Award-winning VA Loan options

¹Qualified veterans with their full entitlement can borrow up to the county 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.

²Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $450,000; loan-to-value ratio of 95%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

Rates quoted require a loan origination fee of $995.

VA Mortgages: For loan amounts from $50,000 to $766,550. If loan amount is higher than $766,550 to $3,000,000, higher rates may apply. Veterans will have greater access when using their no-down payment home loan benefit. Veterans seeking to obtain what are commonly referred to as “jumbo” loans, or Veterans living in higher-cost markets, will no longer be subject to the Federally-established conforming loan limit maximums. After January 1, 2020, Veterans may obtain no-down payment VA-backed loans in all areas of the country, regardless of home prices. The amount of the loan will be determined on available entitlement and the location of the property. See www.benefits.va.gov.

The LTV and CLTV limits may vary depending on the property type, loan limit, loan program and occupancy.

Applicant is responsible for VA funding fee. Funds must be used to purchase or refinance property that will be the primary residence. Refinances of an existing VA-guaranteed mortgage for the purpose of lowering the interest rate is also allowed (is not required to be primary residence).

The applicant is responsible for the following fees and costs at the time of closing: appraisal fee, tax service fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee, escrow reserves and interest due until first payment. Other costs may be included due to program specific circumstances. This is not intended to be an all-inclusive list.

Points are the responsibility of the borrower and not covered in promotions.

Jumbo Mortgages: Available for loan amounts above $766,550 up to $3,000,000 in most states.  For Alaska and Hawaii, available for loan amounts above $1,149,825 up to $3,000,000.  Jumbo loan eligibility criteria varies depending on Loan-to-value ratio, credit score, loan amount and occupancy. Additional limitations may apply.

³Power Buyer Certification is contingent on a full underwriting review and approval of loan documentation and other creditworthiness conditions. Offering is subject to change at any time, some loan programs may be excluded. Talk to a PenFed Mortgage Loan Officer for additional details.

⁴Power Buyer Lock While You Shop is applicable to first mortgage pre-approval home purchases that have received approve/eligible finding. Not applicable on HELOC or refinance transactions. To ensure timely closing within the rate lock period, the borrower should provide an executed sales contract and full property address to PenFed within the initial 30 days of the lock period. Extending a rate lock is subject to applicable rate extension fees to be paid at closing. Some loan programs may be excluded. Offering is subject to change at any time, some loan programs may be excluded. Talk to a PenFed Mortgage Loan Officer for additional details.

⁵Members are eligible to receive the real estate broker paid closing credit when their transaction is completed with both PenFed mortgage and the referred PenFed real estate network agent to purchase their new home. Member must use the PenFed qualified real estate network agent assigned to member to close their real estate transaction. If Member has already closed on a property or are currently using, and wish to continue using, an unqualified PenFed network real estate agent, Member will not qualify for this benefit. Real estate broker-paid closing cost credit will be $1,000 for purchase prices less than $700,000 and $1,500 for purchase prices greater than or equal to $700,000. Credit must be listed on the sales contract or addendum, and on the final Closing Disclosure (CD). Members can obtain lender and real estate services separately, but the real estate broker paid closing cost credit will not apply. The seller and/or other credits must be reduced if the loan has reached the maximum allowable credit limit per the loan product.

Due to state guidelines the real estate broker paid closing cost credit is not available in AK, IA, KS, LA, MO, MS, OK, OR or TN.

To receive any advertised product, you must become a member of PenFed.