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CU System
Navy Fed Freddie Mac launch military homebuyer effort
HAMPTON, Va. (11/29/07)--Get the Facts! workshops, created through a partnership with Navy FCU of Vienna, Va., and Freddie Mac, kicked off Wednesday to expand homeownership opportunities for military families. The workshops premiered at the Active Duty Home Buying Fair at Navy Federal’s Hampton, Va., branch. Participants were provided with information and advice about all aspects of homeownership. The Hampton Roads Planning District, Child and Family Services of Eastern Virginia, and Community Housing Partners Corp. will continue to offer the workshops, which are designed to break down barriers of misinformation that can keep military families from buying homes. Active Duty Choice Mortgage, which provides buyers with competitive rates, flexible credit terms and financing up to $417,000 with no additional private mortgage insurance, also debuted at the fair. “We understand the hardships that many of our active duty, reservists and their families face during a time of conflict,” said Cutler Dawson, Navy Federal president/CEO. “We wanted to offer a mortgage option that went above and beyond for those members.” Many potential homeowners at Navy Federal are first-time buyers, minorities, and low-to-moderate-income earners, according to Paul Mullings, senior vice president of Single Family Sourcing for Freddie Mac. Navy Federal, which serves military and civilian personnel and their families, has $31 billion in assets.
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