LTV over 60% generally requires a Loan Level Pricing Adjustment. LLPA varies dependent upon credit score.
If you’re about to buy a home and are in your 40s or older, you may want to consider a 15-Year Fixed Conforming Mortgage. These loans can enable you to pay off your mortgage before retirement so that you won’t have that additional expense while living on a fixed income.
While a 15-Year Fixed Conforming Mortgage may require a larger down payment or higher monthly payments than some other kinds of loans, it can be a smart choice to provide greater security. This type of mortgage could help you pay off your mortgage before you retire.
Like all fixed mortgages, the 15-Year Fixed Conforming offers stable monthly payments.
Investment properties not eligible for offers.
All Fixed Rate Mortgage Programs: The application of additional loan level pricing adjustments will be determined by various loan attributes to include but not limited to the loan-to-value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing.
NOTE: A 1% origination fee applies to this loan. The origination fee may be waived by adding 0.250% to the selected rate. Points are the responsibility of the borrower and not covered in promotions.
*For purchase applications, please submit a copy of your fully signed ratified purchase agreement to firstname.lastname@example.org in a timely manner to ensure PenFed can meet your closing date.
The applicant is responsible for the following fees and costs at the time of closing. 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 costs 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.
Additional reserve requirements may apply.
If you withdraw an application and then reapply within 90 days from the date the application was withdrawn, the new application is subject to the previous application’s rate lock policy.
Conforming Mortgages: For loan amounts from $25,000 to $417,000. Guam, Alaska and Hawaii maximum conforming loan amount $625,500. The maximum combined loan- to-value (CLTV) is 95% except for First Time Homebuyer programs which permit 97% financing; 80% LTV and above are subject to private mortgage insurance (PMI). The maximum LTV and CLTV for condominiums is 80%.
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 December 2016 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.
In a fixed mortgage, your monthly principal and interest payments remain the same for the life of the loan, usually 15 or 30 years. A 30-year mortgage will have lower monthly payments, but the 15-year allows you to repay the loan twice as fast, saving more than half the total interest costs.
If you plan to stay in your house for many years, a 30-year mortgage can help you afford a bigger or more expensive property and still have plenty of time to build up equity in it.
In an adjustable rate mortgage, your monthly principle and interest payments remain the same for only a certain number of years. If you don’t refinance prior to the end of the first payment term, the rate can go up or down based on the market.
If you plan to move or refinance before the term adjusts, an ARM can help you get a lower interest rate initially. It's important to take into account the housing market in your area and in general in order to decide if an ARM is a good choice for you.
A VA mortgage available only to veterans and members of the U.S. military. The loan is guaranteed by the Department of Veterans Affairs (VA) and requires a low or no down payment.
In order to qualify for a VA mortgage, you must get a Certificate of Eligibility from the government.
In an adjustable rate mortgage, your monthly principal and interest payments remain the same for only a certain number of years (usually 5 or 15). If you do not refinance prior to the end of the fixed rate, the rate can go up or down based on the market at the time.
If you plan to move or refinance before the term adjusts, an ARM can help you get a lower interest rate initially. It's important to take into account the housing market in your area and in general in order to decide if an ARM is a good choice for you: do you expect to easily be able to sell your home at a profit before the term adjusts.
A VA mortgage is available only to veterans and members of the U.S. military. The loan is guaranteed by the Department of Veterans Affairs (VA) and requires a low or no down payment.
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If you are ready to open a new IRA account, please print, complete, and return the IRA application:
IRA Application Booklet
If you have a PenFed IRA and would like to open an IRA certificate, please call a member service representative at 1-800-247-5626.
If you are ready to open a new Coverdell Education Savings Account (ESA), please print, complete, and return the following application:
Coverdell ESA Application
If you have a Coverdell ESA with PenFed and would like to open an ESA Certificate, please call a member service representative at 1-800-247-5626.
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