The minimum down payment is just 3.5% so there’s more flexibility in how much cash you need to bring to the table. This loan program is backed by the federal government and is great for first-time home buyers. Navy Federal offers both fixed and adjustable-rate FHA loans. This option also allows you to waive the 1.75% funding fee if you increase your interest rate by 0.375%. You can even qualify for a jumbo loan up to $1 million. 100% Financing HomeBuyers ChoiceĪnother fixed rate option, this program for first time home buyers helps you get a mortgage with no down payment. This helps you pick the length that works best for your monthly budget. The loan terms are flexible, starting as quick as 10 years and as long as 30 years. There’s a minimum down payment of 5% and you don’t have to add PMI to your monthly payment. Navy Federal Credit Union offers conventional fixed-rate mortgages for all credit union members. With a fixed rate, you can also select loan terms between 16 years and 30 years. Similarly, it provides 100% financing so you don’t have to worry about a down payment, and there’s also no private mortgage insurance (PMI). With slightly higher rates than a VA loan, the Military Choice option offer easier qualifications. Plus, you can access terms ranging between 10 years and 30 years. The interest rates are fixed and there’s no mortgage insurance. VA Loansįor Navy Federal members who are military service members, the VA loan offers a 0% down payment option and low interest rates. Navy Federal breaks down its mortgage offerings into seven distinct categories, although there are even variations within each one. They also typically allow you to qualify for a lower loan amount than most other lenders.
So even if you don’t have a substantial credit history or some negative items, you could still potentially qualify. With Navy Federal as your mortgage provider, having nontraditional credit is OK, including cell phone and rental payments. Like any lender with a broad offering of mortgages, the qualifications vary for each one. Navy Federal has a national scope, so you can be house hunting in any state and apply for a home loan. They’re also committed to helping first time home buyers with plenty of resources. The mortgage lending arm of Navy Federal both originates and services your loan, so you can trust their reputation for every step of the home loan process. Want to make sure you’re getting the best rate?
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