Navy Fed Home Loans

[Chris Webb]

I have noticed that Navy Fed has some interesting loan products. One is a 15% down investment loan. Has anyone ever used this? Another is Vet specific - a 0% NON_VA home loan for owner ocs. It has a higher interest rate, but is 0% down and rolls funding fees into the loan. Has anyone ever used this? Just curious about the company and the products. Thanks!

Investment Loans

NON-VA Home Loan 0% down.

[Alex Breshears]

Hi Chris! As a military family, we have used Navy Federal several times for a variety of products. I will say by far their home loan department was THE WORST interaction we have ever had with a bank. Normally Navy Fed is on top of things, they understand military life, and are a pleasure to work with. We've bought several cars with their financing, have some of the their CD's, credit cards etc. No issues. We TRIED to close a VA loan with them (twice! because evidently we didn't get it the first time), and they were terrible. Couldn't get a preapproval letter in under two weeks, we would resubmit documents multiple times, they would lose things, not request the right documents, it was abysmally slow and after 60 days in escrow, the seller was not going to extend again. I'm not sure what the disconnect is in their loan area for home loans, but being unsuccessful at closing a home loan twice with them has made them a no way lender for us for any future home purchases.

We ended up going with another lender and closed the VA loan in 30 days, very easy process, so I know it wasn't us. lol. We had stellar credit, tons of reserves, just W2 income at the time, like textbook borrowers and NF still couldn't get it done lol.