Rates starting at % (APR %)¹

  • No to Low Down Payment2
  • No Private Mortgage Insurance
  • No Prepayment Penalty

Named "Best for Competitive Rates" by

What is a VA Loan?

VA Loans are government-backed loans that offer highly competitive interest rates, and there is little to no down payment required. All VA mortgages are backed by the US Department of Veterans Affairs and are available to qualified vets. If you are actively serving in the military, a veteran, or a veteran’s spouse, you may qualify.


What is a VA Fixed Rate Mortgage?

With a VA fixed-rate mortgage, your interest rate stays the same for the loan's life (or term). The interest rate will not change.


Mortgage Knowledge Center

Understanding the Benefits of a VA Loan
How Does a VA Loan Work?

VA Loans
How Do I Get a VA Loan?

What you need to qualify:

  • Certificate of Eligibility (COE): Ensure you are eligible by obtaining a COE.
  • Veteran: You will need a copy of your discharge paperwork (DD214).
  • Enlisted Military: Obtain a statement of service signed by your commander or personnel officer.
  • Spouse: If you are the spouse of a service member that has died in the line of duty or because of a service-related injury, you will need a COE.

Mortgage Knowledge Center

VA Eligibility Step by Step
How to Get a VA Loan

Additional Resources

VA Eligibility Requirements
Obtaining Your Certificate of Eligibility

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

Free eBooks Download


 Buying a Home

 Selling your Home

 Refinancing Your Home


1Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $450,000; loan-to-value ratio of 95%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

2Qualified veterans with their full entitlement can borrow up to the county 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.

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

The LTV and CLTV limits may vary depending on the property type, loan limit, loan program and occupancy.

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.

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

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.