Navy Federal Offers Incentive for First-Time Homebuyers

VIENNA, Va., Sept. 7, 2011 /PRNewswire/ -- Navy Federal Credit Union understands that purchasing a home for the first time is a big deal, which is why they are offering a First-Time Homebuyer Package for military family members and personnel in the military. Home loans are often time consuming, which is why Navy Federal does its part to help make buying a home easier.

As of April 15, 2011, Navy Federal Credit Union offers the First-Time Homebuyers Plus package for new applications for first mortgage purchase loans. The package includes no down payment with up to 6% seller contribution, waived application fee, and additional cash incentives, including a $200 Visa Prepaid Loyalty Card, cash back of $5,050 with RealtyPlus(1), and a rate match(2) guarantee. It is open to current military personnel, their family members, or any retired Veteran. Mortgage loans by Navy Federal Credit Union's First-Time Homebuyer Plus program work to bring low rates for first-time home buyers.

Navy Federal Credit Union is committed to providing financial support at home and abroad to personnel in the military. Mortgage loans will be essential as many return and buy a home for the first time. Plus, for a limited time only, Navy Federal will pay up to $2,500 of your closing costs!*

Find more information about Navy Federal Credit Union and home loans for military personnel and their families at the Navy Federal website: http://www.navyfederal.org.

(1) Cash rebates from $400 to $5,050 are available in most states. You must be represented by the assigned RealtyPlus real estate firm at closing to qualify. Contact RealtyPlus for terms and conditions.

(2) Limited-time offer available for purchase and refinance first mortgages. Certain product exclusions may apply. Good Faith Estimate (GFE) from competing lender must be dated and received within 3 calendar days of locking interest rate at Navy Federal. The terms of the competing loan must be identical to Navy Federal's loan. If the loan does not close within the commitment period, the rate match may be voided. To receive $250, member must provide a signed, executed copy of the final HUD-1 Settlement Statement and a copy of the mortgage note within 30 calendar days of loan closing with another lender. Offer not valid if original loan terms or conditions change prior to closing. Once approved, $250 will be automatically deposited into member's Navy Federal account within 30 calendar days of receiving the necessary documentation.

*Limited-time offer effective August 10, 2011 is available for all first mortgage purchase and refinance loans except HomePath®. Member cannot receive cash back from this offer. Certain restrictions may apply. Ask for your loan officer for details.

About Navy Federal Credit Union

Navy Federal Credit Union is the world's largest natural person credit union with $40 billion in assets, more than 3.5 million members, over 200 branch offices, and 7,100 employees worldwide. The credit union serves all Department of Defense military and civilian personnel and their families. For additional information about Navy Federal, visit http://www.navyfederal.org.

CONTACT: Jennifer Sadler
Public Relations Manager
Phone: (703) 206-3137
E-mail: [email protected]

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SOURCE Navy Federal Credit Union