Second Home Mortgages

Navy Federal offers two main types of conventional mortgages on second homes.

• Conforming—up to $417,000
• Jumbo—$417,001 to $2,000,000

Exceptions are in Alaska and Hawaii, where conforming mortgages go up to $625,500. Minimum 5% down payment required for conforming loans for second home mortgages.

• No Private Mortgage Insurance (PMI) required in most cases
• 15-year or 30-year fixed rate; 40-year fixed rate available for conforming loans only
• Pay biweekly and save (15-year and 30-year conforming loans only)
• Interest-only fixed-rate and ARM options available (conforming loans only)
• Property may be rented out for portions of the year (seasonal rentals), however rental income cannot be used to qualify

View payment example.