We picked Navy Federal Credit Union Mortgage for the home loan benefits it offers exclusively to current and former military members. For instance, the credit union’s Military Choice loan allows you to put no money down or pay no PMI in exchange for a slightly higher interest rate.
Plus, Navy Federal’s mortgage match program promises to offer the lowest rates, but if you get a lower rate elsewhere, Navy Federal will match it or give you $1,000 toward your loan.
How To Apply
Navy Federal Credit Union mortgages are available in 33 states and Washington D.C., including Arizona, Alabama, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.
Borrowers can apply online or in person. Customer service via phone is available 24 hours a day, seven days a week.
Speed
The closing time for a mortgage is about 30 days, which is about average or slightly above average in terms of closing speed. The preapproval process can take one to three days.
Eligibility
Navy Federal doesn’t disclose its credit score thresholds for proprietary reasons. However, the credit union works with members to find the right mortgage for their needs, explores ways to improve their eligibility and educates members on how to make changes to their finances to better qualify for a home loan.
Loan Types
Navy Federal Credit Union offers home purchase loans and mortgage refinancing options. The product line includes fixed and adjustable-rate (ARMs) conventional mortgages and VA loans.
The lender also offers a large selection of specialty loans to meet the unique needs of its customers, including the Military Choice loan designed for members who have already exhausted their VA loan benefit; the Homebuyers Choice loan, which does not require a down payment; second-home financing for vacation homes; and no-PMI loans.