Thanks to eager first-time homebuyers, Navy Federal Credit Union, the world’s largest credit union that serves the military and their families, reported that its mortgage closings surpassed $1 billion last month as it experienced its highest-ever volume of applications in March.
The credit union said it also expects this year to be a record one for purchase volume, as its specialized portfolio of products are designed to meet the needs of first-time buyers and military families.
“We’re unique in that over 50 percent of our purchase volume comes from first-time buyers,” said Katie Miller, Navy Federal’s vice president of mortgage lending. “They don’t have the cash to make large down payments, and they don’t know where to start. We’re here to help from first call to close. Our goal is to bring awareness and opportunity to these young members.”
Navy Federal is the only lender that offers a conventional, 100-percent financing, fixed-payment option with no private mortgage insurance.
Navy Federal’s membership includes all Department of Defense and Coast Guard active-duty, civilian and contractor personnel and their families.
Organized in 1933 with only seven members, Navy Federal is now the world’s largest credit union with 5 million members and more than 12,000 employees. The credit union has more than $63 billion in assets. It has never engaged in subprime mortgage lending and is regularly audited by PricewaterhouseCoopers LLP.