Pennymac · Lender
Pennymac
Review published mortgage options and requirements, then request a personalized quote from the lender.
Availability: Not all property types qualify. Some loan products may not be available in all states. All loan programs subject to borrowers meeting appropriate underwriting conditions.
At a glance
- Property use
- Primary residence
- Credit requirement
- borrowers with credit scores as low as 580 may still qualify if they have demonstrated financial responsibility in recent years.
Still to confirm: Borrower type, Reserves.
Our take: Pros & Cons
What we like
- FHA purchase loans offer down payments starting at 3.5%, including eligible gift funds.
- Existing FHA borrowers can explore streamline refinance with minimal income and credit documentation.
- FHA cash-out refinance offers borrowing up to 80% of home value, subject to applicable limits and qualifications.
What to consider
- FHA purchase borrowers must occupy the property; stated DTI maximum is 50–55% depending on credit history.
- Credit scores as low as 580 may qualify only with demonstrated recent financial responsibility.
- The cash-out section describes homeowners who have owned and occupied their home for at least 12 months.
AI-generated lender-level assessment based on published information. Not a verified assessment of FHA Purchase Loan; confirm program-specific conditions below.
Additional lender considerations
- Not all property types qualify and some products are unavailable in some states.
Newcomer requirements
FHA Purchase Loan
Fit not assessed · Check fit
Verified published requirements for this program. Rate-example assumptions are separate and do not establish eligibility or approval.
- Minimum credit score
- borrowers with credit scores as low as 580 may still qualify if they have demonstrated financial responsibility in recent years.
- Minimum down payment
- a down payment of at least 3.5% (which can be from a gift)
- Occupancy
- Primary residence
View full lender requirements
- Minimum credit score
- borrowers with credit scores as low as 580 may still qualify if they have demonstrated financial responsibility in recent years.
- Minimum down payment
- a down payment of at least 3.5% (which can be from a gift)
- Occupancy
- Primary residence
- Other conditions
- To qualify for an FHA Purchase Loan, borrowers must be able to make a down payment of at least 3.5% (which can be from a gift), live in the property they are purchasing and have a debt-to-income ratio no higher than 50-55% (depending on their credit history). While good credit is typically required, borrowers with credit scores as low as 580 may still qualify if they have demonstrated financial responsibility in recent years.
Questions to confirm with the lender (13)
These requirements have not been verified for this program:
- SSN
- ITIN
- U.S. credit history
- Foreign credit history
- No credit history
- Residency / visa
- Income documentation
- Employment documentation
- Foreign income
- Foreign assets
- Reserves
- State restrictions
- Property restrictions
Requirements last reviewed: Oct 27, 2026 · Official requirements source
Rates and costs
FHA Purchase Loan
Rates are available on request
No reviewed advertised rate example is linked to this program.
How to apply
FHA Purchase Loan
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
Pennymac, through PennyMac Loan Services LLC, offers FHA purchase, streamline refinance and cash-out refinance options. FHA purchase qualification depends on down payment, occupancy, credit history and DTI; other programs have separate conditions.
Legal lender: PennyMac Loan Services, LLC
Lending channel: Direct lending, Through mortgage brokers, Correspondent lending
Provider type: Mortgage company
Lending channels: Direct lending, Through mortgage brokers, Correspondent lending. Origination status: Not stated.
NMLS identifier: 35953
More lender directory information
Direct application information ↗
Correspondent lending information ↗
Not all property types qualify. Some loan products may not be available in all states. All loan programs subject to borrowers meeting appropriate underwriting conditions.
Directory verified: 2026-10-27 UTC · Official directory source ↗
Official mortgage terms · Profile reviewed: Nov 4, 2026
- Official lender source · Last checked Not confirmed
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.