Navy Federal Mortgage 2021 Review


How to qualify

NFCU only offers mortgages to its members. If you are eligible for membership, you can join online, by phone, or at a branch.

Before you apply, check your credit report for errors. Some errors affect your credit score, so correct any discrepancies you find when you review your credit history. Check your credit score, too. Navy Federal Credit Union primary credit card holders get a FICO® Score for free — just enable the feature while you log into your account.

If you’re not an NFCU member yet, a free credit score online can tell you what ballpark you’re in. Your credit score is a major factor in determining what mortgage interest rate you receive. It’s to your benefit to improve your credit (to the extent you are able) before you apply.

Navy Federal is unusual in that it does not set strict cutoff points for your credit score or your debt-to-income ratio (DTI). Kevin Parker, vice president of Field Mortgage at Navy Federal Credit Union, said, “We do true underwriting, so we consider everything from earnings, debt, to history of repaying our loans to determine if they are eligible for the home loan.”

Generally, the lowest mortgage interest rates are reserved for applicants with a credit score of at least 740 and a debt-to-income ratio (DTI) under 36%. DTI is the percentage of your gross income that you spend on required monthly debt payments, including housing.

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When you’re ready for pre-approval, you can apply in person or at a branch. You can also use the HomeSquad application platform on the Navy Federal website.

“HomeSquad is our digital mortgage application tool that’s been designed to make the home-buying process simpler and easier for Navy Federal members,” said Parker. “HomeSquad makes it easier to stay on track with the process and receive updates when key milestones are achieved. Members can link their various financial accounts to HomeSquad and upload important documents like tax returns, pay stubs, and other documents quickly and easily.”

After you apply for a mortgage with Navy Federal Credit Union Mortgage (or any lender), you receive a loan estimate. This is a standard document that shows the details of the loan offer. All lenders are required to use the same form so that you can easily compare offers.

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