At least one lender out there is coming out with a unique 100% financing program for people who are interested in buying a new home.
Navy Federal Credit Union is offering a product that is a conventional, 30 year fixed rate mortgage for up to 100% of the homes value and have given it the name of “Home Buyers Choice Program”.
Navy Federal Credit Union Home Buyers Choice Program Highlights
Navy Federal Credit Union says that this 100% program can “enhance the beginnings of mortgage industry’s turnaround” according to an announcement picked up by the Wall Street Journal.
According to the article, 53% of Navy FCU’s purchase volume are first-time homebuyers who generally don’t have the cash reserves to make large down payments. “Despite the scrutiny received by no-money-down mortgages, Navy Federal asserts its program to be both attractive in its security of fixed rates and solid in its performance.”
NFCU has seen tremendous growth in 2012 (where it closed approximately $10 billion in mortgages) and in the first quarter of 2013, it has closed at $3.2 billion -almost doubling its number from 2012. March 2013 originations alone stood at $1.2 billion – the highest month in the credit union’s history.
Navy Federal Credit Union is the world’s largest credit union and has $54 billion in assets, 4 million members, 229 branches, and a workforce of over 10,000 employees.
Expand Your Options
If you are interested in finding a loan product that offers 100% financing, the Navy Federal Credit Union product is one option – but possibly not your only option. Many lenders offer different programs – which is why it makes sense to shop around. Find out about your new home mortgage options today and get a free mortgage quote tailored to your situation today. There are other great options such as a VA mortgage or a USDA mortgage that also offer up to 100% financing. The easiest way to make sure you are getting the right loan program for your situation is to get multiple quotes from multiple lenders and then compare to see what the best deal is.Click to See the Latest Mortgage Rates»