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  PenFed Credit Union Mortgage

PenFed Credit Union Mortgage

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

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PenFed Credit Union Mortgage

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

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Highlights
Loan Amount Up to $5,000,000
Loan Term (Years) 1 - 30 years

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 Alexandria, 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% .

Does PenFed mortgage charge an application fee?

Do they charge mortgage origination fees?

Yes, PenFed mortgage may charge a loan origination fee.

What mortgage programs are available?

PenFed mortgage offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • 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).
  • Conforming conventional loans: Mortgages with loan amounts that are equal or less to the dollar amount limit set by the Federal Housing Finance Agency ($548,250 in 2021) and meet the loan requirements of Fannie Mae and Freddie Mac. Conforming conventional loans typically provide the lowest interest rates for borrowers with an excellent credit score.
  • 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 customer service phone number?

The customer service number for this business card is (800) 247-5626.

What is the support contact email?

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

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
  • Conforming
  • Conventional Mortgages
  • Jumbo
  • VA

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