- Full underwriting review
- Loan documentation approval
- Other creditworthiness conditions
The Edge you need to win in today's home buying market
Certificate is valid for 60 days (from time credit is ordered)
Compete with cash buyers by obtaining up-front approval to purchase a home based on your financial profile
Shop for your new home knowing your interest rate is secured
Take up to 60 days to shop and close on your new home
Speak with your loan officer to lock in your rate
Rate lock may be extended for an additional 30 days
Cash Buyer Financing lets you leverage the advantage of paying for your home with cash - you can tap into the equity of your new home in as little as 30 days
Choose a flexible close date so contingent buyers avoid costs
VA Mortgages: For loan amounts from $50,000 to $726,200. If loan amount is higher than $726,200 to $3,000,000, 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.
Power Buyer Certification is contingent on a full underwriting review and approval of loan documentation and other creditworthiness conditions.
Power Buyer Lock While You Shop is applicable to first mortgage pre-approval home purchases that have received approve/eligible finding. Not applicable on HELOC or refinance transactions. To ensure timely closing within the rate lock period, the borrower should provide an executed sales contract and full property address to PenFed within the initial 30 days of the lock period. Extending a rate lock is subject to applicable rate extension fees to be paid at closing. Rate float down option is available for a one-time fee to be paid at closing.
Power Buyer Cash Buyer Financing is available to clients who have purchased a home for cash, provided all other cash-out refinance eligibility requirements are met. Buyer must apply for a cash-out refinance or first lien HELOC within 180 days of the cash purchase. 80% maximum LTV for Single Unit primary residence. Excludes cash-out refinances in Texas.
Power Buyer Solutions are subject to change at any time and without notice. Talk to a PenFed Mortgage Loan Officer for additional details.
Certain loan types may not be eligible for Power Buyer.
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.
If you withdraw an application that was locked and reapply within 30 days, the new application is subject to worst case pricing.
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 $726,200. Loan amounts up to $1,089,300 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 $726,200 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.
Points are the responsibility of the borrower and not covered in promotions.
Jumbo Mortgages: For loan amounts above $726,200 to $3,000,000. Conforming loan amounts offered up to $1,089,300 are available in Alaska, Guam and Hawaii. For purchase and limited cash out refinance, the maximum loan-to-value (LTV) is 70% and the maximum combined loan-to-value (CLTV) is 70% for a one unit property. The LTV and CLTV limits may vary depending on the property type, loan limit, loan program and occupancy.
To receive any advertised product you must become a member of PenFed. Federally insured by the NCUA.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.