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Navy Federal Credit Union, Freddie Mac Launch Military Homebuyer Effort in Tidewater/Hampton Roads Area

Hampton, VA – Navy Federal Credit Union and Freddie Mac (NYSE: FRE) have joined forces on an initiative to expand homeownership opportunities for military families, that includes affordable mortgage products and financial education workshops in the Tidewater/Hampton Roads area to help active duty military families plan for homeownership.

The initiative kicked off Dec. 1 at the Active Duty Home Buying Fair at Navy Federal's Hampton, Virginia, branch and featured affordable mortgage products, free advice for buying or refinancing a home, financial counseling, and information on grants and the Get The Facts! homebuyer workshops.

A highlight of the fair was Navy Federal's new mortgage solution exclusively for active duty military and reservists – Active Duty Choice Mortgage – that provides more buying power at competitive rates with flexible credit terms, financing up to $417,000 and no additional private mortgage insurance.

Navy Federal, the world's largest credit union, believes in rewarding those who serve and many of its members serve in the active duty or reserves within the Department of the Navy. "We understand the hardships that many of our active duty, reservists and their families face during a time of conflict. We wanted to offer a mortgage option that went ‘above and beyond' for those members," said Cutler Dawson, President and CEO of Navy Federal.

"By working together with Navy Federal, we are helping to boost the home buying power of members of the military," said Paul Mullings, senior vice president of Single Family Sourcing for Freddie Mac. "Many of them are first-time buyers, minorities, and low- to moderate-income earners who want to purchase a home, build equity and obtain the American Dream of homeownership."  Freddie Mac is one of the nation's largest investors in residential mortgages.

The Hampton Roads Planning District, Child & Family Services of Eastern Virginia, and Community Housing Partners Corporation will offer Freddie Mac's Get the Facts! workshops, which are designed to break down barriers of misinformation that keep many individuals from considering homeownership

Through the Get the Facts! workshops, participants are provided with straightforward information and advice about all aspects of homeownership, including costs associated with home buying and credit history requirements. Participants are encouraged to ask questions as workshop facilitators help them separate fact from fiction. By the end of each workshop, it is hoped that participants will feel empowered, with a sense that they might be able to achieve the dream of homeownership.

Navy Federal is the largest credit union in the world with $31 billion in assets and 3 million members. Navy Federal has 129 branch offices and 338 proprietary ATMs located worldwide. The credit union serves all the Department of the Navy (DON) military and civilian personnel, contractors who provide service to or work for DON on a regular basis, and their families. For additional information about Navy Federal, visit: www.navyfederal.org.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.

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