Reply to Woah, Navy Federal is hella racist

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]They are terrible.  I have had nothing but issues with them for a mortgage and banking.  Never again would I use them. [/quote]

I think you’re in the minority. The article led with NF is the largest credit union. So they must be doing something right.

I’m thinking this guy got declined for a loan at Navy Federal and then went somewhere else and got a loan approved. This guy is an exception case.

most of Navy Federal clients are lower income, service members, who cannot afford a mortgage.  Most that are declined from Navy Federal, would also be  declined from other places. A lot of these people probably would not be able to get a credit card or other type of loan from another bank
either.

One reason the disparity is probably so great, is that Bank of America, Wells, city, capital one…  average black clientele at these banks would get approved for a mortgage loan regardless. [/quote]

Lower income service members have the VA loan. Any service member can afford a mortgage via a VA loan (no down payment required, no PMI, preferential rates, better oversight of inspection process, etc) as long as they purchase a property that suitably affordable on their income.

NavyFed’s issues clearly stem from black borrowers who don’t have access to the VA loan program. That is, they are civilian members of the credit union not eligible for VA loans. [/quote]

The va loan rates are not better.  All active duty and retirees as well as veterans can get a va loan.  Your post. Ames no sense.  [/quote]

VA loan rates are absolutely better if you’re a low income service member in your 20s with a 1% down payment and a thin credit history. VA loan will be beat a conventional loan any day of the week for that high credit risk.

The bank takes very little risk with a VA loan so long as the go through the eligibility and verification checklist since it goes to the GSEs. [/quote]

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