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How Navy Federal Credit Union (NFCU) Mortgages Work

Interested in Navy Federal Credit Union Mortgages? They offer several loan programs including 100% financing, FHA, VA, adjustable rate, interest-only options. See which one is best for you today.
Interested in Navy Federal Credit Union Mortgages? They offer several loan programs including 100% financing, FHA, VA, adjustable rate, interest-only options. See which one is best for you today.

The Navy Federal Credit Union (NFCU) has been serving U.S. military members since 1933. Both active military, as well as veterans and families, are eligible to join NFCU. They offer a wide range of financial and banking services to their members. Included in their offerings are very competitive mortgage products.

To qualify for joining the Navy Federal Credit Union you must be one of the following:

  • Active military
  • Retired military
  • Veteran
  • Department of Defense civilian employee or contractor
  • Retired Department of Defense civilian employee
  • Family member of active military
  • Family member of veteran

One of the most attractive financial programs that NFCU offers are their mortgages. The credit union has a wide variety of programs to consider for financing options.

VA Loans

These loans are available for eligible current and former service members. Spouses of former military personnel are also eligible. These loans have lower interest rates than many loans, with fixed rates and zero down payment.

This is a good option for those who meet the VA's criteria and have a low down payment available.

Military Choice

A mortgage option that has easier qualification requirements. Up to 100% financing is available as well as special interest rate options. This is a fixed rate mortgage.

If you're planning on staying in your home for a long time, a fixed-rate mortgage is a good option. The option of up to 100% financing allows you to buy a home without having a down payment saved.

Conventional Fixed Rate

NFCU offers fixed rate financing as well as jumbo loans. Their conventional loan program does not include PMI.

If you are looking for a jumbo loan, this is an excellent option to explore. For loans with a loan-to-value greater than 80%, you can buy or refinance without incurring PMI.

100% Financing HomeBuyers Choice

Like the program name suggests, this mortgage offers a 100% financing option for buying a home. That eliminates the need for a down payment. The interest rate is a fixed rate, which makes this loan an excellent choice for first-time home buyers.

FHA Loans

These loans are insured by the Federal Housing Administration (FHA). FHA loans are ideal for borrowers with lower credit scores and low down payments. Down payments can be as little as 3.5% of the loan amount. Your down payment for these loans is usually based on your credit score which must be at least 580. The loan terms can be anywhere from 10 years to 30 years.

Adjustable-Rate Mortgages (ARMs)

NFCU, like many lenders, offers a variety of adjustable-rate mortgages as well. There is no PMI for many of these loans. Loans options include jumbo loans, conforming loans or interest-only mortgages. They also offer to refinance with adjustable-rate mortgages.

Adjustable-rate mortgages are popular when buyers believe interest rates are declining. They also are a good loan option to consider if you are only going to be in the home for a short time. Many of these loans offer lower interest rates than 30 year fixed mortgages in the beginning. The savings could be significant.

Interest Only

This NFCU mortgage loan is an interest only loan. It is available for both primary and secondary homes. You can choose between fixed and adjustable rates as well. Down payments of at least 20% are required. The terms are for 30 years and there is no PMI with these loans.

If you belong to Navy Federal Credit Union or are eligible to join, it can be a great option for shopping for a mortgage. Are you shopping for a new home? Get in touch with an experienced local real estate agent to help you get situated and on the way toward owning a new home.

 

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Andrew Schmeerbauch

Andrew Schmeerbauch is the Director of Marketing at Clever Real Estate, the free online service that connects you top agents to save on commission. His focus is educating home buyers and sellers on navigating the complex world of real estate with confidence and ease. Andrew has worked on projects for the United Nations and USC and has a particular passion for investing and finance. Andrew's writing has been featured in Mashvisor, L&T, Ideal REI, and Rentometer.

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