PenFed Mortgage Center

PENFED MORTGAGE CENTER

Let PenFed Bring You
Home With Confidence1

  • Low Rates
  • No Lender Fees1 Up to $2,500 in Lender Credit2

 

What Type of Mortgage is Right for Me?

VA Loans3

VA Loans are government-backed mortgages that offer highly competitive interest rates, and there is little to no down payment required.

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BENEFITS


  • No down/low down payment required

  • No Private Mortgage Insurance necessary

  • Generally better interest rates

  • No prepayment penalty

BEST FOR


  • Currently enlisted

  • Veterans

  • National Guard or Reservists

  • Surviving spouse

Get My Rate

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Conventional Fixed4

Conventional fixed-rate loans have a rate that remains fixed for the life or term of the loan.

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BENEFITS


  • You don’t need Private Mortgage Insurance if you have 20% equity

  • Low down payments may be available

BEST FOR


  • Those with good credit and low debt

  • Borrowers wanting a low down payment loan

  • Those who want the security of a locked-in rate for the term of the loan

Get My Rate

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Refinancing

Swapping your current mortgage for another can offer better rates, shorter terms, or other great benefits.

Learn More >

 

BENEFITS


  • May offer a lower interest rate when compared to your existing mortgage

  • Might shorten the term of the mortgage

  • Get cash to consolidate debt, pay off loans

BEST FOR


  • Interest rates have dropped

  • You want cash from the equity for debt consolidation

Get My Rate

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Jumbo Loan5

You will typically need a Jumbo Loan for mortgages that exceed current conforming guidelines set by The Federal Housing Finance Agency (FHFA). For 2021 the baseline loan limit is over $.

Learn More >

BENEFITS


  • Allows you to obtain a larger loan for your home

  • Perfect for high-cost areas that may require a non-conforming loan

BEST FOR


  • A borrower who needs a loan that exceeds conforming guidelines

  • A borrower with good credit and a strong income

Get My Rate

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Home Equity Line of Credit – HELOC

A HELOC is an excellent option for the borrower who wants to utilize the equity they have in their home.

Learn More >

BENEFITS


  • You can leverage the equity in your home to consolidate debts.

  • You can take cash out for home improvements or other large purchases.

  • You can use your equity and access funds for other real estate investments.

BEST FOR


  • Someone who has built up substantial equity in their home

  • Someone who is not planning to move soon

Adjustable Rate Mortgage - ARM

Adjustable-rate mortgages (ARMs) are loans that may have an initially lower rate when compared to a conforming loan. The rate of an ARM may adjust up or down over time based on market conditions.

Learn More >

 

BENEFITS


  • Typically has a lower initial interest rate when compared to a conforming loan.

  • Rates may fluctuate over time up or down depending on market conditions

BEST FOR


  • Someone who may need a lower initial payment

  • Someone who may move and/or payoff their loan within 3-7 years

Get My Rate

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Lender Credit Options

Lender credit is based on your purchase loan amount after submitting a mortgage application2

LENDER CREDIT TO MEMBER

$500


LOAN AMOUNT

$0-$199,999

 

LENDER CREDIT TO MEMBER

$1000


LOAN AMOUNT

$200,000 -
$699,999

LENDER CREDIT TO MEMBER

$2500


LOAN AMOUNT

$700,000+

 

Disclosures Print Icon Print

1Other fees may apply, such as discount points to buy down your rate.

2For eligible fixed rate, ARM, and VA loans PenFed offers to all members who submit a completed home purchase mortgage application on or after March 1, 2020. Members can receive the lender credit upon closing with PenFed, subject to qualification and approval. For loans $0-$199,999 the lender credit will be: $500. For loans $200,000-$699,999 the lender credit will be: $1,000. For loans $700,000 and up the lender credit will be: $2,500. Pre-Approvals and refinance applications are not eligible for the lender credit. The seller and/or other credits must be reduced if the loan has reached the maximum allowable credit limit per the loan product. Please contact your PenFed Mortgage Loan Officer for more details. The lender credit is available for all funded purchase mortgages in all states, including District of Columbia, Puerto Rico and Guam.

3VA Fixed Rate

VA Mortgages: For loan amounts from $50,000 to $510,400. If loan amount is higher than $510,400 to $1,500,000, higher rates may apply. Veterans will have greater access when using their no-down payment home loan benefit. Veterans seeking to obtain what are commonly referred to as “jumbo” loans, or Veterans living in higher-cost markets, will no longer be subject to the Federally-established conforming loan limit maximums. After January 1, 2020, Veterans may obtain no-down payment VA-backed loans in all areas of the country, regardless of home prices. The amount of the loan will be determined on available entitlement and the location of the property. See www.benefits.va.gov.

Applicant is responsible for VA funding fee. Funds must be used to purchase or refinance a property that will be the primary residence. Refinances of an existing VA-guaranteed mortgage for the purpose of lowering the interest rate is also allowed (is not required to be primary residence).

The applicant is responsible for the following fees and costs at the time of closing: appraisal fee, tax service 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.

Additional reserve requirements may apply.

If you withdraw an application that was locked and reapply within 30 days, the new application is subject to worst case pricing.

4Conventional Fixed Rate

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.

Conforming Mortgages: For loan amounts from $50,000 to $548,250. Loan amounts up to $822,375 are available in Alaska, Guam and Hawaii. For purchase and limited cash out refinance, the maximum loan-to-value (LTV) and combined loan- to-value (CLTV) for a one unit property is 95% except for First Time Homebuyer and Home Ready programs which permit 97% financing. Loan amounts up to $548,250 are available in Puerto Rico and the maximum LTV and CLTV is 95%. Loans with a LTV of 80% or greater are subject to private mortgage insurance (PMI). The LTV and CLTV limits may vary depending on the property type, loan program and occupancy.

The applicant is responsible for the following fees and costs at the time of closing: appraisal fee, tax service 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.

Additional reserve requirements may apply.

If you withdraw an application that was locked and reapply within 30 days, the new application is subject to worst case pricing.

The above disclosures applies to non-Veteran’s Administration (VA) loans. VA loans have different guidelines and eligibility requirements.

5Fixed Jumbo Mortgage

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.

Jumbo Mortgages: For loan amounts above $548,250 to $5,000,000. For purchase and limited cash out refinance, the maximum loan-to-value (LTV) is 80% and the maximum combined loan-to-value (CLTV) is 80% for a one unit property. The LTV and CLTV limits may vary depending on the property type, loan program and occupancy.

NOTE: Points are the responsibility of the borrower and not covered in promotions.

The applicant is responsible for the following fees and costs at the time of closing: appraisal fee, tax service 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.

Additional reserve requirements may apply.

If you withdraw an application that was locked and reapply within 30 days, the new application is subject to worst case pricing.

The above disclosure applies to non-Veteran’s Administration (VA) loans. VA loans have different guidelines and eligibility requirements.

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