15-Year Fixed Mortgage Payment Example: The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $100,000 and an estimated property value of $135,000. The property is located in Alexandria, VA and is within Fairfax County. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account may be required. The rate lock period is 60 days and the assumed credit score is 740. At a 2.625% interest rate, the APR for this loan type is 2.851%, other rates and terms available. The monthly payment schedule would be 179 payments of $672.69 and 1 payment of $672.53 at an interest rate of 2.625%. Payments shown do not include taxes or insurance escrows; actual payments may be greater. NOTE: A 1% origination fee applies to this loan. The origination fee may be waived by adding 0.25% to the selected rate. The application of points will be determined by the loan to value (LTV) ratio combined with certain representative credit scores. Additional points also apply to certain cash-out refinance transactions, certain condominium transactions, and some transactions with subordinate financing that will reflect on the Good Faith Estimate and/or Settlement Statement.
Investment properties not eligible for offers.
All Mortgage Programs: The application of points will be determined by the loan-to-value (LTV) ratio combined with certain representative credit scores. Points also apply to certain cash-out refinance transactions, certain condominium transactions, and some transactions with subordinate financing.
Origination fees may apply to certain programs. The origination fee may be waived by adding 0.25% to the selected rate.
*For a purchase transaction, the rate cannot be locked until PenFed has received a ratified sales contract executed by all required parties.
The applicant is responsible for the following fees and costs at the time of closing. Origination fee, appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee, escrow reserves and interest due until first payment, other cost may be included due to program specific circumstances. This is not intended to be an all-inclusive list.
Escrows will only be waived if LTV is 80% or less in all states.
Borrowers are required to have sufficient reserve assets available to cover 6 months full payments including principal, interest, homeowner’s insurance, property taxes and homeowner associated dues and/or mortgage insurance, if applicable. For non-primary residences, we require 12 months of reserve assets.
If a loan is withdrawn, the applicant may not reapply for at least 90 days from the date the application was withdrawn.
Conforming Mortgages: For loan amounts from $25,000 to $417,000. The maximum combined loan- to-value (CLTV) is 95%; 80% LTV and above are subject to private mortgage insurance (PMI). The maximum LTV and CLTV for condominiums is 80%. The maximum loan –to –value (LTV) for 15/15 ARMs is 80% and combined loan-to-value (CLTV) is 95%.
Jumbo Mortgages: For loan amounts above $417,000 to $750,000. The maximum loan-to-value (LTV) is 80% and the maximum combined loan-to-value (CLTV) is 90%. The maximum LTV and CLTV for condominiums is 80%.
Super Jumbo Mortgages: For loan amounts above $750,000. 5/5 ARMs up to $4 million and Fixed Loans up to $2 million. The maximum loan-to-value (LTV) and combined loan-to-value (CLTV) is 80%. In DC, MD and VA only, the maximum LTV and CLTV for condominiums as a primary residence is 80%. The LTV and CLTV in all other states for condominiums is 75%. The LTV and CLTV for second home condominiums is 70% in all states.
All above disclosures apply to non-Veteran’s Administration (VA) loans. VA loans have different guidelines and eligibility requirements.
All rates and offers are as of April 2015 and are subject to change without notice. Other restrictions may apply. Contact your PenFed mortgage consultant for any applicable additional restrictions and details about your loan. To receive any advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.