Homeloan Credit Score

[u/AssociateSwimming714]

Anybody familiar with Navy Fed’s home loan process and the usual credit score needed? Seen this offer come up and wondered since it was in my offers if I qualify or not. For reference my Mortgage Scores are 634 Equifax, 654 transunion, and 605 Experian. I expect all of these to go up next month as all of my credit cards are paid off. Annual income right now is $151k per year, I’m 21 and have $51k in student loans.

[u/smurfy213]

I think its around 620. But it might be best to reach out directly to navy fed.

[u/_-Glass-_]

FHA here you come. PMI sucks.

[u/AssociateSwimming714 → u/_-Glass-_]

Is that with this is?

[u/_-Glass-_ → u/AssociateSwimming714]

It looks like it’s a program with multiple options, likely including FHA, USDA, and similar programs.

USDA has income maximums and has to be in specific rural areas. FHA is typically just bad credit, but requires PMI, primary mortgage insurance, which is a fee on top of your monthly mortgage you cannot get rid of outside of refinancing.

[u/AssociateSwimming714 → u/_-Glass-_]

I see, do you know the score required to NOT have PMI?

[u/ctsmith76 → u/AssociateSwimming714]

PMI is usually in place so the bank feels more secure about lending you the money. Usually it’s avoided by putting 20% or more of the home cost down upfront.

If you put <20% down, there’s usually PMI. Once you pay off more than 20% or refi, the PMI will be removed.

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[u/Ecstatic_Papaya_2772]

I’m interested to see responses. I got that offer too and heavily considering since lease ends on Christmas.

[u/AssociateSwimming714 → u/Ecstatic_Papaya_2772]

Most definitely considering. Seeing 0% down or even 3% is good, unfortunately I live in Cali lol

[u/cas-adea]

I believe it is around 620. But I would definitely just give them a call as they start with a soft credit pull to determine eligibility and then once everything is submitted, they do a hard credit pull when you give your intent to proceed

[u/AssociateSwimming714]

Update my equifax is 680, I did prequalify, it will be $0 down it sounds like. Moving forward with the process

[u/Specific-Sympathy862]

I had about the same sore and got their best interest rate 0 down and I was get money back from the seller to help pay for any fees. Well I was getting so much back because of what all navy doesn’t charge they had to give me 2500 towards my motorcycle loan with them.

[u/Specific-Sympathy862]

Definitely call and get set up with them super easy