Navy Federal Credit Union Zero Down Home Loan
Navy Federal Credit Union offers a zero down mortgage available to credit union members. The zero down home loan is great for first time home buyers that donít have the large down payment necessary to put down on their first house. To be eligible for this type of loan, applicants must meet the below requirements:
1. Be a Navy Federal Credit Union Member
2. High credit score with no credit defaults
3. Credit History showing strong creditworthiness
4. Complete and submit the Navy Federal Credit Union Zero Down Home Loan application.
The Navy Federal Credit Union zero down home loan offers a fixed rate 30 year mortgage to interested applicants. There are no pre-payment penalties, so borrowers are eligible to repay their loan off faster if they prefer.
Applicants will need to provide the following documentation to determine their eligibility for this type of loan:
1. Prior 2 years tax returns
2. Year-to-Date Profit and Loss Statement for self-employed borrowers
3. Prior months pay stubs for applicants that have an employer
Once the mortgage underwriter confirms that you are eligible then you will have the option to accept or decline the agreement between yourself and Navy Federal Credit Union. If you agree with the terms then you will be given a loan with no money down to purchase a house.
PMI (Property Mortgage Insurance) will also be a part of the loan, which is insurance the banks have in case you default on the loan. You can always refinance the zero down home loan to get rid of PMI. PMI cannot be written-off for taxes, so itís a lost cost for the borrowers.
Navy Federal Credit Union offers a great option for many first-time homebuyers to purchase their first home. Credit Union members are able to take advantage of low interest rates, no money down purchase of a home, and have favorable repayment terms. If youíre interested in the Zero Down home loan program then you should contact a mortgage specialist at Navy Federal Credit Union.