HAMPTON, Va. – Navy FCU and Freddie Mac rolled out a new affordable mortgage initiative for military families that includes low-cost mortgages and financial education in this area heavily populated with U.S. Navy bases.
The program includes the credit union’s new “Active Duty Choice Mortgage,” which will provide 100% financing up to $417,000 ($625,000 in Alaska and Hawaii), with no private mortgage insurance requirement and loans up to 40 years. The nation’s largest credit union will also roll closing costs into the mortgage.
The $31 billion credit union introduced the program yesterday at the Active Duty Home Buying Fair at its Hampton branch.
As part of the program, Freddie Mac will offer its Get The Facts! financial workshops to help educate homebuyers on costs, credit history and other facets of home buying.
Navy FCU Launches New Mortgage Program
Published November 28, 2007, 9:28 p.m. EST
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Updated August 27, 2020, 1:31 a.m. EDT
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