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NFCU-Mortgage Application Started

The last post in this topic was posted 2190 days ago. 

 

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Didn't find much info on prior mortgage experience through NFCU so I figured I would start a thread about my experience with the mortgage application/process.

 

7/3/2014

 

- Applied for primary residence FHA mortgage over the phone. Took about 25 minutes to complete. CS rep very nice (as usual)

- Paid $11 application fee (this is per applicant)

- Was informed I would be assigned a loan officer within 48 hrs.

- Received an email from my assigned loan officer within 4 hours of completing application

- Call LO and we went over everything. Told she should hear back from UW in 3-4 days (figured Monday since tomorrow they are closed)

 

 

Hoping everything goes smooth with this process. Been 9 years since I did a home loan and a lot has changed (positive thing is interest is 1/2 what it use to be)

 

Will update the thread as the process moves forward.

 

 

 

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What are your scores?

 

 

Sent from my iPhone using Tapatalk

Only have FAKO scores as I didn't purchase FICO scores before I did the application. I believe they are in the 670-695 range (2 yrs post BK)

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Any adverse factors/baddies?

 

 

Sent from my iPhone using Tapatalk

 

Discharged BK from 8/2012

 

Have 17 negative accounts that are still on report but were IIB. Most are from 2007-08 and are scheduled to fall off. Been working the HIPPA angle for the 5 medical accounts.

 

I have a business and personal relationship with NFCU CashRewards card, auto loans, etc. as well as additional established accounts since BK discharge.

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Any adverse factors/baddies?

 

 

Sent from my iPhone using Tapatalk

 

Discharged BK from 8/2012

 

Have 17 negative accounts that are still on report but were IIB. Most are from 2007-08 and are scheduled to fall off. Been working the HIPPA angle for the 5 medical accounts.

 

I have a business and personal relationship with NFCU CashRewards card, auto loans, etc. as well as additional established accounts since BK discharge.

 

Maybe I should've took advantage of the Cash Rewards card that they sent to me. AH welll!

 

Good luck!

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Week flew by lol. Didn't get any follow up with Loan office this week. May just be UW didn't get back to her due to the holiday weekend backlog. I will be following up on Monday to see where we stand. I'll post after I get done talking with her.

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So I was trying to "jump the gun" on getting the approval prior to my 2yr post BK discharge which Navy doesn't do I guess. I knew some mortgage lenders would preapprove you prior to the 2yr date but you just couldn't close on the home until that date 2 year mark.

 

Navy requires it be 2 years to approve the application. I will have to resubmit application on 8/23/14. LO said this was the only AA that is showing up from UW so once I hit that date everything else should be good with the UW.

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  • I tried this right AFTER my two year and LO said that they actually like to see 3-4 years. Good luck to you on 08/23/014

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Good news. Got FHA loan approved. Amount requested was $240,000.00 which I was approved for. Rate currently is 3.875%. Took about 5 weeks to get it approved but that is mostly due to the fact I am self employed so it took a while for them to review my tax returns, get both personal and business 4506 forms back from IRS, etc.

 

For others that my be interested NFCU offers an in house 5/5/1 ARM with a current rate of 4.25% and its a 100% financing with no down. I would have gone that route so I could avoid paying PMI on the FHA loan but with a BK just past 2 yr mark they wouldn't make an exception this time around.

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Seems like you had a great experience with them. Mine was ok I decided to use my builders lender got a pretty sweet deal. I have to say navy has been great to me on everything but the mortgage aspect

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What I liked about Navy was they did all there investigating, requesting, reviewing, etc before they said "Your Qualified"

 

I have heard horror stories about people who were "Qualified" with there lender or broker and then they make an offer on a house and BAM! underwriting starts to request document after document. People then feel pressure to try and get it done asap so they can close on time and the seller possibly starts to get cold feet when they get wind of snags in the process.

 

The 5 weeks seemed long but I'm glad they were thorough so I now know I don't have anything to worry about once we make an offer on a home.

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Closed on the house yesterday. Everything went smoothly with NFCU. Was very pleased with the whole process. They communicate very well and have multiple people within a team working on your mortgage application & funding. They even wired my payment to the title company free of charge.

 

Upon signing my docs with the Title agency they presented me with a $200 Visa gift card that Navy gave to me. Nice gesture.

 

Thought I would close out this Topic with the end results.

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Loan was for $205,000 w/ 3.5% down

 

Monthly PMI was 1.35% of the loan ($220 a month)

 

Upfront MIP was $3,461.94

 

Total monthly payment including PMI, Homeowners insurance, taxes, etc is $1397.00

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Loan was for $205,000 w/ 3.5% down

 

Monthly PMI was 1.35% of the loan ($220 a month)

 

Upfront MIP was $3,461.94

 

Total monthly payment including PMI, Homeowners insurance, taxes, etc is $1397.00

 

 

That seems fairly reasonable. :)

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Congrats! Mine was through NFCU between 2-3 years after bk and the process was very smooth!

 

Enjoy your house!

Edited by ugghh

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