• 30-Year Fixed Rate High Balance Mortgage

    KEY FEATURES

    30-Year Fixed High Balance Mortgage

    Rate Points APR
    3.625% 0.000 3.741%
    3.500% 0.750 3.677%
    3.375% 1.375 3.602%
    Payment example of loan with -- points
    KEY FEATURES
    • Loan amounts up to $625,500 for single family homes based on property location. For example, the maximum single family loan amount in the Washington, DC metropolitan area is $625,500. Check HERA loan limits in your area.
    • The maximum loan-to-value (LTV) for homes financed in the states of Florida, Arizona, Nevada and Michigan is 80%. All other states maximum loan-to-value (LTV) is 85%. Private Mortgage Insurance required for LTVs above 80%. The maximum combined loan-to-value (CLTV) is 90%.
    • For condominiums, the maximum LTV/CLTV is 80% in DC, MD & VA; 70% in all other states. Cash-out maximum LTV/CLTV is 80% on primary residences only and no cash-out on condominiums or second homes.
    • For second home purchases or limited refinance loans, the maximum LTV/CLTV is 80%.
    • Refinances require a minimum of 6 months of seasoning since the last refinance or date of purchase.
    • 1% origination fee
    BENEFITS
    • Long-term, stable payments
    • Allows you to buy a home in certain high cost counties with lower loan costs than the typical “jumbo loan”
    • Free 60-day rate lock* 
    • This mortgage can be eligible for the PenFed Real Estate Rewards Program. When you use a network real estate agents and our preferred title providers to buy your next home using certain types of mortgages, you could save up to $10,000 in closing costs or thousands of dollars on origination fees.
    30-Year Fixed Mortgages: A Common Mortgage Option

    The 30-Year Fixed Mortgage is probably the most well-known of all mortgage loan types. The 30-year fixed mortgage remains a common mortgage choice, particularly for first-time homebuyers.

    Its advantages include long-term rate stability and low risk, which make it appealing to a wide variety of buyers. However, today many other mortgage options are available, some of which may offer lower rates or greater flexibility.

    When you’re searching for a loan, it’s good to consider common mortgage options like the 30-year fixed.

  • DISCLOSURES
     

    High-Balance mortgage loans (HBLs): Mortgage loans that are subject to a high-cost area loan limit as set annually by the Federal Housing Finance Agency (FHFA). Check HERA loan limits in your area by visiting www.fanniemae.com. Loan amounts up to county loan limits. The maximum loan-to-value (LTV) for a one unit property is 85% and the maximum combined loan-to-value (CLTV) is 90%. The maximum LTV and CLTV for condominiums is 80%. The maximum LTV and CLTV for two unit properties is 70%.

    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 lockrate@penfed.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: 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 may 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.

    All rates and offers are in effect as of September 2016, offered for a limited time and subject to change without notice. Restrictions apply to existing PenFed mortgage borrowers. 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.