100% Financing Mortgages (2022)

To continue enjoying all the features of Navy Federal Online, please use a compatible browser. You can confirm your browser capability here.

No Down Payment Required

We want you to realize the dream of homeownership now—without years of waiting to save for a down payment. Our Homebuyers Choice loans offer 100% financing on purchases, making them a great choice for first-time homebuyers.1

Loan Features

  • 100% Financing Mortgages (1)

    Fixed Rates & Consistent Payments

    With a fixed interest rate, your monthly payment to principal and interest will remain the same for the life of your loan.

  • 100% Financing Mortgages (2)

    No Private Mortgage Insurance Required

    Most lenders require the borrower to purchase PMI unless they can make a down payment of 20%. This loan doesn’t require PMI, which saves you money each month.

  • 100% Financing Mortgages (3)

    Seller Contribution of Up to 6%

    The seller is allowed to contribute up to 6% of the value of the home toward your closing costs, saving you money.

  • 100% Financing Mortgages (4)

    Refinance Options Available

    If you're looking to refinance your home, but have low equity, this could be a good option for you. Refinance up to 97% of your home's value.


Payment Examples3

Term Interest Rates As Low As Discount Points APR As Low As
30 Year 7.250% 0.500 7.586%
30 Year Jumbo 7.500% 0.500 7.841%

Rates as of Nov 25, 2022 ET.

Discount Points: The interest rate above shows the option of purchasing discount points to lower a loan’s interest rate and monthly payment. One point amounts to 1% of the loan amount and is paid at closing. Points don’t always have to be round numbers. Purchasing 1.5 points would cost $4,500 on a $300,000 mortgage.

Rates displayed are the "as low as" rates for purchase loans and refinances.

Jumbo Loans: Loans over a certain amount are called jumbo loans. In most states, mortgage loans greater than $548,250 are jumbo loans. In AK and HI, any loan over $822,375 is considered a jumbo loan.

Rates displayed are the "as low as" rates for purchase loans and refinances.

Ready to apply? Sign in to get started.

Apply Now for a Homebuyers Choice Loan

Not a member? Join today.

Still have questions? Call us at 1-888-842-6328.

Why Choose Navy Federal?

Great loans. Expert guidance. Best-in-class loan service. As a Navy Federal member, you get access to additional benefits to help save you time and money. Get your loan, real estate agent, title services and loan servicing all through us.

Learn More about mortgages with Navy Federal

100% Financing Mortgages (5)

Mortgage Learning Center

  • 100% Financing Mortgages (7)

    The Mortgage Loan Process in 10 Steps

    It starts with a preapproval and finishes with your perfect home. We've broken down the process to make it easier for you.

    Learn Moreabout The Mortgage Loan Process in 10 Steps

  • 100% Financing Mortgages (8)

    Mortgage Preapproval

    A preapproval lets sellers know you're a serious buyer and gives you more negotiating power when it comes time to make an offer.

    Learn Moreabout Mortgage Preapproval

  • 100% Financing Mortgages (9)

    Best Mortgage for You

    Need help deciding which loan option works best for you? Check out our Mortgage Match video.

    Learn Moreabout Best Mortgage for You

View MoreMortgage Learning Center

Homeowner Resources

  • 100% Financing Mortgages (10)

    How to Make Mortgage Payments

    Find out what makes up your monthly mortgage payments and learn about convenient payment options.

    Learn Moreabout How to Make Mortgage Payments

  • 100% Financing Mortgages (11)

    What's an Escrow Account?

    Find out how we calculate your escrow payments and get answers to your most frequently asked questions.

    Learn Moreabout What's an Escrow Account?

  • 100% Financing Mortgages (12)

    Managing Your HELOC

    Get answers to questions about your HELOC, including how we calculate your interest rate.

    Learn Moreabout Managing Your HELOC

View MoreHomeowner Resources

Homebuyers Choice FAQs

What is a mortgage down payment?

A down payment is any initial amount paid upfront toward the total price of your home. It's not included in your loan amount—your loan amount is the total price of your home minus your down payment. It's due at closing.

What is private mortgage insurance (PMI)?

PMI is insurance that a buyer pays to protect the lender in case the loan ends up in foreclosure. Most lenders require PMI for home purchases with down payments that are less than 20% of the home's cost. However, Navy Federal does not require PMI at all on ourloan products.This helps keep monthly payments lower for our members.

What are discount points?

Discount points are optional fees you can pay directly to Navy Federal at closing in exchange for a reduced interest rate. They're determined as a percentage of your loan amount. For example, one percentage point is equal to 1% of the total loan amount. Depending on how long you plan to be in your home, you may want to pay these points and obtain a lower rate.

Still have questions? Visit our Mortgage FAQs.


All Choice loan rates quoted above require a 1.00% loan origination fee. The origination fee may be waived for a 0.25% increase in the interest rate. All Choice loans are subject to a funding fee of 1.75% of the loan amount. This funding fee can be financed into the loan up to a maximum of 101.75% LTV, or the fee can be waived for a 0.375% increase in the interest rate. Purchase loans require no down payment. LTV restrictions apply to refinance loans. Note: To be eligible for Military Choice, at least one borrower must be Active Duty or a veteran.


These rate offers are effective 11/25/2022 and subject to change. Rates displayed are the "as low as" rates for purchase loans and refinances.Rates are based on creditworthiness, loan-to-value (LTV), occupancy and loan purpose, so your rate and terms may differ. All loans subject to credit approval. Rates quoted require a loan origination fee of 1.00%, which may be waived for a 0.25% increase in the interest rate. Many of these programs carry discount points, which may impact your rate.


A Homebuyers Choice loan of $300,000 for 30 years at 7.250% interest and 7.586% APR will have a monthly payment of $2,046. Taxes and insurance not included; therefore, the actual payment obligation will be greater.All loans subject to credit approval.
Jumbo Loans: Loan amounts greater than $647,200. In AK and HI, the Conforming loan limit is $970,800. The Jumbo rates quoted above are for loan amounts above$647,200 up to $1,000,000.


The cash-back bonus is offered in most states and is available for individual sales and purchases of property; offer limited to one cash-back bonus per property with no limit on the amount of times you may use the program. In some states, a gift card or commission credit at closing may be provided in lieu of the cash-back bonus. The program is not available in IA or outside the U.S. Cash-back bonus is not available in AK or OK. In KS and TN, a gift card with preloaded points that are ready for spending at specified retail establishments after closing will be issued. State regulations in KS limit the dollar amounts and the type of incentive. In MS, NJ, and OR, a commission reduction may be available at closing. Please check with the program coordinator for details. This is not a solicitation if you are already represented by a real estate broker. The cash-back bonus is only available with the purchase or sale of your home through the use of a program-referred and -approved real estate agent. The size of your cash back award depends on the value of the property you are buying or selling. Obtaining the full $9,000 cash back award requires transacting in a property valued at $3 million or greater. To calculate the size of your potential cash back, please visit the RealtyPlus website: https://realestateperk.com/RealtyPlus/. All real estate transactions are negotiable. Contact RealtyPlus for terms and conditions. Standard listing fees apply. The program award is not available in certain transactions with restricted agent commissions (including many new construction, For Sale by Owner, or For Sale by iBuyer transactions). Your assigned agent can help you identify any transactions where the award would not be available. This program is offered, in part, by Realogy Lead Management Services, Inc. d/b/a Realogy Leads Group (RLG). RLG may receive a co-operative brokerage fee as a result of a referral to the real estate companies listed above. Program terms and conditions are subject to change at any time without notice. Additional terms, conditions, and restrictions apply.

Top Articles

Latest Posts

Article information

Author: Pres. Lawanda Wiegand

Last Updated: 12/05/2022

Views: 6086

Rating: 4 / 5 (51 voted)

Reviews: 82% of readers found this page helpful

Author information

Name: Pres. Lawanda Wiegand

Birthday: 1993-01-10

Address: Suite 391 6963 Ullrich Shore, Bellefort, WI 01350-7893

Phone: +6806610432415

Job: Dynamic Manufacturing Assistant

Hobby: amateur radio, Taekwondo, Wood carving, Parkour, Skateboarding, Running, Rafting

Introduction: My name is Pres. Lawanda Wiegand, I am a inquisitive, helpful, glamorous, cheerful, open, clever, innocent person who loves writing and wants to share my knowledge and understanding with you.