Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Mortgages PenFed Mortgage Review 2025: Credit Union Rates, Requirements, and Programs Updated Oct 31, 2025 8-min read Reviewed by Lindsay VanSomeren Reviewed by Lindsay VanSomeren Expertise: Mortgages, home equity, personal loans, student loans, auto loans, banking, budgeting, debt, credit, tax relief Lindsay VanSomeren is a personal finance writer living in Suquamish, Washington. She's passionate about helping people manage their money better so that they can live the life they want. In her spare time, she enjoys outdoor adventures, reading, and learning new languages and hobbies. Learn more about Lindsay VanSomeren Edited by Amanda Hankel Edited by Amanda Hankel Expertise: Writing, editing, digital publishing Amanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing. Learn more about Amanda Hankel Learn More Our take: PenFed stands out for competitive rates, fast closings, and strong options for both homebuyers and refinancers—especially veterans. While membership is required and loan types are somewhat limited, it’s a solid choice if you want straightforward financing from a trusted credit union. Purchase Mortgages Offers conventional, FHA, VA, and jumbo purchase mortgage options Affordable mortgage rates Very Important Buyer program Househappy concierge service Also a full-service bank Credit union membership open to anyone Products available to help you buy a home, access home equity, and sell your home Low ratings on review websites Doesn’t offer USDA loans or construction loans Must join the credit union to receive an approved loan Adjustable-rate option not available for VA and FHA loans Rates (APR)Starting from 5.939%Loan amounts$50,000 to $806,500 (up to $1,209,750 in high-cost-of-living areas, depending on local FHFA loan limits)Repayment terms10, 15, 20, or 30 yearsRates and terms based on conventional mortgage as of Oct. 2025 Refinance mortgagesLearn more Fast closing times for conventional refis Competitive rates for both VA and conventional loans Streamlined process with strong online and mobile support Option to refinance up to $3 million for VA loans Limited refinance selection (no FHA, USDA, or adjustable-rate refis) Membership required before funding Few details about lender fees and closing costs online Rates (APR)Starting from 5.939%Term lengths10, 15, 20, or 30 yearsLoan amountsN/ARates and terms based on conventional refi Table of Contents About PenFed Credit Union mortgages Mortgage types Conventional loan FHA loan VA loan Jumbo loan Mortgage refinancing Mortgage refinance loan VA refinance loan Other mortgage features PenFed Power Buyer PenFed Home/Very Important Buyer Program HappyHouse concierge service Eligibility requirements Customer reviews and ratings PenFed vs. other mortgage lenders SoFi Rocket Mortgage Navy Federal Credit Union About PenFed Credit Union mortgages PenFed Credit Union is one of the nation’s largest credit unions, offering competitive conventional, FHA, VA, and jumbo mortgage options through an easy online process. Its member benefits—like closing cost credits and the HappyHouse concierge service—add extra value for homeowners. PenFed also offers a home equity line of credit (HELOC), giving borrowers a flexible way to access their home’s equity for projects, debt payoff, or other major expenses. PenFed Credit Union mortgage types Conventional loan Learn More Rates (APR)Starting from 5.939%Term lengths10, 15, 20, or 30 yearsLoan amounts$50,000 – $806,500 (up to $1,209,750 in high-cost-of-living areas, depending on local FHFA loan limits)Rates as of Oct. 2025 What to know PenFed allows buyers to make a down payment of as little as 3% on conventional mortgages, but be aware you’ll owe private mortgage insurance (PMI) if you put less than 20% down. Choose from fixed or adjustable rates. Read more about top-rated mortgage lenders according to our research. FHA loan Learn More Rates (APR)Starting from 6.124%Term lengths15 or 30 yearsLoan amounts$524,225 – $1,209,750, depending on local FHA loan limitsRates as of Oct. 2025 What to know If you’re not able to qualify for a conventional loan, PenFed also offers fixed-rate FHA loans. Check out our resources on FHA loans: guide, loan requirements, and best lenders. VA loan Learn More Rates (APR)Starting from 5.53%Term lengths15 or 30 yearsLoan amounts$50,000 – $3,000,000 (higher rates for loans over $806,500)Rates as of Oct. 2025 What to know During the 2024 fiscal year, PenFed issued 1,524 VA loans to buy a home, according to public data from the Department of Veterans Affairs. That’s nearly 130 loans per month. Currently, PenFed only offers VA loans in a fixed-rate option. Read about the best VA loan lenders Jumbo loan Learn More Rates (APR)Starting from 6.121%Term lengths10, 15, 20, or 30 yearsLoan amounts$806,501 – $3,000,000Rates as of Oct. 2025 What to know If you’re buying a more expensive home, PenFed has you covered—but you’ll need to bring a larger down payment to the table: at least 10.01%. That’s at least $80,730.75 for a minimum down payment on the smallest jumbo loan. Read out jumbo loan guide and more about the best jumbo loan lenders. PenFed mortgage refinancing Mortgage refinance loan Learn More Rates (APR)Starting from 5.939%Term lengths10, 15, 20, or 30 yearsLoan amountsN/ARates as of Oct. 2025 What to know PenFed offers quick closing for its mortgage refis; up to a week earlier, according to the lender. VA refinance loan Learn More Rates (APR)Starting from 5.683%Term lengths15 or 30 yearsLoan amountsUp to $3 millionRates as of Oct. 2025 What to know PenFed does a smaller volume of VA loan refinances. During the 2024 fiscal year, it underwrote a total of 174 VA cash-out refis and 108 VA Interest Rate Reduction Refinance Loans (IRRRLS), also known as streamlined VA refi loans. The best mortgage refinance companies and use our mortgage refinance calculator. Other mortgage features PenFed Power Buyer Although PenFed markets its “Power Buyer” program as a unique feature, it’s really an umbrella term for a suite of basic services that mortgage lenders offer: preapproval for a loan, and a rate lock to keep your rate from rising if they go up while you find a home. Your preapproval and rate lock expire after 60 days, which is fairly typical among lenders. That said, you’ll need to find a home within 30 days in order to close before the rate lock expires. You can contact PenFed mortgage customer service to extend it by 30 more days if that doesn’t happen—for a fee, of course. PenFed Home/Very Important Buyer Program If you’re comfortable limiting yourself to a real estate agent through one of PenFed’s partner companies, you could qualify for a few handy benefits. First, PenFed may provide a credit toward your closing costs, typically around $2,300. If you refinance within three years, PenFed may also waive those closing costs. Some homeowners may also qualify for special benefits when selling their home, although PenFed doesn’t describe this program quite as well. PenFed could help arrange a faster offer on your home, for example, or arrange a lease-back option if you’re looking to move in the future. HappyHouse concierge service PenFed’s HappyHouse concierge service, powered by Househappy, gives credit union members a personal home-maintenance assistant right inside the PenFed app. It connects users with vetted contractors for repairs, renovations, and seasonal upkeep while helping them track service history and store home details like paint colors and appliance info. The goal is to simplify homeownership by providing trusted help and ongoing maintenance reminders, whether or not your mortgage is with PenFed. Eligibility requirements PenFed has fairly typical requirements compared to other mortgage lenders: RequirementDetailsMinimum credit score620Maximum debt-to-income ratio50%Credit union membershipRequired for approved loansMinimum down paymentVA loans: 0% Conventional loans: 3% FHA loans: 3.5% Jumbo loans: 10.01% If you’re fairly confident that you can meet PenFed’s mortgage requirements, we’d recommend reaching out to get preapproved. You’ll work with a mortgage lender through the PenFed mortgage portal online to complete your loan application. Customer reviews and ratings PenFed doesn’t have the greatest all-around ratings on independent review platforms. It’s also received 60 mortgage-related complaints in the past year filed with the Consumer Financial Protection Bureau. Its mobile app is received quite well by customers, though—an especially important point for a digital-first bank. PlatformRatingNumber of reviewsYelp1.7/5297 TrustPilot3.8/51,887Better Business Bureau (BBB)1.18/5205App Store4.8/534,800Google Play4.5/532,100Data collected Oct. 24, 2025 PenFed vs. other mortgage lenders PenFed offers a robust mortgage program, but it’s important to shop around—especially when it comes to your home loan. Just a few percentage points in your interest rate can make a huge difference when it comes to how much house you can afford. Best Close-on-Time Guarantee 4.8 View Rates View Rates Loan types Conventional, jumbo, FHA, VA, Refi Repayment terms 10-, 15-, 20-, 30-year fixed 4.8 View Rates Best Mortgage Options 4.6 View Rates View Rates Loan types Conventional options, FHA, VA, adjustable, jumbo, refinance Repayment terms Up to 30 years 4.6 View Rates Best for Military Members 4.2 View Rates View Rates Loan types VA, Military Choice, fixed, Homebuyers Choice, adjustable, jumbo, refinance Repayment terms 10 – 30 years 4.2 View Rates PenFed vs. SoFi SoFi is a strong competitor with PenFed’s mortgage program, offering a $10,000 guarantee to close on time and up to $9,500 cash back for using its partner real estate agent network. It’s not as open as PenFed about the rates it charges, however. PenFed vs. Rocket Mortgage Rocket Mortgage charges higher rates than PenFed, but it offers more loan types, too. Choose from adjustable-rate options for its VA or FHA loans, or a mortgage for first-time homebuyers with as little as 1% down. PenFed vs. Navy Federal Credit Union Navy Federal is only open to people associated with the military. It currently charges less than PenFed’s mortgage rates, and it was voted as one of the top mortgage originators in last year’s J.D. Power lender survey. Recap of PenFed mortgages and refinance Company Mortgage types Learn More Conventional, FHA, VA, and jumbo purchase mortgage Learn More Learn More Mortgage and VA refinancing Learn More Article sources At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards. Pentagon Federal Credit Union, Conventional Loan Pentagon Federal Credit Union, FHA Loan Pentagon Federal Credit Union, Mortgage Refi Pentagon Federal Credit Union, VA Loan Pentagon Federal Credit Union, Jumbo Loan Pentagon Federal Credit Union, VA Refi Loan Pentagon Federal Credit Union, Everyone Is Eligible to Apply Pentagon Federal Credit Union, Power Buyer Benefits Give You an Edge Department of Veterans Affairs, VA Home Loans Lender Statistics J.D. Power, Mortgage Lenders That Help Customers Navigate Tough Housing Market Reap Benefits, J.D. Power Finds About our contributors Written by Lindsay VanSomeren Lindsay VanSomeren is a personal finance writer living in Suquamish, Washington. She's passionate about helping people manage their money better so that they can live the life they want. In her spare time, she enjoys outdoor adventures, reading, and learning new languages and hobbies. Edited by Amanda Hankel Amanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.