Navy Federal Credit Union is pushing its proprietary Home Buyers Choice Mortgage, a 100% loan-to-value ratio mortgage program with no private mortgage insurance required. Otherwise, the program is 30-year conventional fixed-rate financing.
"Home Buyers Choice has been consistent for us, well before and during the downed market, and is primed for the upswing," says Jack Gaffney, executive vice president of lending. "The partnership we have with our members is vital in fitting them into a product that helps get them safely, securely and affordably into their home."
Currently, 53% of the credit union's purchase loan applicants are first-time homebuyers who generally don't have the cash reserves to make large downpayments.
Navy FCU did $10 billion in mortgage originations last year, including a
