PenFed Credit Union

PenFed Credit Union

in Home Equity Loans from PenFed Credit Union


PenFed Credit Union


in Home Equity Loans from PenFed Credit Union

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Loan Amount $10,000 - $400,000
APR  (Fixed APR) 5.34% - 18%
Loan Term 5 - 20 years

PenFed Credit Union Review

Where does PenFed Credit Union do business?

PenFed Credit Union is a credit union based in Alexandria, VA. The company was founded in 1935 and offers home equity loans to borrowers in 50 states (and Washington, DC).

How much can you borrow with a PenFed Credit Union home equity loan?

A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.

PenFed Credit Union allows borrowers to apply for home equity loans of up to $400,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

What are the home equity loan requirements of PenFed Credit Union

This lender's maximum loan to value rate is 90%. That means the total debt secured by the property cannot exceed 90% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $70k.

What home equity loan rates does PenFed Credit Union offer?

PenFed Credit Union offers home equity loans with a fixed APR that ranges from 5.34% up to 18%.

Remember the APRs of home equity loans do not include points and financing charges, just the interest rate.

What is the estimated funding time for a home loan via PenFed Credit Union?

PenFed Credit Union will typically fund home equity loans within 3 and 11 days of approval.

What fees does PenFed Credit Union charge for a home equity loan?

PenFed Credit Union may charge a loan origination fee

What types of property can you use as security for a home equity loan with PenFed Credit Union?

Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. PenFed Credit Union will consider loans secured by the following property types:

  • Primary home.
  • Secondary homes and vacation properties.
  • Investment properties and house flipping projects.
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  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Minimum Age 18
Credit Score Range 620 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Maximum LTV 90%
Military Status
  • Active Duty Military
  • Military Dependent
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Joint Loan Applications Accepted
  • Co-borrower
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Social Security Number
  • Driver License (or other photo ID)
Funding Time Range (in days) 3 - 11
Joint Loans Available  
Loan Amount $10K - $400K
Loan Term 5 - 20 years
APR (Fixed APR) 5.34% - 18%

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