October was a record month for housing finance at the 4.2 million member, $51.6 billion Navy Federal Credit Union which saw the nation's biggest credit union book over $1 billion in mortgage loans. The credit union said that the total boosted its year to date housing finance lending to more than $8.3 billion.
“Having ample products, competitive rates and specials like offering to pay up to $2500 in closings costs are a must in matching members to mortgages that suit their budget. But by far, being able to offer a “no money down” option is a difference maker,” said Jack Gaffney, executive vice presiden for lending at the credit union. The credit union said it is one of the few lenders in its markets still offering a 100% financing alternative for purchasing a home and the credit union projected near $10 billion in total mortgages booked by year-end.
For us, huge mortgage success means that we’ve put thousands of families in new homes or placed them securely in their current ones,” said Gaffney, “and, that we’re doing absolutely everything we can to find the exact right mortgage or refinance option to fit our members’ needs. Making homeownership possible is a privilege.”