First-Time Homebuyers Lead the Charge in Navy Federal's Billion-Dollar Mortgage Month

VIENNA, Va., April 6, 2015 /PRNewswire-USNewswire/ -- Due in large part to first-time homebuyers and a surge in home sales, Navy Federal Credit Union announced mortgage closings surpassed $1 billion in March, the best month in the credit union's history. Seven years from the start of the recession, nearly 60 percent of the credit union's mortgage volume can be attributed to purchases. Year-to-date, Navy Federal has made more than $2.5 billion in mortgage funds available to its members.

While lenders around the country are seeing that first-time homebuyers are relatively quiet, Navy Federal has bucked this trend. "We're unique in that over 50 percent of our purchase volume comes from first-time buyers," stated Navy Federal's Vice President, Mortgage Lending, Katie Miller. "Our goal is to bring awareness and opportunity to these young members."

The credit union's specialized portfolio products are designed to meet the needs of first-time homebuyers and military families. They remain the only lender in the market offering a conventional 100 percent financing fixed payment option with no private mortgage insurance. Known as HomeBuyer's Choice, the product has served members with $179 million in loans year-to-date. Additionally, Miller has created a specialized program for loan officers to specifically aide the needs of first-time homebuyers. "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."

Navy Federal is projecting a record setting second quarter buoyed by their highest volume of applications in March and anticipates this to be a record year for purchase volume. 

About Navy Federal Credit Union: Navy Federal Credit Union is the world's largest credit union with over $64 billion in assets, 5 million members, 263 branches and a workforce of over 12,000 employees worldwide. The credit union serves all Department of Defense and Coast Guard Active Duty, civilian and contractor personnel and their families. For additional information about Navy Federal, visit www.navyfederal.org.

Contact: Michele Townes
Corporate Communications
Phone: (703) 206-3828
E-mail: [email protected]

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SOURCE Navy Federal Credit Union

Related Links

https://www.navyfederal.org