VIENNA, Va.—Navy Federal Credit Union is reporting it set a record for mortgage closings when it surpassed $1 billion in volume during March, the best month in its history.
Navy Federal said that during the first quarter of 2015 it made more than $2.5 billion in mortgage loans to members. It noted that nearly 60% of that mortgage volume can be attributed to purchases.
"We're unique in that over 50% of our purchase volume comes from first-time buyers," stated Navy Federal's Vice President, Mortgage Lending, Katie Miller, in a statement. "Our goal is to bring awareness and opportunity to these young members."
Navy Federal said that it is the only lender in the market offering a conventional 100% financing, fixed-payment option with no private mortgage insurance. Known as HomeBuyer's Choice, the product has served members with $179 million in loans year-to-date, Navy Federal said.
Navy Federal’s Miller said the CU has also created a specialized program for loan officers to specifically aide the needs of first-time homebuyers. "They don't have the cash to make large down payments, and they don't know where to start—we're here to help from first call to close."