loan.  It is a good product if dont have 5-20% for down payment and is pretty seamless.  The rate is much higher than other products. You can lock free within 60 days or up to 5-6 months with a significant upfront cost.  Due to various changes in closing, I have been unable to lock for the free 60 day time period and have experienced almost a double increase in my rate. I am considering other products before closing.