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Looking to help a friend refinance a high balance mortgage at $550K 80% LTV in a county that goes up to $625K. Time horizon is about ten years before property is sold. May need non-occupying owner to sign the note also to get DTI ratios acceptable. Current note is presently in the non-occupying owner's name (brother of home occupant).
I'm looking at PenFed and NFCU so far.
PenFed offers a 5/5 at 2.875% and no origination fees with a 2% cap on adjustment and 43% DTI only needing a 680+ FICO score, however, all borrowers must reside in the house.
I don't know as much about the NFCU rates, so far it appears they offer a 5/5 at 2.5% and 0.25% origination fee but the rate varies with your FICO score, still getting more info on this one.
Other Credit Unions to consider? What about USAA, how good are their mortgage rates?
Does anyone have any "outside of the box" ways to attain membership at NFCU as I am to become a member as no one in my immediate family has served in the armed forces?
P.S. - I apologize for the typo in the subject line(I must have been typing to fast).
Trying to build DW's credit file, she able to join this weekend based on my membership. I've been a member for about 5 years. Currently, her credit report is thin.
The pulled Equifax and TU for membership, then TU the next business day for CC approval. (all entered in the credit pulls database)
She was given a $10K Flagship Rewards card.
Her FICO scores:
Exp : 789
TU : 798
Eq : 806
I know it's not a "great" limit for Navy, but once her Amex $28K limit posts to the CRA's, you can bet we'll be getting out the "prybar".
So, I am totally irate that the payment debited to my Navy acount PIF does not register before they report... until the $624 balance ups my Experian score by 36 points...
and my Equifax went up by 2 points for a two dollar balance on AmEx.
more craziness at MyFico...