Navy Federal Credit Union Enhances Homebuyers Choice Loan to Offer Greater Affordability and Flexibility

VIENNA, Va.--(BUSINESS WIRE)--Navy Federal Credit Union has strengthened its commitment to affordable homeownership by upgrading its Homebuyers Choice Loan. The loan now offers greater flexibility and expanded opportunities for first-time buyers and members with limited savings or less‑than‑perfect credit.

“Nearly half of our mortgage borrowers are first-time homebuyers,” said Fred Quick, senior vice president of mortgage lending at Navy Federal. “We understand the unique challenges of entering the market for the first time. Our goal is to extend homeownership opportunities to members and give them confidence in their homebuying journey.”

Key features of the Homebuyers Choice Loan:

• Competitive rates for first-time homebuyers and those with lower credit scores
• Flexible down payment options, including a no-down-payment option for eligible loans
• Waived funding fee with a 3% down payment
• Private Mortgage Insurance (PMI) is not required

The Homebuyers Choice Loan also provides members with an opportunity to lower their rate without refinancing. For a cost of $250, a member who has made at least six consecutive, on-time monthly payments can use the No-Refi Rate Drop if the current market rate is at least 0.25% lower than their existing rate. “These features give options to members who previously may have felt like homeownership wasn’t accessible to them,” said Quick.

In addition, Navy Federal connects its members with expert guidance through Navy Federal RealtyPlus®, its real estate rewards program that helps members find experienced local agents. Educational resources and mortgage calculators are available on the credit union’s website to help members prepare for all stages of homebuying.

Terms and conditions for the products and services above are available via the corresponding links. For additional information, visit navyfederal.org.

About Navy Federal Credit Union: Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving more than 15 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. Navy Federal employs a workforce of over 25,000 and has a global network of more than 380 branches. Navy Federal is contracted to operate the Overseas Military Banking Program under the authority of the Department of Defense, which provides Active Duty military Servicemembers deployed overseas with access to some 60 branches and hundreds of ATMs spread across 10 countries and territories. For more information about Navy Federal Credit Union, visit navyfederal.org.