Navy Federal Military Choice Loan
A Navy Federal fixed-rate mortgage for eligible servicemembers and veterans who have already used their VA benefit or lack full entitlement. It can offer no down payment and no PMI, but disclosed origination and funding-fee terms apply.
- Down payment
- No down payment is available for qualifying purchase loans in most states; a 3% down payment can waive the disclosed funding fee and may reduce the rate.
- Credit context
- All loans are subject to Navy Federal credit approval. Its advertised-rate example assumes a 720 FICO, but the official page does not present 720 as a universal eligibility minimum.
- Income rules
- The official product page does not publish an income cap. Navy Federal membership and eligible military status are required.
Individual lenders set the interest rate, fees, mortgage-insurance treatment, and final approval requirements. Compare written Loan Estimates before choosing.
How repayment works
Your monthly housing payment usually includes principal and interest, and may also include property taxes, homeowners insurance, mortgage insurance, and association fees. Your lender’s written Loan Estimate and Closing Disclosure control the actual costs and terms.
A lower advertised down payment does not necessarily mean the lowest monthly payment or lowest total cost.
Who it may fit
A Navy Federal fixed-rate mortgage for eligible servicemembers and veterans who have already used their VA benefit or lack full entitlement. It can offer no down payment and no PMI, but disclosed origination and funding-fee terms apply.
These are situations worth exploring, not a qualification decision.
What could rule it out
- The issuing body does not set a single credit floor; each lender sets its own.
- Repeat buyers may use this loan type, subject to the other rules.