Investment properties not eligible for offers.
Adjustable 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.
7/1 ARMs - Offer available for purchases and refinances. The initial rate can change after 7 years by no more than 5 percentage points up or down. After the initial rate change, the rate will adjust annually by no more than 2 percentage points up or down, never to exceed 5 percentage points above the initial rate. When the rate adjusts at the initial rate change, your new rate will be the then current index (LIBOR) plus margin, which is currently set at 2.25% for the new products as long as it does not exceed the 5% adjustment cap.
Conforming Mortgages: For loan amounts from $25,000 to $. Loan amounts up to $ are available in Alaska, Guam and Hawaii. For purchase and limited cash out refinance, the maximum loan-to-value (LTV) combined loan- to-value (CLTV) for a one unit property 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.
For purchase applications, please submit a copy of your fully signed ratified purchase agreement to email@example.com 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 costs may be included due to program specific circumstances. This is not intended to be an all-inclusive list.
Escrows are required on certain transactions where flood insurance is needed. Escrows may be waived if LTV is 80% or less in all states.
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.
All above disclosures apply to non-Veteran’s Administration (VA) loans. VA loans have different guidelines and eligibility requirements.
All rates and offers are in effect as of , offered for a limited time and subject to change without notice. Other restrictions may apply. Contact your PenFed Mortgage Representative 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