Navy Federal Credit Union is offering no-down payment mortgages — with no mortgage insurance — for qualified homebuyers.

The zero-down HomeBuyers Choice Mortgage is available for purchases up to $650,000. Homeowners can refinance under the program for up to 97 percent of the home’s value.

These loans are available to Navy FCU members, which has broad eligibility criteria. Basically, any uniformed or civilian employees of the Department of Defense are eligible to join the credit union. Retirees, too. And family members.

According to National Mortgage News, the zero-down program is for people with good credit scores who can provide full documentation of their finances. There is a total debt-to-income ratio ceiling of 41 percent.

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