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Navy Federal Mortgages No Min Score Provided

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Hey guys ,


So we are getting ready to purchase our 2nd home and in doing some research , decided to check what Navy offers. I chatted with one of their mortgage agents and asked about score requirements , dti ect for their products and was told there is no minimum score requirements,


I have seen more questions than answers regarding Navy mortgage products, and did a quick search and did not find this information already posted ( if it has been and I missed it , I apologize for the duplication)


I followed up the chat with a call to Navy since the choice of wording left me wondering what she meant. And was told again there is no min score req.


Here is a copy of the statement


Financing 100% is riskier than when someone puts their own money down. Without PMI for both the HomeBuyers Choice (HBC) and the 3/5 and 5/5 ARM. Only the HBC has the 1.75% funding fee (HBCFF) that you are allowed to roll into the loan.

Lynne: Navy Federal does not provide a credit score number requirement on any of its mortgage products. Each mortgage product has different criteria for qualification, which includes credit history, debt to income, and loan to value ratios. All of these factors are taken into consideration and are reviewed along with underwriting guidelines to determine if a loan will be approved.

Lynne: The assigned loan officer will be able to discuss these factors in greater detail once you apply.

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Technically VA does not have min credit score. But most lenders do on VA mortgages.

Most banks including mine require a 620 a few will go down to 600 on a purchase.

Depending on your funding fee status 0%, 2.15%, or 3.3% VA mortgage is usually the best option because of the rate & no PMI.

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They have to tell you theres no stated minimum score requirement but I would venture to say their ARMs are around maybe 640-660 and the Homebuyers is 680-700 min, based on my research and experience. Every case is different and this is by no means gospel, but will get you pretty close.

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I asked a NFCU person straight out and was told while there's no minimum score, they prefer 600+

Having said that, if there is a co-applicant with a much better score whose do they go by? What if that person is eligible to be primary, even though they do not qualify for a VA loan?

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