We chose Navy Federal Credit Union Mortgage because of the mortgage perks it offers exclusively to active and former military personnel. For example, the credit union's Military Choice loan allows you to make no down payment and pay no PMI, but in exchange for a slightly higher interest rate.
Plus, Navy Federal's mortgage match program promises to give you the lowest interest rates, but if you find a lower rate elsewhere, Navy Federal will match that interest rate or give you $1,000 toward your loan.
How to Apply
Navy Federal Credit Union home loans are available in 33 states and Washington DC, 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, and phone customer service is available 24 hours a day, 7 days a week.
speed
The time it takes to close on a mortgage is about 30 days, which is average or slightly above average in terms of closing speed. The pre-approval process takes 1-3 days.
Qualifications
Navy Federal doesn't release credit score thresholds for proprietary reasons, but the credit union works with members to find the right mortgage for their needs, discuss ways to improve their qualifications, and educate members on how to change their financial situation to better qualify for a mortgage.
Types of Loans
Navy Federal Credit Union offers home purchase loans and mortgage refinance options. Product lines include fixed and adjustable rate (ARM) conventional mortgages and VA loans.
The lender also offers a wide variety of specialty loans to meet the unique needs of its customers, including Military Choice loans designed for members who have already exhausted their VA loan benefits, Homebuyers Choice loans with no down payment required, second home financing for vacation homes and loans with no PMI.