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Navy Federal Credit Union is one of our top VA lenders. This is a great option for people with military backgrounds in general, but especially if you’re looking for a lender that’s friendly to people who aren’t in the best of financial situations — people who have low credit scores and less cash. for a deposit. .
Bottom line: Navy Federal Credit Union is one of our top VA mortgage lenders. This is a great option for people with military backgrounds in general, but especially if you’re looking for a lender that’s friendly to people who aren’t in the best of financial situations — people who have low credit scores and less cash. for a deposit. .
Best Mortgage Lenders (the 2020 Edition)
If you select “Mortgages” on Navy Federal’s website, you will scroll down to see sample rates for loan options.
However, Navy Federal does not display customized rates based on your credit score, down payment and zip code, as other lenders do.
Navy Federal charges a 1% origination fee, but you can waive it in exchange for a mortgage rate that’s 0.25% higher. Borrowers who got a conventional loan from this lender paid an average of $2,231 in origination fees in 2022, according to data from the Mortgage Disclosure Act. This is low compared to other lenders. VA lenders pay an average of $1,024.
While both of these lenders are included in Personal Finance Insider’s guide to the best VA lenders, Veterans United is our “Best Overall” pick. In general, this is a great VA lender because it has a high customer satisfaction rating, offers free credit counseling to those who don’t meet the credit requirements, and has a wide variety of loan types. For an FHA or USDA loan, you will want to choose Veterans United as Navy Federal does not offer these types of loans.
USAA is another of our favorite VA lenders, although its loan offerings aren’t as robust as Navy Federal. However, if customer service is important to you, you may prefer USAA. Although it did not meet the criteria for inclusion in the J.D. mortgage satisfaction rating. Power’s US Mortgage Origination, USAA scored higher than all other lenders.
Navy Federal may be a better choice if you have a low or no credit score. It accepts alternative credit information such as utility bills, while USAA does not.
You can get a mortgage through Navy Federal if you are an active member of the military, a veteran, a family member of someone who is in the military, or a civilian in the Department of Defense. You may also be eligible if you live with a federal Navy member.
The credit union has more than 300 locations across the U.S., plus nine locations overseas and locations on U.S. military bases. Provides loans to residents throughout the US.
Navy Federal specializes in loans for people who are members of the military. You can get a regular VA loan. If you’ve exhausted all the benefits of a VA loan, you may qualify for a Military Choice loan, a 30-year loan with no minimum payment.
It is possible to qualify as a Navy Federal member without all of the VA loan requirements, so you can also get a classic mortgage (either conforming or jumbo). You may qualify for a Homebuyers Choice loan, which is similar to a Military Choice loan, but for people who don’t qualify for VA loans.
You can also refinance your VA, Conventional, Military Choice or Homeowners Choice mortgage. This lender also has home equity loans and HELOCs.
The credit union website has an intuitive interface with an online pre-approval application. The site says you can still get approved right away. Or you can apply in person at the branch.
Lock In A Great Mortgage Rate
Navy Federal can be a good lender if you have a low or no credit score. Most lenders require you to show your credit score when you apply, but Navy Federal accepts alternative credit information, such as proof that you pay your bills on time. This can help you buy a home even if you don’t have a good score.
You can talk to a live customer service representative 24/7 by phone. Or send a secure online message, chat via online chat or visit a branch and speak to someone face to face.
The Better Business Bureau has given Navy Federal Credit Union an NR, or “No Rating,” because it responds to customer complaints that have been resolved.
Navy Federal received a high rating in the JD Power 2022 Mortgage Satisfaction Study. The credit union didn’t actually qualify for the ranking because it didn’t meet certain criteria, but J.D. Power said Navy Federal would have ranked highly if it had.
Vivien Vom Noblesshof
Navy Federal has a 4.6 out of 5 star rating on Trustpilot based on 20,547 online customer reviews.
Is Navy Federal Good For A Mortgage? Arrow icon Indicates a drop-down section or menu or sometimes previous/next navigation options.
Yes, Navy Federal is a strong mortgage lender, especially for people with military connections. However, you can still qualify if you are not a member of the military as long as you are eligible to be a member of the federal Navy.
Is it easy to get a Navy Federal Mortgage? Arrow icon Indicates a drop-down section or menu or sometimes previous/next navigation options.
Understanding Va Home Loan Requirements
Navy Federal makes it easier to get a mortgage than some lenders. Many lenders place a lot of weight on your credit score. Navy Federal looks at your credit score, but says it also considers your banking history with the lender.
How long does it take to close on a Navy Federal Mortgage? Arrow icon Indicates a drop-down section or menu or sometimes previous/next navigation options.
According to the Navy Federal website, it takes approximately 30 to 45 days from the time you submit your documentation to the closing date. However, if you need to make offers on multiple homes, it may take longer.
What Score Do You Need to Get a Federal Navy Loan? Arrow icon Indicates a drop-down section or menu or sometimes previous/next navigation options.
To get a VA mortgage from Navy Federal, you need a score of at least 660. Some loan types may have different minimum credit scores.
We looked at four factors—loan types, affordability, customer satisfaction, and reliability—and assigned each a rating from 1 to 5, then averaged those individual ratings into an overall lender rating. Lenders get a higher rating if they offer more types of loans with affordable features, have positive customer reviews, and have no recent public controversies.
Laura Grace Tarpley (she) is the Senior Personal Finance Editor at Insider. He oversees coverage of mortgage rates, refinance rates, lenders, bank accounts, investing, retirement and borrowing and saving tips for Personal Finance Insider. He is the author and editor of the Insider series “The Way Home,” which won a Silver Award from the National Association of Real Estate Editors. He is also a certified personal finance educator (CEPF). He has been writing about personal finance for seven years. Before joining the Insider team, he was a freelance financial writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. Laura Grace can be reached at [email protected]. Find out more about how Personal Finance selects, evaluates and covers financial products and services »
Molly Grace is a reporter for Insider. For Personal Finance Insider covers mortgage rates, refinance rates, lender reviews and home buying articles. Before joining the Insider team, Molly was a blog writer for Rocket Companies, where she writes
Initial Loan Approval
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