(1) PenFed Mortgage offers a New Year Thank You gift up to $1,000 to all members who submit a new first mortgage purchase application between January 1, 2020 and January 10, 2020, subject to qualification and approval. The gift will be given on the final closing disclosure as a lender credit and applied towards costs due at closing. Refinance applications are not eligible for the promotion. The New Year Thank You gift is up to $1,000 for VA Loans and up to $500 for non-VA Loans. The New Year Thank You gift is not available if the interested party contributions have reached the maximum allowable limit per the loan product, please contact your PenFed Mortgage Loan Officer for more details. The New Year Thank You $1,000 gift is available for all funded mortgages in all states, including District of Columbia, Puerto Rico and Guam. The Mortgage New Year Thank You $1,000 gift may constitute taxable income.