Vienna, VA (PRWEB) August 14, 2012
Navy Federal Credit Union is using the second generation of the Federal Home Affordable Refinance Program (HARP 2) as a tool to help members refinance their mortgage despite being underwater. It comes as a welcome solution to both active duty and civilian family members who have been waiting for a positive outcome in their search for mortgage assistance.
Navy Federal also discounts fees for new home purchases when servicemen and woman are unable to sell their current home. This enhancement could save service members thousands in mortgage fees.
“We’re happy to be a part of this program,” says Jack Gaffney, executive vice president, Lending. “It helps our members who have faithfully paid their mortgage, yet haven’t been able to refinance to today’s low rates, finally get their payments lowered.”
Being able to offer refinancing to homeowners no matter where they have their original loan and with unlimited loan to value (LTV) percentage, the credit union is putting the program into action for thousands of members. Since the outset of the program, Navy Federal has processed over half a billion HARP 2 loans.
Department of Defense active duty, civilian contractors and their families are welcome to join Navy Federal Credit Union and are encouraged to call a member service representative at 1-888-842-6328 to talk about how HARP 2 may be able to help them refinance their mortgage.
About Navy Federal Credit Union
Navy Federal Credit Union is the world’s largest credit union with $49 billion in assets, four million members, 222 branches, and more than 9,000 employees worldwide. The credit union serves all Department of Defense military and civilian personnel and their families. For additional information about Navy Federal, visit navyfederal.org.
# # #