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August 22, 20210

Homebuyers Choice Loan

Navy Federal Credit Union offers a loan that is first-time homebuyer friendly called Homebuyers Choice Loan. This loan offers 100% financing. A homebuyer does not have to provide a down-payment. Unlike most loans that require 20% down to avoid a buyer paying Private Mortgage Insurance (PMI) this loan is does not have that requirement with the 100% lender financing. This loan comes with a fixed interest rate which means that monthly mortgage won’t change due to an increase in interest rates. A seller can contribute up to 6% towards a buyers closing cost. This loan is ideal for a homeowner with low home equity looking to refinance at 97% which means the homeowner would need to leave 3% equity in the home. These loans come in 30 year and 30 year jumbo loan terms. A jumbo loan is a loan over a certain amount. Hawaii and Alaska consider any loan roughly over $820,000 as a jumbo loan. A homebuyer can buy down their discount points with this loan as well.

Navy Federal Credit Union has a membership eligibility which is active duty members of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard and Space Force, Delayed Entry Program (DEP), DoD Officer  Candidate (ROTC)  DoD Reservists, Veterans, retirees and annuitants. Department of Defense Civilians such as DoD civilian employees, U.S. Government employees assigned to DoD installations, DoD Contractors assigned to U.S. Government installations DoD civilians and annuitants. Minor Membership for children and grandchildren of an eligible member.

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