For those who are in search of their new home, look no further than Navy Federal Credit Union! And no, you don’t have to be a member of the Navy to apply for a mortgage at this institution.
For the first time, we are witnessing record-low interest rates for a conventional loan and they may continue to drop depending on the economy.
What does that mean for you?
NFCU is offering 30-year conventional home loans with only 5% down and no private mortgage insurance.
How do you benefit?
1. 5% Down – Most conventional loans require 20% down payments.
2. No PMI – Most conventional loans require private mortgage insurance if you cannot make the 20% down payment – in simplest terms… LOWER MONTHLY PAYMENTS!!
3. Fixed Rates – Having one rate throughout the life the loan will guarantee consistent payment without any surprises.
Let’s do some simple math:
Your potential new home cost $100,000
Requires 5% down payment instead of 20%
Therefore, $100,000 x .05 = $5,000 down payment
Keep in mind, I’m not a representative for NFCU as I’m with a different mortgage company, but this is a major opportunity for brothers to purchase a home with less red tape.
It would be a disservice to you all if I did not share this information.
I’m not sure what the requirements are, but feel free to check them out for yourself! Here’s a direct link to their website in case you would like more information: https://www.navyfederal.org/loans-cards/mortgage/mortgage-rates/conventional-fixed-rate-mortgages.html