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Navy Federal Credit Union
Minimum credit score
Not stated
Minimum down payment (Conventional)
State availability
Available in all states

Our verdict

The country’s largest credit union offers strong benefits for the military, but approvals can be slow.

With its low- and zero-down-payment home loans — many of which don't require you to pay PMI — Navy Federal Credit Union is worth considering. Customer majority gives the credit union glowing reviews, and its rate match guarantee ensures you're getting the best rate available.

Navy Federal Credit Union has its share of negative reviews, mostly regarding a slow approval process. And in 2016, the Consumer Financial Protection Bureau (CFPB) ordered Navy Federal Credit Union to pay $28.5 million for making false threats about debt collection to its members and for unfairly restricting account access when members had a delinquent loan between 2013 and 2015.

Despite these actions, most customers have had great experiences with the credit union. All considered, we think it's a strong option for most service members and their families.


  • For those ineligible for VA or USDA loans, additional 0% down, no PMI options available
  • Special benefits for qualifying military service members
  • Fewer fees on select mortgages than other companies


  • Requires NFCU membership
  • Online complaints relate a long approval process and poor support

In this guide

  • Our verdict
  • Details
    • Features
  • Your reviews
  • Ask a question

If you’re in the military now, have been in the past or are an immediate family member of someone who’s served, Navy Federal Credit Union 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 private mortgage insurance (PMI).

But getting these benefits can take time, and some say the approval process can be slow. Plus, Navy Federal Credit Union was caught up in a lawsuit in 2016 that’s worth taking into consideration as you narrow down your search for a lender.



Loan products offered Conventional, Jumbo, VA, Refinance, Home equity loan, HELOC
Minimum credit score Not stated
Minimum down payment (Conventional) 5%
State availability Available in all states
NMLS # 399807

Lending requirements are standard

Like any other credit union, you must be a member to apply for a mortgage. Navy Federal Credit Union membership is open to:

  • Active duty members of the Army, Navy, Marine Corps, Air Force, Coast Guard, National Guard and Space Force.
  • Individuals in the Delayed Entry Program.
  • Department of Defense (DoD) Officer Candidate/ROTC.
  • DoD Reservists.
  • DoD civilian personnel.
  • Veterans, retirees and annuitants.
  • Military family members, including parents, grandparents, spouses, siblings, children, grandchildren and household members.
  • Department of Defense civilians, including retirees and annuitants.

Eligible applicants must meet standard mortgage requirements that include a low debt-to-income ratio and steady employment. Other requirements include:

  • Credit score of 580 or higher, depending on loan type; 740 or higher for strongest rates.

Standout benefits

Navy Federal Credit Union offers FreedomLock, a rate-lock program that allows you to relock your interest rate for a lower rate if interest rates go down within 60 days of your initial rate lock.
This lender also offers its RealtyPlus program and its rate match guarantee. With RealtyPlus, you can receive between $400 and $8,000 in cash back at closing if you buy or sell a home with a RealtyPlus agent.
If you find a better rate with another lender, Navy Federal Credit Union will match it. If it can’t, it’ll give you $1,000 after you close with the competing lender.
This offer is available only for purchase and refinance first mortgages. While it isn’t completely unheard of for credit unions to match competitor’s rates on mortgages when members specifically ask, most credit unions don’t offer the type of guarantee like what Navy Federal Credit Union offers.

Fees are similar to competitors

Navy Federal Credit Union charges a 1% origination fee on the total loan amount on all its mortgages, which is in the 0.5% to 1% range lenders typically charge. So for a $200,000 mortgage, an origination fee of 1% would be $2,000. Alternatively, some lenders charge a flat origination fee regardless of the loan’s total amount.
We see a lot of lenders charging flat origination fees of around $1,200, though it varies by lender. Considering the same $200,000 from the previous example, you can see how a flat origination fee can sometimes save you money. Calculating the cost of your mortgage is an important step when comparing lenders.
However, Navy Federal Credit Union does offer the chance to waive the origination fee if you agree to pay 0.25% more on the interest rate. In addition, all “Choice” loans are subject to a 1.75% funding fee. But this too can be waived if you agree to pay an additional 0.375% increase in your interest rate.

Lender reviews are positive

Member reviews for Navy Federal Credit Union on Trustpilot are overwhelmingly positive. Reviewers there have rated the credit union 4.7 out of 5 stars based on 10,426 reviews as of June 2022.
Most customers commend the credit union for its empathetic, respectful and first-class customer service. Others say they received loans through Navy Federal that they wouldn’t have been approved for elsewhere.
Over on the Better Business Bureau (BBB), it’s a slightly different story. Navy Federal Credit Union isn’t BBB-accredited, and it’s rated 1.42 out of 5 stars based on 145 reviews.
In the last three years, the credit union closed 1,030 complaints. Negative reviews range from complaints about rejection for personal loans and closing credit cards without notice, to long approval processes.
All things considered, Navy Federal Credit Union comes out near the top when compared to other lenders. Its customer reviews are overwhelmingly positive, which is more than you can say about some other lenders on the market.

7 steps to getting a mortgage with Navy Federal Credit Union

You must first become a member of Navy Federal Credit Union to apply for a mortgage. This is a simple process and takes only a few minutes to complete. To become a member:

  1. Visit Navy Federal Credit Union’s website, select Membership from the navigation menu, then select Become a Member.
  2. Select Join, then provide information to determine your eligibility.
  3. Make your way through the application, entering any necessary personal information along the way.
  4. Choose how you want to make your initial deposit. A minimum of $5 is required to purchase one share to become a member. Transfer funds from a checking account, use a credit or debit card or mail a check.
  5. Agree to the terms and conditions and select Continue.
  6. Review and submit your membership application.
  7. Submit your mortgage application once your membership is approved.

Navy Federal Credit Union has a program called HomeSquad to help you through the mortgage application process. HomeSquad allows you to upload your loan documents, connect your bank accounts to verify your assets, track your application’s status and get updates when you hit milestones.
According to its website, it typically takes 30 days to close on your mortgage once you’ve submitted all required paperwork and documents.

Documents you’ll need

When applying for a home loan, you’ll submit these standard personal and financial details:

  • Date of birth
  • Social Security number
  • Navy Federal Share Savings account number
  • Two-year address history
  • Two-year work history
  • Gross monthly and other income
  • Deposit accounts and asset information
  • Current tax, homeowners/condo dues, insurance and lien information

Navy Federal Credit Union’s loan options are standard

Despite being a military-focused credit union, Navy Federal Credit Union offers more than VA loans. Members also have access to conventional and jumbo mortgages, plus options for refinancing.

What types of mortgages can I get through Navy Federal Credit Union?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Refinance options available through Navy Federal

Navy Federal offers five refinancing options.

  • VA cash-out refinance. This program allows you to replace your current VA mortgage with one that is larger than what you owe, so you can access your equity as cash.
  • VA interest rate reduction refinance loans (IRRRLs). Homeowners with a VA loan can refinance with this streamlined program that requires less paperwork and no appraisal, origination, title or VA funding fees.
  • Homebuyer’s Choice refinance. This refinance option is designed for homeowners who don’t have a lot of equity, allowing a refinance up to 97% of your home’s value.
  • Rate and term refinance. Refinance your current mortgage to get a better interest rate, a longer or shorter loan term or to convert your adjustable-rate mortgage to fixed-rate.
  • Adjustable-rate refinance. Navy Federal offers a 5/5 conforming ARM, meaning the rate is fixed for the first five years of the loan, then adjusts every five years after that.

Other specialized loans offered

Navy Federal offers additional loans that members can take advantage of.

  • Military Choice. A good option for service members who have already exhausted their VA loan benefit, this program requires no down payment and no PMI.
  • Homebuyers Choice. Finance 100% of your mortgage with no PMI required — potentially a good choice for first-time homebuyers.
  • Second-home financing. The property must be a one-unit home that you occupy for a portion of the year.
  • Investment property loans. Residential investment property financing using a 15-year conventional fixed-rate mortgage.
  • Home equity loan. A fixed-rate loan that allows you to receive the money you need in a lump sum payment, with 5-, 10-, 15- and 20-year terms.
  • HELOC. Allows you to borrow up to 95% of your equity with a 20-year draw period and 20-year repayment period. After your HELOC has been open for six months, you can convert it into a home equity loan with a fixed interest rate.

Alternatives to Navy Federal Credit Union

Navy Federal isn’t the only option for current and former military members and their families.
Though its mortgage options are much more limited, offering only VA loans, USAA stands out from other lenders by not charging any sort of origination fee. But unlike Navy Federal Credit Union, customers have had largely negative experiences with USAA.
For borrowers without any military or DoD affiliation who need low down payment options, Morty offers conventional and jumbo loans with down payments as low as 3%. Plus, it doesn’t charge origination or underwriting fees.
Compare these lenders and lender marketplaces by the type of home loan you’re searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.

Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
Not rated yet
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Apply online for free and lock in your rate for 90 days.
Veterans United
Not rated yet
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
Veterans United stands out from other lenders for its focus on serving the military community.

6 benefits to using Navy Federal Credit Union

Navy Federal Credit Union offers plenty of perks to eligible members: a variety of mortgage products, several 0% down and no PMI options and unique programs that help the credit union stand out from the crowd.

  • 0% down and no PMI. Navy Federal Credit Union offers mortgages with no down payment and no PMI.
  • RealtyPlus. Buy or sell a home with a RealtyPlus agent, and you can receive $400 to $8,000 in cash back after you close.
  • Rate match guarantee. Navy Federal Credit Union will match a competitor’s better rate, or it’ll give you $1,000 after you close with the competing lender.
  • Freedom lock. New applicants of purchase and refinance loans have the chance to relock their rate within 60 days at a lower rate and at no additional fee.
  • Rate and fee transparency. Navy Federal Credit Union publishes its mortgage rates online and updates them daily. Its publicly available rates and fees sheet can be helpful for borrowers comparing lenders.
  • Favorable customer reviews. Out of the thousands of reviews left by customers online, a majority are overwhelmingly positive.

2 drawbacks to using Navy Federal Credit Union

Navy Federal Credit Union won’t be perfect for everyone. But there are two main downsides to going with this credit union as your mortgage provider.

  • Lengthy approval process. While customer reviews are mainly positive, customers have repeatedly complained about the credit union’s approval process taking longer than expected.
  • Fined $28.5 million by the Consumer Financial Services Bureau. In 2016, the CFPB ordered Navy Federal Credit Union to pay $28.5 million for making false threats about debt collection to its members and unfairly restricting account access when members had a delinquent loan between 2013 and 2015.

Fast facts about Navy Federal Credit Union

  • Based in Vienna, Virginia, Navy Federal Credit Union began with seven members in 1933 and has since grown to serve more than 10 million members.
  • Navy Federal Credit Union manages more than $135 billion in assets as of 2020 and is the largest credit union in the United States by membership and assets. As an established credit union, customers benefit from widespread ATM branch access, a range of financial services and also the peace of mind knowing it’s less likely to fail.

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Matt Finder

Editor, Investments

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