The Navy Federal Credit Union is the nation's largest credit union and consists of 4 million members. It offers a zero down payment option for qualified buyers, and does not require mortgage insurane. Loans are usually around $200,000, although the maximum is $1 million. This often benefits first-time homebuyers, who are credit worthy but lack the cash for a down payment. Delinquencies are well under 1 percent, suggesting that down payments are just a part of the home-loan financing process. The importance of smart underwriting and good servicing is not to be overlooked.
