0% Down Loan Option if you have less than 4 mortgages

[Lynn McGeein]

Just wanted to pass on that Navy Federal has a Homebuyers Choice option, 0% downpayment, really 0%, no PMI, but higher interest rate and 1.75% funding fee (and sellers can contribute up to 6%!), but only if you have less than 4 mortgages and will owner-occupy it.

Just thought for those of you starting out and thinking of buying one to live in for a year or two then turn into a rental or sell later, this is a wonderful option. I have an account with them and ran into it on their website. Called and spoke to them as I thought WOW, but turns out they don't lend to anyone who already has 4 mortgages, even if it was for a house I was looking to buy and owner-occupy.

If this is seen as advertising or not allowed, sorry in advance, but I haven't seen a real life 0% down payment in quite a while, and Navy Federal is reputable, so thought those of you starting out would benefit from knowing there is actually one out there. I don't work there and don't know anyone who does, not pushing the company, just amazed at finding a 0% down option in this market and thought someone should benefit from it.