I'm going to start the process of either building or purchasing my next home next year, and i'd prefer going with a CU vs Bank or Broker as i don't want to deal with my mortgage being sold through its life. I was lucky with my last mortgage through Wells Fargo, as it was never sold however i wasn't a huge fan of, and still am not, Wells Fargo.
I was also interested in going through NFCU, since i'm a member, however i've heard horror stories with them taking 60-90+ days to close and being hard to get a hold of, which is unnacceptable. So, i'm looking for info on experience with working with PenFed.
My scores are below, but i also plan to put 20% down, or depending on the sale price we actually decide on, at least 18%.
Does PenFed require PMI on 18% down?
Following...
I requested a callback through their online mortgage centre and a specialist called back within 24hours which was quite impressive given the traffic most banks are experiencing right now. He basically prequalified me over the phone and gave me an idea of what to expect; which was basically the same information they already have online. My only takeaway was that they don't offer FHA loans.
Hope folks who have firsthand experience with them chime in soon. Thanks for starting the thread.
@Credit_Flavours wrote:My only takeaway was that they don't offer FHA loans.
Hope folks who have firsthand experience with them chime in soon. Thanks for starting the thread.
I hope people with experience chime in soon as well.
Regarding FHA loans, they're honestly a terrible choice anyway and should be avoided at all costs.
I was thinking about starting my own thread, but since it is specific to PenFed I thought i would just add to this thread.
For those that have gone with PenFed, any thoughts on if they would be a good fit for someone only planning to put 5% down on a conventional with a 776 MMS and a clean credit report? Looking at hoping to get approved for at least 300k. I will start my loan shopping in November but if PenFed may be a good fit for me I was thinking about getting my account set up.
Their rates look really good, so I feel like I have to consider them.
@sxa001 wrote:I was thinking about starting my own thread, but since it is specific to PenFed I thought i would just add to this thread.
For those that have gone with PenFed, any thoughts on if they would be a good fit for someone only planning to put 5% down on a conventional with a 776 MMS and a clean credit report? Looking at hoping to get approved for at least 300k. I will start my loan shopping in November but if PenFed may be a good fit for me I was thinking about getting my account set up.
Their rates look really good, so I feel like I have to consider them.
Well, I applied with them this past Friday but was somehow approved for only $250k by the LO with a 724 MMS and the lowest interest rate of 2.65%. I am first time home buyer and putting just 3% down. DW is on the application with me.
We decided to use our W2 income only($72k) which we believe is sufficient for the amount we needed and to avoid all the paperwork that goes with schedule C/business income. Total monthly payments are $539 (car payment and CC). Clean profile. Both of us are members with a 2-year history with them.
The funny part is that I was seeking $350k which is what we had been pre-approved for by 2 other lenders at 2.75% and 2.85% but for some reason, she said her "computer" won't let her do that much. Don't know what kind of overlays they got going on there but with your score, I think you should be fine once your income and DTI support it.
@Credit_Flavours wrote:
@sxa001 wrote:I was thinking about starting my own thread, but since it is specific to PenFed I thought i would just add to this thread.
For those that have gone with PenFed, any thoughts on if they would be a good fit for someone only planning to put 5% down on a conventional with a 776 MMS and a clean credit report? Looking at hoping to get approved for at least 300k. I will start my loan shopping in November but if PenFed may be a good fit for me I was thinking about getting my account set up.
Their rates look really good, so I feel like I have to consider them.Well, I applied with them this past Friday but was somehow approved for only $250k by the LO with a 724 MMS and the lowest interest rate of 2.65%. I am first time home buyer and putting just 3% down. DW is on the application with me.
We decided to use our W2 income only($72k) which we believe is sufficient for the amount we needed and to avoid all the paperwork that goes with schedule C/business income. Total monthly payments are $539 (car payment and CC). Clean profile. Both of us are members with a 2-year history with them.
The funny part is that I was seeking $350k which is what we had been pre-approved for by 2 other lenders at 2.75% and 2.85% but for some reason, she said her "computer" won't let her do that much. Don't know what kind of overlays they got going on there but with your score, I think you should be fine once your income and DTI support it.
TYVM for the DP's! Honestly may not be worth me applying with PenFed in that case. Who were your other two lenders? I would love to be approved for $325k or more just to give padding but I really don't want to spend more than $300k on a house.
My income is 122K, my wife will be a non-borrowing spouse but being a community property state they will include her SL debts which does put my DTI a little only the high-side at 35%.
Guaranteed Rate, which is the lender my realtor works with; are even willing to work with us on a higher amount if we go FHA at 3.5% down. My fear is that their reviews are not so good but ultimately I learnt that it is LO and office/team dependent as some folks including several professionals on this platform speak very highly of them.
DCU gave me 2.85% with 1.5 points though which adds extra $5k to the closing costs.
I have not made a final decision though as house shopping itself is proving a little hard. stock is limited and its a case of too much money chasing too few goods. So prices are crazy inflated and the bidding wars are ridiculous. Fingers crossed though.
@Credit_Flavours wrote:I have not made a final decision though as house shopping itself is proving a little hard. stock is limited and its a case of too much money chasing too few goods. So prices are crazy inflated and the bidding wars are ridiculous. Fingers crossed though.
Yeah I have no idea what the market will look like here in November when we officially kick off the process but it is extremely strong. We are looking for thst unicorn home in an older established neighborhood (No HOA) and we know we will pay a premium for what we want so having flexibility to make good offers will be a goal.
