Terms & Interest Rates.
What are the standard Terms and Rates for a NFCU Mod?
4% or the current rate, whichever is the lesser amount.
The standard term is 360 months, unless the current term is greater than 360 months. If greater we will use 480 months.
NFCU Arm loans are always 4% and 360 months.
How many payments are needed to qualify for a NFCU Mod.
12 Contractual payments are needed.
Which modification does not require the member to fill out the BRP?
The streamline modification.
What are the standard terms and interest rates for Fannie Mae and Freddie Mac loans?
The standard terms are 480 months.
The interest rate is determined by the Loan to Value.
How many trial payments must the member complete before we can complete a modification for a Fannie Mae and Freddie Mac loan?
Members are required to make 3 trial payments.
Name 3 things we review for financials.
Bank statements, paystubs, credit report, monthly expenses and the hardship letter.
What are the standard terms and interest rates for FHA?
The standard terms are 360 months.
The interest rate is fixed at the current or market rate, whichever is less.
How deliquent must a loan be to qualify for a streamline offer?
The loan must be atleast 90+ days delinquent.
Is the member eligible for a modification if the loan is currently in Active Foreclosure or Bankruptcy?
Yes!
*However, if the loan is currently Active Ch.13 bankruptcy it still needs to be approved by the courts.
What are the standard terms and interest rates for NFCU Fixed Equity and Home Equity Loans?
The standard terms are 240 months.
The standard rates are 3% for the first five years and then increase to a fixed 6.5% for the remainder of the loan.
What would disqualify a member from getting a FHA loan modification?
If the member has received a modification in the last 24 months, they do not qualify for another modification.
How many modifications can a standard Navy Federal loan receive?
3.