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Benefits of a Jumbo Loan with PenFed
PenFed can now make Jumbo Loans as high as $1.5 million. PenFed is your partner in helping you obtain your dream home and making that process as simple as possible. Our Jumbo Loans offer:
JUMBO LOANS
The Difference Between a Nice Home and Your Dream Home
- Opportunity to get a larger loan for a more Expensive Property
- Allows you to borrow more than Fannie Mae or Freddie Mac limits
Up to $2,500 in lender credits assisting you with closing costs (only applies to purchase loans)1
No lender fees2
A mortgage that exceeds $548,250 (upon qualification)
In high-cost areas, a Jumbo Loan may be the best or even only option
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1For 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.
2Other fees may apply, such as discount points to buy down your rate.
3Qualified veterans with their full entitlement can borrow up to the country limit with no down payment. Veterans who have one or more active VA loans or who defaulted on a previous VA loan may be required to make a down payment.
