Navy Federal Credit Union offers a variety of mortgages to members, including:
- VA loans. These are backed by the Department of Veterans Affairs and are available exclusively to eligible service members, veterans and their spouses.
- Military choice loans. An option for qualified service members, reservists and veterans who have already exhausted their VA loan benefit.
- Conventional fixed-rate loans. A choice for borrowers who want a predictable monthly payment.
- Homebuyers Choice loans. Available to qualified homebuyers with no money down.
- Adjustable-rate loans. These loans start off with a low interest rate that later adjusts according to a market index.
- Refinancing. Available for all types of loans listed here.
How Does Navy Federal Work?
In order to apply for a mortgage through Navy Federal Credit Union, you must first become a member. To join, you or one of your family or household members must have ties to the armed forces, Department of Defense or National Guard.
Applying for a mortgage can be done online. First, secure preapproval to see your initial offer. Then you must submit documentation, such as income and asset verification, to finalize your loan. Navy Federal’s HomeSquad dashboard allows you to manage each step of the application process online, but you can also get support from a phone or branch representative.
Navy Federal says that it typically takes 30 days to close on your mortgage once you’ve submitted all required documentation. Refinancing takes closer to 30 to 45 days.
The following are terms for Navy Federal’s mortgage loans:
- VA loans. Terms are 10 to 30 years, with a 0% minimum down payment.
- Military Choice. Terms are 16 to 30 years, with a 0% down payment.
- Conventional fixed rate. Terms are 10 to 30 years, with a 5% minimum down payment.
- Homebuyers Choice. Terms are 16 to 30 years, with a 0% minimum down payment.
- Adjustable rate. Terms are 10 to 30 years, with a 0 to 10% minimum down payment.
Navy Federal doesn’t require an application fee, and all applicable fees will be listed on the loan estimate form that you’ll receive after applying for the mortgage.
What Discounts Does Navy Federal Credit Union Offer?
The credit union offers a rate match guarantee, which means if you find a better rate at another lender, it will match it. If Navy Federal can’t match the rate, it will give you $1,000 after you close with the competing lender. Additionally, you may get up to $9,000 cash back if you buy or sell a home through Navy Federal’s RealtyPlus program.
To become a member of Navy Federal Credit Union and qualify for its mortgage loans, you must be an active member or veteran of any branch of the military, a Department of Defense civilian employee, a contractor working with the Department of Defense or a family member of someone who qualifies. Navy Federal considers many factors when evaluating your application and setting your interest rate, such as your credit score, debt-to-income ratio, loan amount and term, property type and location, and market conditions.
Navy Federal Credit Union does not list a specific credit score needed to secure a mortgage. However, it does state that it is possible to buy a home even if you have less-than-perfect credit.
Where Does Navy Federal Operate?
Navy Federal has more than 350 branches worldwide, including 166 branches serving on or near military installations.
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
Navy Federal Credit Union is not rated by the Better Business Bureau. On Trustpilot, Navy Federal has an excellent rating of 4.6 out of 5 stars based on over 21,000 reviews.
In 2022, the Consumer Financial Protection Bureau received 185 mortgage-related complaints about Navy Federal Credit Union, with common issues including problems with the application process and loan closing. The company provided a timely response to all complaints. It closed 139 with an explanation, 24 with nonmonetary relief and 22 with monetary relief.
How Is Navy Federal’s Customer Service?
Stateside member representatives are available at all times at 888-842-6328, or you can sign in to online banking and send a secure message.
- Members of the military, veterans or their family members.
- People who are looking for lower rates typically offered by a credit union.
- People who want more flexibility in approval.
- Low FICO Credit Score
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Not disclosed
- Low FICO Credit Score
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620
- Low FICO Credit Score
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620
- Low FICO Credit Score
-
620
- Low FICO Credit Score
-
620
- Low FICO Credit Score
-
620
- Low FICO Credit Score
-
620
- Low FICO Credit Score
-
Not disclosed
- Low FICO Credit Score
-
620
- Low FICO Credit Score
-
Not disclosed