A mortgage program for members of the U.S. military is loaded with benefits not available to other prospective homebuyers.
The program was announced Wednesday by Navy Federal Credit Union.
Dubbed the First-Time Homebuyers Plus package, the program offers a host of incentives for those who are buying their first home. In addition to retired veterans and military personnel, their family members are eligible to participate.
According to the Vienna, Va.-based institution, the program requires no downpayment and allows home sellers to contribute up to 6 percent towards the closing.
Navy FCU said it will waive its application fee. It will also give customers a $200 Visa Prepaid Loyalty Card.
In addition, depending on the borrower’s state, they will get cash back of up to $5,050 as long as they use a RealtyPlus real estate firm.
On top of that, the $40 billion credit union is offering a rate-match guarantee. While some mortgage products are excluded, first-mortgage refinances are eligible for the guarantee. If the borrower can prove they got a better deal elsewhere, they will receive $250.
“Plus, for a limited time only, Navy Federal will pay up to $2,500 of your closing costs,” the announcement said.