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Types of Navy Federal Mortgage Loans
Navy Federal offers severaltypes of purchase and refi loans.
Each loan pop in is available as a conforming or jumbo loan.
Navy Federal Purchase Loans
Navy Federal offers buyers several different purchase loans to choose from.
VA loans are available in terms ranging from 10 years to 30 years.
you’re able to buy with no money down, and private mortgage insurance isnt required.
Military Choice terms vary from 16 to 30 years.
At least one borrower must be an active-duty service member, reservist or veteran to qualify.
Available terms are 16 to 30 years.
Conventional Loan
Conventional loan terms range from 10 years to 30 years.
However, conventional loans have a minimum down payment requirement of 5%.
The jumbo version allows one no-refi rate drop for a $250 fee.
After that, the rate adjusts every five years for the remainder of the loan term.
VA borrowers have an additional option the streamlined Interest Rate Reduction and Refinance Loan.
Minimum Borrower Requirements
Navy Federal Credit Union doesnt make its minimum credit or debt-to-income requirements public.
The VA has no minimum credit score requirement, but lenders can set their own.
The VA does impose a 41% maximum DTI ratio in most cases.
Conventional loans have a minimum credit score of 620, but lenders can set the minimum higher.
The maximum DTI for a single-family-home purchase is 45%.
Fees and Discounts
Navy Federal, like every mortgage lender, haslending fees.
But you might reduce the impact of your loan rate by taking advantage of the credit unions discounts.
Discounts
Navy Federal gives borrowers several ways to reduce their rates.
Stateside members can contact customer service by phone 24/7.
ET Monday through Friday.
Secure messaging and in-branch assistance are also available.
Digital Services
The digital cornerstone of Navy Federals mortgage program is its HomeSquad platform.
HomeSquad lets you do all the following:
HomeSquad is available online and through the Navy Federal mobile app.
Once youve joined, navigate to the HomeSquad platform on the website to apply for a preapproval.
Once youve had an offer accepted, come back to HomeSquad to upload the contract and initiate loan processing.
But some traditional lenders make more VA loans.
Navy Federal vs. Veterans United
Veterans United is the largest VA lender.
Navy Federal vs. ## Is a Navy Federal Credit Union Mortgage Loan Worth It?
If youre eligible for membership and a qualified borrower, youll find excellent rates on loans offering many benefits.
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