Under Contract - Navy Federal Homebuyers Choice

[Anonymous]

Congratulations on your new house.

[KatieKatie]

Congratulations! Thank you for sharing so many useful details. I doubt they would raise an eye about you applying for a credit card now that you’ve closed. In my experience Navy would prefer to provide every lending product their members might need and they are not conservative in the least.

[itgirl74]

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@KatieKatie wrote:
Congratulations! Thank you for sharing so many useful details. I doubt they would raise an eye about you applying for a credit card now that you’ve closed. In my experience Navy would prefer to provide every lending product their members might need and they are not conservative in the least.

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Thank you! I applied for the Platinum yesterday and got a $25K SL with the lowest interest rate. I'll be using it for a balance transfer for now and then might try to PC to a rewards card. (I haven't research if NFCU does PCs.)

[KatieKatie]

Your story just keeps getting better. Happy for you!

[pizza1]

What an exciting time!! Im so happy for you, congrats on your new home, and the CC!! I will be hopefully doing the same thing in a year!

[Anonymous]

I want to start by saying CONGRATULATIONS on purchasing your new home!!!

I too, am in the process of buying using the Homebuyer Choice loan. I applied on June 12th, my file went to the underwriter on that same day. I submitted all the documentation request except tax returns since my LO said they were only necessary if I were using money from a rental property (which I do not have). On the 17th I was pre approved. Will they end up needing my tax returns down the line or am I clear on everything? I finally put a contract on a home July 3rd and hoping that nothing will come up to hinder it 😓

[Anonymous]

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@itgirl74 wrote:

I am officially a home owner! Because of the weird process in Washington state, I signed documents on Thursday but didn't get the keys until the next day when the lender wired funds and the transaction was recorded with the county. It was anti-climactic compared to what I was picturing, but it doesn't really matter!

Here are a few data points to note for those interested in NFCU:

1. I received a prequalification letter the same day I applied, but that was only because I applied over the phone with a local loan officer. I know that it takes a couple of days when you apply online.

2. Going from under contract to cleared to close took 23 days. I was in no rush and told them at the beginning that I wanted to close in June, not May, because I wanted my first mortgage payment due 8/1. (I still have to pay rent in July.)

3. As far as I know, NFCU did not pull my credit again before closing. The inital credit pull was March 8, I was told it was good for 90 days, and I signed docs exactly 90 days later.

4. My interest rate is 5% with 0% down, 0 points, and financing the origination fee. I think I missed an opportunity to go down by .125% by locking in early, but I don't want to know for sure. My credit file is clean with a mid mortgage score of 794.

Now I have to decide if I want to apply for a few credit cards I've been eyeing for a while. One of those is a NFCU card. Will that make them raise an eyebrow since I just got the mortgage with them?

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Thank you for sharing all of this!  We are also considering going this route. 

[itgirl74]

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@Anonymous wrote:
I want to start by saying CONGRATULATIONS on purchasing your new home!!!

I too, am in the process of buying using the Homebuyer Choice loan. I applied on June 12th, my file went to the underwriter on that same day. I submitted all the documentation request except tax returns since my LO said they were only necessary if I were using money from a rental property (which I do not have). On the 17th I was pre approved. Will they end up needing my tax returns down the line or am I clear on everything? I finally put a contract on a home July 3rd and hoping that nothing will come up to hinder it 😓

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If you're a salaried W-2 employee, they probably won't need tax returns. They will likely have you sign a form allowing them to access your IRS transcripts, but that's just standard procedure. I signed the form but never provided tax returns. I have bonus and freelance income but only used my base salary to qualify.

[Anonymous]

Thanks for the insight! That’s exactly what my LO told me, I just was not sure if she was just telling me what I wanted to hear lol. I’m hoping everything is smooth sailing from here, especially since I absolutely love the home I just put a contract on.

[Anonymous]

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@itgirl74 wrote:

I am officially a home owner! Because of the weird process in Washington state, I signed documents on Thursday but didn't get the keys until the next day when the lender wired funds and the transaction was recorded with the county. It was anti-climactic compared to what I was picturing, but it doesn't really matter!

Here are a few data points to note for those interested in NFCU:

1. I received a prequalification letter the same day I applied, but that was only because I applied over the phone with a local loan officer. I know that it takes a couple of days when you apply online.

2. Going from under contract to cleared to close took 23 days. I was in no rush and told them at the beginning that I wanted to close in June, not May, because I wanted my first mortgage payment due 8/1. (I still have to pay rent in July.)

3. As far as I know, NFCU did not pull my credit again before closing. The inital credit pull was March 8, I was told it was good for 90 days, and I signed docs exactly 90 days later.

4. My interest rate is 5% with 0% down, 0 points, and financing the origination fee. I think I missed an opportunity to go down by .125% by locking in early, but I don't want to know for sure. My credit file is clean with a mid mortgage score of 794.

Now I have to decide if I want to apply for a few credit cards I've been eyeing for a while. One of those is a NFCU card. Will that make them raise an eyebrow since I just got the mortgage with them?

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I'm curious. Did you run your number against various options? A mortgage score of 794 could have gotten you a rate of 3% or so on a 15 yr conventional. Yes, you would have needed a down payment, but that could have been cheaper than the extra interest of paying 5%.