CHICAGO – April 20, 2015 – Credit unions that proactively promote their mortgage business are offering much better terms than most banks. Some help buyers with expenses by refunding portions of real estate agents' commissions, for example, while others lower downpayment criteria or offer closing cost assistance.
NASA Federal Credit Union, for example, offers zero-down mortgages up to $650,000 with no private mortgage insurance.
Navy Federal offers zero downpayments, no private mortgage insurance premiums and, for those who qualify, the standard menu of mortgage products from FHA (3.5 percent minimum down) and the Department of Veterans Affairs (nothing down).
Potential mortgage borrowers looking for great credit union deals can explore local membership opportunities at http://www.culookup.com.
Source: Washington Post (04/18/15) P. 8; Harney, Kenneth R.
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