Loans
PenFed Mortgage review: how does it work and is it good?
PenFed Mortgage offers some of the best interest rates in the market. Find out if it's the right choice for you with our comprehensive review!
Advertisement
PenFed Mortgage: Qualify for up to $2,5K closing-cost credit!
Do you want to purchase or refinance a home? Then this PenFed Mortgage review might be what you’re looking for!
Learn to apply easily for the PenFed Mortgage
How to apply for PenFed mortgages? Follow these 5 steps! Choose from a variety of loan products! Enjoy closing-cost credits!
PenFed has different types of mortgages to choose from, from VA to conventional loans. So keep reading to understand terms, rates, fees, and down payments!
| Credit Score | 620; |
| Loans Offered | VA loan, Conventional loan, FHA, Jumbo, HELOC, Fixed, Adjustable, Purchase, and Finance; |
| Minimum Down Payment | As low as 3%; |
| APR | Starting at 5.259% variable ( depending on loan type and creditworthiness); |
| Terms | Up to 30 years. |
What is the PenFed Mortgage?
PenFed, or Pentagon Federal Credit Union, is a financial institution with many financial products, such as mortgages, available to all 50 states.
Also, borrowers can access their website 24/7 and start their mortgage application there or by phone.
In addition, they offer many types of mortgages, each with its own rates and terms. Have a look!
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
1. Conventional loans
Good for: People with good credit scores and a low debt-income ratio.
Also, for those looking for a low down payment and the flexibility of locked or adjustable rates.
Also, PenFed has conventional fixed and adjustable rate mortgages.
- Minimum down payment: 3%;
- Credit score: At least 650.
2. FHA loans
Good for: First-home buyers with low cash.
- Minimum down payment: At least 3.5%;
- Higher debt-to-income ratio;
- Credit score: Below 650.
3. VA loans
Good for: Veterans, members of the military, and their spouses.
- Minimum down payment: 0%;
- No prepayment penalty.
4. Jumbo Loans
Good for: Borrowers who want loans of high amounts exceeding regular mortgages.
- Credit score: Good to excellent;
- Higher down payment.
Fees and rates
PenFed does not provide rates online, but you can fill out the information about a mortgage to receive rate information from them via email or phone call.
Is the PenFed Mortgage good?
In fact, PenFed Mortgage is good for customers that want to buy their home by accessing different mortgage options in one place.
But how to know if PenFed fits your standards? Further, analyze the advantages and disadvantages of their mortgages as follows!
Pros
- Extensive home loan products to choose from, including government-backed and Jumbo loans;
- Competitive rates;
- Low down payment;
- Qualify for a lender credit of up to $2,500 to put toward closing costs;
- Available in all 50 states.
Cons
- High credit score for conventional and FHA loans;
- Lack of information on their website.
Does the PenFed Mortgage check credit scores?
PenFed will review your credit report to determine if you have sufficient funds to make regular loan payments, whether you’re refinancing or purchasing a mortgage.
Thus, you’ll need a minimum score of 650 to qualify for a conventional mortgage with this lender!
Want to apply for PenFed Mortgage? We will help you!
Now that you’ve read this post, you know exactly what PenFed Mortgages are like. Are you ready to apply for your mortgage? So read our post below!
Learn to apply easily for the PenFed Mortgage
How to apply for PenFed mortgages? Follow these 5 steps! Choose from a variety of loan products! Enjoy closing-cost credits!
About the author / Suzana Brito
Trending Topics
Application for the Capital One Platinum Secured Credit Card: how does it work?
Learn how to apply for the Capital One Platinum Secured Credit Card and enjoy the benefits of a secured card without any hidden fees!
Keep Reading
How to budget for an apartment
Discover how to make your money stretch! Find out how to budget for an apartment to secure that perfect place easily!
Keep Reading
How to buy cheap flights on Kayak
Do you want to save big on your flights? Check out how to buy cheap flights using Kayak. Flights from $29.99! Read on!
Keep ReadingYou may also like
Solana is releasing a new crypto phone
Find out more about the upcoming Solana crypto phone, including its features and why you should be excited about it.
Keep Reading
Stimulus Check: see how to apply
Find out how to apply for a Stimulus check, learn if you are eligible, and more. Up to $1,400 per adult. Keep reading to learn all about it.
Keep Reading
Marcus by Goldman Sachs Personal Loans application: how does it work?
The Marcus by Goldman Sachs Personal Loans application process is simple and you can find your loan options in under five minutes!
Keep Reading