VIENNA, Va.-Navy FCU, one of the biggest mortgage lenders in the Washington, D.C., market, last week introduced new 3/5 and 5/5 conforming and jumbo ARMs for as low as 2.875% (2.943% APR).

Members have taken quickly to the new products with $36 million of applications already on the books.

"The feedback from our members has been extremely positive," said Jack Gaffney, EVP-lending at the $48-billion credit union, the nation's largest. "We are happy to be able to offer another great mortgage option for our military members and their families."

The new 3/5 and 5/5 conforming and jumbo ARMs begin with a low, constant rate, then adjust once every five years.

The credit union does not charge an application fee and mortgage insurance is not required on 3/5 and 5/5 ARMs, as well as many other conventional loans.

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