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Types of Home Loans

Benefits of a NavyArmy Home Loan

  • Fixed Interest Rates
  • Escrow Options Now Available*
  • No Private Mortgage Insurance
  • Down Payments Starting at 5%
*New loans determined to be in a flood zone are required to have escrow.

5 Great Home Loan Options!

Homestead Loans

(purchases & refinance)

  • Maximum loan advance is 95% of purchase price or appraisal value, whichever is less
  • 95% loan to value on refinances
  • Max term is 30 years

Second/Vacation Home

(purchases & refinance)

  • Covers purchases and refinances
  • Max loan advance is 80% of purchase price or appraisal value, whichever is less
  • 80% loan to value on refinances
  • Max term is 15 years

Home Improvement Loans

  • Maximum loan advance is 90% loan to value
  • Loans made for tangible improvements to homestead
  • Max term is 30 years

Home Equity Loans

  • Loans secured by member’s homestead
  • Maximum advance is 80% loan to value
  • Max term is 30 years
  • Interest* may be used for tax deductions (*Contact your Tax advisor for details)

One Time Close Construction

  • Construction and permanent rates are locked up front
  • Program starts with a 10% down payment
  • Minimum 90% loan-to-value if you own the land
  • 9 – 12 months interest-only payments during the build
Benefits
  • Lower fees
  • Less paperwork
  • Only go to the closing table once
  • Perfect for custom homes
  • Program designed for well-qualified buyers

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