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Navy Federal Credit Union is a full-service lender specializing in loans for military members, veterans and their families. In addition to a broad range of loans, it provides loan servicing, title services and real estate services.
Founded in 1933, Navy Federal is headquartered in Vienna, Virginia, and serves more than nine million members of the military community and operates 342 branches worldwide. Along with mortgages and home equity loans, it offers banking products, credit cards, auto loans, student loans and personal loans.
The credit union offers a number of incentives for members who use its mortgage services. For example, members who pair with a real estate agent through its RealtyPlus tool can get cash back after closing on their home. It also offers a rate-match guarantee — it will match a better rate found at another lender or pay $1,000 after closing. Navy Federal Credit Union also allows borrowers to relock their rate if rates fall before closing on their home.
Available in all U.S. states
Minimum credit score
Navy Federal doesn’t publish credit score requirements on its site. Generally, these are the minimum credit scores you’ll need to qualify: 620 for conventional loans; 620 for VA loans.
Conventional, VA, military choice, homebuyers choice, fixed, adjustable-rate (ARM); refinancing options include rate-and-term and cash-out refinancing; offers home equity loans and home equity lines of credit (HELOC), but both are currently suspended
Specializes in loans for military members and their families
Online application with quick preapproval
Allows up to two rate relocks if rates go down
Offers cash back for using its real estate services
Provides rate-match guarantee or pays $1,000
Membership is required
No FHA or USDA loans
Find your mortgage match
Get paired with your best mortgage offers in 2 minutes or less.
Refinancing including rate-and-term and cash-out refinancing
Home equity loans and home equity lines of credit (HELOC); both currently suspended
Navy Federal doesn’t charge processing or underwriting fees for its loans. It also doesn’t charge a fee to relock your rate on purchase or refinance loans. As part of its Freedom Lock feature, you can relock your rate up to two times if rates improve.
The credit union’s VA loan option allows the seller to contribute towards closing costs (up to 4 percent of the value of the home). It offers customized financing options for members with its own portfolio products.
For its no-down payment loan options, Navy Federal may charge an additional funding fee.
Minimum borrower requirements
Navy Federal generally follows Fannie Mae’s underwriting guidelines for conventional mortgages. That means you’ll typically need a credit score of 620 or better, a down payment of at least 5 percent and a debt-to-income ratio (DTI) of at least 43 percent. A notable feature of its conventional loans is that it doesn’t require private mortgage insurance (PMI) for down payments of less than 20 percent.
VA programs through this lender require no down payment and no PMI. There’s also no credit score requirement, but you’ll generally need a credit score of 620 or better to qualify. You’ll also need to meet income and debt requirements.
Get started with Navy Federal Credit Union
Borrowers can apply in person, online or by phone.
Navy Federal Credit Union’s hours vary by branch, but most offer traditional hours Monday through Friday. It's also open for several hours on Saturdays to serve member needs. Branches located on military installations follow guidelines set by the individual base command. Member representatives are available 24/7 by phone.
Navy Federal Credit Union consumer rating and reviews