Navy Federal Books More than $1 Billion in Mortgage Loans In October
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.