PenFed Credit Union · Credit union
PenFed Credit Union
Review published mortgage options and requirements, then request a personalized quote from the lender.
Key borrower, credit, property-use and reserve requirements have not been verified for this selection.
Availability: To receive the advertised product, you must become a member of PenFed Credit Union, which is federally insured by the NCUA.
Our take: Pros & Cons
What we like
- Fixed and adjustable-rate conventional mortgages are available.
- A 3% down-payment option is available for eligible HomeReady or first-time-homebuyer borrowers.
What to consider
- PenFed membership is required to receive the advertised product.
- Conforming purchase and limited-cash-out refinance limits vary by property type, loan program, loan amount and occupancy.
- The disclosure states conventional loans with LTV of 80% or greater are subject to PMI.
AI-generated lender-level assessment based on published information. Not a verified assessment of first-time homebuyer (FTHB); confirm program-specific conditions below.
Additional lender considerations
- Advertised credit score and DTI values are pricing assumptions; your rate and approval depend on your circumstances.
Newcomer requirements
first-time homebuyer (FTHB)
Fit not assessed · Check fit
Verified published requirements for this program. Rate-example assumptions are separate and do not establish eligibility or approval.
- Minimum down payment
- 3% down payment available
View full lender requirements
- Minimum down payment
- 3% down payment available
- Other conditions
- Member must meet HomeReady or first-time homebuyer (FTHB) program eligibility requirements. Talk to a PenFed Mortgage Loan Officer for additional details.
Questions to confirm with the lender (15)
These requirements have not been verified for this program:
- SSN
- ITIN
- U.S. credit history
- Foreign credit history
- No credit history
- Residency / visa
- Minimum credit score
- Income documentation
- Employment documentation
- Foreign income
- Foreign assets
- Reserves
- State restrictions
- Property restrictions
- Occupancy
Requirements last reviewed: Oct 27, 2026 · Official requirements source
Rates and costs
first-time homebuyer (FTHB)
Rates are available on request
No reviewed advertised rate example is linked to this program.
How to apply
first-time homebuyer (FTHB)
Document requirements are not confirmed. Ask the lender for its program-specific checklist.
- Confirm the program's identity, residency, credit and property requirements with the lender.
- Use the official application channel to request pricing for your actual scenario.
- Review the lender's written Loan Estimate, including costs and cash to close.
Published eligibility and availability do not guarantee approval. Confirm membership, relationship, property and occupancy conditions with the lender.
Sources and methodology
About this lender
PenFed offers conventional mortgage options for eligible members, with fixed and adjustable rates and conditional low-down-payment pathways through HomeReady or first-time-homebuyer programs. Credit, property and program approval requirements apply.
Legal lender: Pentagon Federal Credit Union
Lending channel: Direct lending
Provider type: Credit union
Lending channels: Direct lending. Origination status: Not stated.
More lender directory information
Direct application information ↗
To receive the advertised product, you must become a member of PenFed Credit Union, which is federally insured by the NCUA.
Directory verified: 2026-10-27 UTC · Official directory source ↗
Official mortgage terms · Profile reviewed: Oct 27, 2026
- Official lender source · Last checked Oct 27, 2026
What do APR, points, LTV and reserves mean?
- APR
- An annualized borrowing-cost measure that includes interest and certain loan charges. Read it alongside the interest rate and fees.
- Discount points
- An upfront charge expressed as a percentage of the loan amount. Compare the quoted interest rate and the points together.
- LTV
- Loan-to-value: the loan amount relative to the property's value.
- Reserves
- Assets the lender may require you to retain after closing. Requirements differ by program.