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Under Contract - Navy Federal Homebuyers Choice

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Re: Update - Cleared to Close - Navy Federal Homebuyers Choice

Congratulations on your new house.
Message 11 of 21
Regular Contributor

Re: Update - Cleared to Close - Navy Federal Homebuyers Choice

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.
Message 12 of 21
Frequent Contributor

Re: Update - Cleared to Close - Navy Federal Homebuyers Choice


@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.

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.)

Starting Score: EQ: 478 | EX: 499 | TU: 534 Current Score:EQ: 759 | EX: 805 | TU: 830 Goal Score: 800
Message 13 of 21
Regular Contributor

Re: Update - Cleared to Close - Navy Federal Homebuyers Choice

Your story just keeps getting better. Happy for you!
Message 14 of 21
Community Leader
Super Contributor

Re: Update - Cleared to Close - Navy Federal Homebuyers Choice

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! Smiley Happy

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 15 of 21
New Member

Re: Under Contract - Navy Federal Homebuyers Choice

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 😓
Message 16 of 21
Valued Contributor

Re: Update - Cleared to Close - Navy Federal Homebuyers Choice


@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?


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

Message 17 of 21
Frequent Contributor

Re: Under Contract - Navy Federal Homebuyers Choice


@NeeNee1 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 😓

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.

Starting Score: EQ: 478 | EX: 499 | TU: 534 Current Score:EQ: 759 | EX: 805 | TU: 830 Goal Score: 800
Message 18 of 21
New Member

Re: Under Contract - Navy Federal Homebuyers Choice

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.
Message 19 of 21
New Contributor

Re: Update - Cleared to Close - Navy Federal Homebuyers Choice


@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?


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%.

Message 20 of 21
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