SuperMoney
  PenFed Credit Union Mortgage
PenFed Credit Union Mortgage
in Home Purchase Mortgages from PenFed Credit Union · NMLS ID #401822
Claimed

PenFed Credit Union Mortgage

Claimed
in Home Purchase Mortgages from PenFed Credit Union · NMLS ID #401822
Net Recommendation Score -100  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Rating not yet determined  

0 users recommend
0 users are unsure
2 users don't recommend
Explore a similar product
Try this top product in Home Purchase Mortgages.
CapCenter Mortgage
CapCenter Mortgage

Rating not yet determined  

2 reviews
Highlights
Community Rating

Rating not yet determined  

Loan Amount Up to $5,000,000
Loan Term (Years) 1 - 30 years
Credit Score Range 620 - 850
No Origination Fee N/A

PenFed Credit Union Mortgage Review

PenFed Credit Union Mortgage is offered by PenFed Credit Union (NMLS #401822), a credit union founded in 1935 and based in Tysons, VA. PenFed Credit Union Mortgage is available in 50 states (and Washington, DC).

Key Takeaways
  • 4 different mortgage programs offered. PenFed Credit Union Mortgage offers VA, jumbo, conforming, and conventional mortgages.
  • Financing for single-family and multi-family properties. However, PenFed Credit Union does not offer financing for manufactured homes.
  • Standard interest rates types. PenFed Credit Union Mortgage offers and fixed-rate mortgages.
  • Only primary residences considered. PenFed Credit Union Mortgage does not offer financing for vacation homes or investment properties.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for PenFed Credit Union Mortgage.
PenFed Credit Union Mortgage Pros & Cons
Pros Cons
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Available in all 50 states.
  • Charges an origination fee.
  • Charges prepayment fees.
PenFed mortgage FAQ

How much can you borrow via PenFed Credit Union?

PenFed mortgage allows borrowers to apply for loan amounts of up to $5,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with PenFed mortgage?

PenFed mortgage offers mortgages with terms ranging from 1 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does PenFed Credit Union offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

PenFed mortgage offers home loans with APRs starting at 2.625% .

Do they charge mortgage origination fees?

Yes, PenFed mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, PenFed mortgage offers the following mortgage types:

  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What is the support contact email?

The support contact email for this business credit card is info@hq.penfed.org.

How do people rate the customer service and user experience?

Overall, this business credit card is strongly not recommended based on community reviews that rate customer service and user experience.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  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

Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Property Type
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required Government Issued Photo ID
Investment
Primary Residence
APR Starting at 2.625%
Loan Amount Up to $5,000,000
Loan Term 1 - 30 years
Interest Rate Types Offered N/A
Mortgage Programs
  • Jumbo
  • VA

PenFed Credit Union Mortgage Community Reviews

 

Would you recommend PenFed Credit Union Mortgage to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
(will require moderator approval)

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

sorted by