PenFed Credit Union Mortgage Review 2026
PenFed Credit Union
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PenFed Credit Union
- People who want a closing credit
- People who prefer an online mortgage application
- People who want a low rate on a conventional loan
U.S. News Expert Insights
“PenFed Credit Union offers some of the lowest interest rates of any lender on the market, which translates to meaningful savings for borrowers. Membership is required to apply for a credit union loan, but thankfully, PenFed makes the process simple: Membership is open to anyone, anywhere.”
– Erika Giovanetti, U.S. News Loans Expert
For a PenFed conventional loan, you typically will need a credit score of 650 or better. However, the lender says that those who get the lowest advertised rates have a credit score of at least 760, a debt-to-income ratio of 18% or lower and make a down payment of at least 25%.
A jumbo loan from PenFed requires a credit score of at least 700 and a minimum of six months of cash reserves. For a home equity line of credit, you’ll need a credit score of at least 680.
While borrowing requirements for certain products can be found online, your best bet is to contact PenFed directly to get customer rate quotes and program information applicable to your situation.
NMLS #401822
Pentagon Federal Credit Union, also known as PenFed, offers borrowers access to many types of mortgages including conventional, adjustable-rate, jumbo and VA loans, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.8 million members, is based in Tysons, Virginia.
If you are ready to apply for a loan, visit penfed.org, navigate to the “Mortgage & Home Equity” section and click the “Apply for a Mortgage” button. From there, you can click the “Apply Now” or “Get Pre-Approved” button to log in and start an online application. (If you’re not a member, you’ll be directed to a membership application screen.) You can also call 866-856-3306 Monday through Saturday to ask questions, discuss options or apply.
PenFed Credit Union
Borrowers who use an eligible real estate agent can receive a lender-paid closing credit.
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Down Payment Or Closing Cost Assistance |
PenFed Credit Union
PenFed has a “great” rating on Trustpilot based on over 1,800 reviews.
The Consumer Financial Protection Bureau received 22 complaints about PenFed mortgage products in 2024, with the main issues being trouble during the payment process and difficulties applying for a mortgage or refinancing. The lender provided a timely response to all complaints, closing 17 with an explanation, one with monetary relief and four with non-monetary relief.
Refinancing and Home Equity Options From PenFed Credit Union
PenFed offers rate-and-term, cash-out and VA streamline refinancing. They also offer home equity lines of credit, which have variable rates but include the option for fixed-rate draws as well.
An initial payment made when the home is bought.
The amount of time you have to repay the mortgage.
The APR (annual percentage rate) you pay to the lender, which can be found in your loan agreement. The default displayed represents yesterdays national average APR for 30-year fixed mortgages.
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Monthly Payment Breakdown
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