VIENNA, Va. -- Navy FCU said yesterday its October mortgage closings surpassed $1 billion, a new monthly milestone.

The nation’s largest credit union said it is has made more than $8.3 billion in mortgages so far in 2012.

The new milestone comes as the REALTOR Confidence Index indicates that consumers face “tight credit conditions” and challenges in getting loan dollars from lenders.

The $52 billion credit union is one of the few lenders in the market still offering a 100% financing alternative for purchasing a home. The Navy Federal Homebuyer’s Choice Mortgage pulled in $416 million year to date, and the credit union projects near $10 billion in total mortgages booked by year-end.

“For us, huge mortgage success means that we’ve put thousands of families in new homes or placed them securely in their current ones,” said Jack Gaffney, executive vice president, lending at Navy Federal, “and, that we’re doing absolutely everything we can to find the exact right mortgage or refinance option to fit our members’ needs. Making homeownership possible is a privilege.”


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