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finder.com’s rating: 3.6 / 5.0
★★★★★
If you’re in the military now or have been in the past, Navy Federal could be a strong option to consider for your home loan needs. It offers a wide array of products and mortgages with 0% down and no PMI. Getting these benefits can take time though, and some say the approval process can be slow.
| Loan types | Conventional, Refinance, Jumbo, FHA, VA, USDA |
|---|---|
| Origination fee | Up to 1% |
| Other fees | No underwriting, document, or application fees, but "Choice" line of loans can require a 1% origination fee and 1.75% funding fees (Can be waived with an increase of interest rate) |
| Available States | Available in all states |
Navy Federal Credit Union offers conventional, jumbo and government-backed home loan options to its members.
Navy Federal offers additional loans that members can take advantage of if they already own a home.
Navy Federal doesn’t appear to charge the majority of fees other banks and lenders might.
You won’t pay a fee for underwriting, documents or applying for most loans. An exception is the 100% financing, 0% down “Choice” line of loans — which require a 1% origination fee and 1.75% funding fee. These fees are waived by agreeing to pay 0.25% more on the interest rate.
Eligible applicants must meet standard mortgage requirements that include a low debt-to-income ratio and steady employment.
Other requirements include:
You’ll submit standard personal and financial details when applying for a loan:
You must first become a member of the Navy Federal Credit Union to apply online:
Navy Federal Credit Union membership is open to:
Based in Vienna, Virginia, Navy Federal Credit Union began with seven members in 1933 and has since grown to serve more than 8 million members. It manages more than $100 billion in assets and is the largest credit union in the United States by number of members and size of assets.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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Review by
Kelly Larson is an editor at Finder, where he currently spearheads the effort to make office sloths a thing. Prior to that all-important role, he led editorial newsrooms in the creation of award-winning content as a managing editor in the digital space.
NFCU is good for service members, offering loans with low down payments and fewer fees than other lenders. However, don’t expect a quick turnaround — customers report long approval process.