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  Navy Federal Home Mortgage
Navy Federal Home Mortgage
in Home Purchase Mortgages from Navy Federal Credit Union · NMLS ID #399807
Unaffiliated

Navy Federal Home Mortgage

Unaffiliated
in Home Purchase Mortgages from Navy Federal Credit Union · NMLS ID #399807
Net Recommendation Score +100  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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2 users recommend
0 users are unsure
0 users don't recommend
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Highlights
Community Rating

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Loan Amount $10,000 - $2,000,000
Loan Term (Years) 10 - 30 years
Credit Score Range 580 - 850
No Origination Fee N/A

Navy Federal Home Mortgage Review

Navy Federal Home Mortgage is offered by Navy Federal Credit Union (NMLS #399807), a credit union founded in 1933 and based in Vienna, VA. Navy Federal Home Mortgage is available in 31 states (and Washington, DC).

Key Takeaways
  • 3 different mortgage programs offered. Navy Federal Home Mortgage offers VA, jumbo, conforming, and conventional mortgages.
  • Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
  • Standard interest rates types. Navy Federal Home Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
  • Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Fast process. In some cases you can close on your home loan within 3 business days.
  • Origination fees of $0 to $1.
  • High maximum LTV ratio. Navy Federal Home Mortgage has a maximum loan to value ratio of 100%, which is higher than average. Most lenders want you to have at least 20% equity.
  • Fair credit accepted. Borrowers with a credit score as low as 580 may qualify for Navy Federal Home Mortgage.
Navy Federal Home Mortgage Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Offers financing for single family, multi-family, and manufactured homes.
  • Available in 31 states.
  • Charges an origination fee.
Navy Federal mortgage FAQ

How much can you borrow via Navy Federal Credit Union?

Navy Federal mortgage allows borrowers to apply for loan amounts of up to $2,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Navy Federal mortgage?

Navy Federal mortgage offers mortgages with terms ranging from 10 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Navy Federal Credit Union offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Navy Federal mortgage offers home loans with APRs starting at 2.338% .

What is the estimated funding time?

Navy Federal mortgage will typically fund mortgages within 3 and 10 days of approval.

Do they charge mortgage origination fees?

Yes, Navy Federal mortgage may charge a loan origination fee of $0 to $1

Do they charge prepayment fees?

No, there are prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs are available?

Besides conventional mortgages, Navy Federal mortgage offers the following mortgage types:

  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Navy Federal mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Navy Federal mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects

What is the support contact email?

The support contact email for this business credit card is info@navyfederal.org.

How do people rate the customer service and user experience?

Overall, this business credit card is strongly recommended based on community reviews that rate customer service and user experience.

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Contact

Hours of Operation

  • Sunday Closed
  • Monday 7:00am - 5:00pm
  • Tuesday 7:00am - 5:00pm
  • Wednesday 7:00am - 5:00pm
  • Thursday 7:00am - 5:00pm
  • Friday 7:00am - 5:00pm
  • Saturday Closed

Other Services by Navy Federal Credit Union

Availability

  Available in 31 states and Washington, D.C.
  • Alabama
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • Ohio
  • Oklahoma
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Washington

Feature Breakdown

No Prepayment Fee
Origination Fee ($) $0 - $1
Credit Score Range 580 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted
  • Co-borrower
Maximum LTV 100%
Minimum Age 18
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Social Security Number
  • Driver License (or other photo ID)
Investment
Primary Residence
APR Starting at 2.338%
Loan Amount $10,000 - $2,000,000
Loan Term 10 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • Jumbo
  • VA

Navy Federal Home Mortgage Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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