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Is the NFCU HomeBuyers Choice for first time homebuyers only?

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May 07 2013 - Roswell
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No, it just states their loan is ideal. For first time home buyers.

I'm a Mortgage Loan Officer Assistant for Peoples Bank and I also hold accounts with Navy Federal. I've looked at their Homechoice Program personally before and I would not recommend it if you have 3-5 percent down payment. It is chocked full of fees and already has a high interest rate. The find print reads

For primary residences only. All Conforming and Jumbo HomeBuyers Choice rates quoted above require a 1.00 percent loan origination fee. The origination fee may be waived for a 0.25 percent increase in the interest rate. All Conforming and Jumbo HomeBuyers Choice loans are subject to a funding fee of 1.75% of the loan amount. This funding fee can be financed into the loan up to a maximum of 101.75 percent LTV. Purchase loans require no downpayment. LTV restrictions apply to refinance loans.

Pros
-------
No MI
No Down
Can Be Fully Financed

Cons
---------
High Rate
Large Funding Fee
High Origination Fee

My Recommendation
----------------------------
Look into conventional with lender paid mortgage insurance if you have any down payment
USDA/VA if you qualify

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May 14 2013
 
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Is the NFCU HomeBuyers Choice for first time homebuyers only?
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Latest answer by Joseph Russell
May 14 2013 | 1 answers
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