Investment Property Ownership Options

Investment property ownership options

Terms & Conditions

Information Applicable to All Mortgage Loans

Rates, discount points and terms are based on an evaluation of each member's credit history, loan-to-value (LTV), occupancy, payment type, loan amount and loan purpose, so your rate and terms may differ.

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All loans are subject to credit approval. Questions? Please contact Navy Federal at 1-888-842-NFCU (6328).

Navy Federal also offers home loans for investment properties.

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When reviewing quotes from other lenders, make certain you obtain the discount points and any origination fees for comparison with Navy Federal's rates. APRs reflect down payment/equity unless otherwise noted.

Conforming Loans

Loan amounts up to $484,350. In Alaska and Hawaii, the conforming loan limit is $726,525.

Investor Tips - Buying Investment Property in Different Ownership Structures

Loan limits vary by county.

Jumbo Loans

Loan amounts greater than $484,350. The jumbo rates quoted above are for loan amounts above $484,350 up to $2,000,000.

Investment property ownership options

The loan limit for Jumbo HomeBuyers Choice loans is $1,000,000.

Two-Unit Properties

Minimum down payment between 20% and 25% for a two-family property. Conforming loan limit for two-family properties is $580,150. In Alaska and Hawaii, the conforming loan limit for two-family properties is $870,225.

Any refinance mortgage where the proceeds will be used to pay any debt other than debt used in the purchase of the home is considered a Cash-Out Refinance.

Investment property ownership options

Additional discount points will apply to cash-out loans, which are based on credit history and LTV. Cash-Out Refinance is not allowed on Interest-Only Conforming, HomeBuyers Choice, Future Principal Residence, and Investment Products.

Loans with subordinate financing and loans secured by condominium properties may require additional discount points.

Conforming loans secured by two (2) unit properties or manufactured homes are subject to an additional 1.00% discount point.

Rate Lock Policy

Purchase Loans

  1. The Standard Price Lock Commitment for Purchase Loans is 60 days at no additional cost.
  2. The Extended Price Lock Commitment options below are available for Purchase Loans only and must be agreed upon at the time of rate lock-in.

    Investment property ownership options

    • 90 days - additional 1/8 discount point or 1/8% in rate
    • 120 days - additional 1/4 discount point or 1/8% in rate
    • 180 days - additional 1 discount point or 1/4% in rate
  3. The Float-to-Lock Option for Purchase Loans - If you select the Float-to-Lock Commitment, it means that you want to allow the interest rate and discount points to float with the market.

    You must lock in your interest rate and discount points at least fourteen (14) calendar days prior to settlement/closing.

  4. The Freedom Lock Option for Purchase Loans - A special lock option is being offered at no cost with a maximum rate reduction up to 0.25%.

    This special lock option is only available for sixty (60)-day pricing commitments. You will have the opportunity to re-lock one time if rates improve up to fourteen (14) calendar days prior to settlement/closing.

    LegalZoom Satisfaction Guarantee Details:

    This special lock option applies to all loan types.

Refinance Loans

The Standard Price Lock Commitment for refinance loans is sixty (60) days from the lock date. On VA and FHA loans, the Standard Lock commitment is sixty (60) days from the lock date.

Investment property ownership options

The Freedom Lock option is available on refinance loans for a non-refundable 0.250% fee added to the origination. The fee must be collected upfront. The Freedom Lock option is not available on VA and FHA refinance loans.

Mortgage Loans

A sample principal and interest payment on a thirty (30)-year $250,000 fixed rate loan with a 4.375% interest rate is $1,248.21.

Taxes and insurance are not included; therefore, the actual payment obligation will be greater.

Investment property ownership options