Conventional Loan, unconventional benefits
More than a home loan. A lot more.
3% down payment available1
Loans up to $766,5502
Rates as low as % (
% APR)3
Choose a Conventional Loan that fits your needs
PenFed’s Conventional Loans feature flexible fixed-rate and adjustable-rate options. You receive a great interest rate along with money-saving benefits before, while, and long after you buy. Plus, you may only need a 3% down payment1 if you qualify.
Types of Conventional Loans
What is a Conventional Fixed-Rate Mortgage?
A fixed-rate mortgage has a rate that is locked in for the life (or term) of the loan. The interest rate will not change.
What is a Conventional Adjustable-Rate Mortgage?
An Adjustable-Rate Mortgage (ARM) has an introductory period with a lower interest rate that will adjust up or down with the market once the introductory period is up. Depending upon current interest rates – an ARM’s rate can be lower than a fixed-rate mortgage. That’s especially true for a Jumbo or Super Jumbo mortgage.
Mortgage Knowledge Center
How Do I Get a Conventional Loan?
You'll need the following to qualify for a conventional loan for all borrowers:
- Satisfactory credit score (typically 650 or higher)
- Proof of income - typically 1 - 2 months of paystubs
- At least 1 year of W2s
Possible additional financial verification like:
- Self-employment income
- Current debts information (auto, alimony, credit card, etc.)
- Acceptable debt-to-income ratio (DTI)
Mortgage Payment Calculator
Estimate your mortgage payment, based on your home’s purchase price, down payment, rate, and term.
The calculator above is for educational purposes only. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.
Free eBooks Download
EBOOKS
Buying a Home
Selling Your Home
Refinancing Your Home
FHA Loans 101
VA Loans – Everything You Need to Know
Home Equity Line of Credit (HELOC)
EBOOKS
Buying a Home
Selling Your Home
Refinancing Your Home
FHA Loans 101
VA Loans – Everything You Need to Know
Home Equity Line of Credit (HELOC)
Mortgage Knowledge Center
PenFed Mortgage Products
Disclosures
1Member must meet HomeReady or first-time homebuyer (FTHB) program eligibility requirements. Talk to a PenFed Mortgage Loan Officer for additional details.
2Conforming Mortgages: For loan amounts from $50,000 to $766,550. Loan amounts up to $1,149,825 are available in Alaska and Hawaii. For purchase and limited cash out refinance, the maximum loan-to value (LTV) and combined loan- to-value (CLTV) for a one unit property is 95% except for First-Time Homebuyer and HomeReady programs which permit 97% financing. Loan amounts up to $766,550 are available in Puerto Rico and the maximum LTV and CLTV is 95%. Loans with a LTV of 80% or greater are subject to private mortgage insurance (PMI). PMI is applicable to conventional and not VA. The LTV and CLTV limits may vary depending on the property type, loan limit, loan program and occupancy.
3Except 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 $400,000; loan-to-value ratio of 75%; 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 1%; not to exceed $1995. Speak to a PenFed Mortgage Loan Officer for additional details.
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.
To receive any advertised product you must become a member of PenFed.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
