Move Into Your Dream Home With a VA Loan
  • No to Low Down Payment3
  • No Private Mortgage Insurance
  • No Prepayment Penalty
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?

Benefits of a VA Loan with PenFed

PenFed understands the military’s unique needs and is your partner to get you into your new home as soon as possible while saving you money. We are with you step by step and available for all your needs. A VA Loan offers:

Money Icon

Up to $2,500 in lender credits assisting you with closing costs (only applies to purchase loans)1

No Monthly Fee Icon

No lender fees2

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

Disclosures Print Icon Print

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.

PenFed PenFed, Inc FREE - On Google Play