PenFed Credit Union Mortgage Review | Find the best loan for you

The Pentagon Federal Credit Union, commonly known as PenFed, offers borrowers access to many types of mortgages: conventional, interest-bearing, jumbo, and Veteran’s Affairs, as well as refinance loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was founded in 1935 and is based in McLean, Virginia.

  • Receive up to $2,500 in credit upon completion.
  • Pay no lender fees.
  • Choose from a variety of loan types.

  • Has no Federal Housing Administration or Department of Agriculture loans.
  • Does not publish prices on its website.
  • Requires credit union membership.

Borrowers looking to buy a home, refinance a mortgage, or tap equity have many options, including:

  • Classic fixed rate loans.
  • Adjustable Rate Mortgages.
  • VA Loans, including “Streamlined” Refinance.
  • Power buyer program that combines pre-approval and rate lock.
  • First Time Home Buyer Advantage Program.
  • Home equity lines of credit, also known as HELOCs.
  • jumbo loan.
  • Interest and term or cash-out refinancing loans.

When you are ready to apply for a loan, locate the Mortgage & Home Equity product you are interested in at the top of Then click the Start Online button to submit a form for a callback or call 800-970-7766 to discuss your mortgage options. The same form also has a pre-approval button that you can select to start this process.

If you are a PenFed member with an online account, you can apply for a loan directly from there. Access your account by clicking the “Login” button in the right corner of any page on

The terms vary greatly depending on the type of mortgage you choose.

Borrowers pay no lender fees except for optional rebate points. PenFed charges a $30 restocking fee and for HELOCs a late fee of 5% of the overdue amount or a minimum of $20.

Loan credit is available at closing based on your loan amount after application. Credit for loans up to $199,999 is $500; credit is $1,000 for loans from $200,000 to $699,999; and it’s $2,500 for loans of $700,000 or more.

PenFed Credit Union members can take advantage of discounts on Travelers and TruStage home insurance policies underwritten by Liberty Mutual.

How can you qualify?

The requirements vary depending on the loan.

For a traditional PenFed loan, you need a minimum credit score of 650, plus one year of W-2 forms and one to two months of payslips as proof of income. However, an adjustable rate mortgage requires a minimum credit rating of 620.

A jumbo loan requires a minimum credit rating of 700 and at least six months cash on hand. If you want a HELOC, the requirement is a credit score of at least 660.

Specific loan requirements can be found online, including down payment amounts, as well as details of other types of mortgages. However, it is best to contact PenFed directly for information on your financial situation.

PenFed Credit Union requires a minimum credit score of 620 for a mortgage, which falls within FICO’s fair credit range.

PenFed Credit Union operates in all 50 states plus Washington, DC; Guam; Puerto Rico; and Okinawa, Japan.

Is your dream home within reach? US News’ Mortgage Calculator shows you how much house you can afford.

PenFed Credit Union is rated A+ by the Better Business Bureau but is not accredited by the BBB. Trustpilot gives PenFed 4.6 stars out of 5, an excellent rating, based on around 600 reviews.

The Consumer Financial Protection Bureau received 156 mortgage-related complaints through PenFed Credit Union in 2021. Common issues included issues during the payment process, applying for or refinancing a mortgage, and getting a mortgage completed. All complaints were answered promptly; 114 have been closed with explanation, 25 have been closed with financial relief, 16 have been closed with non-monetary relief and one is pending.

PenFed offers a number of ways to get customer service:

Call for information about mortgages, including help with applications. Call 800-970-7766 Monday through Friday from 9:00 a.m. to 10:00 p.m. Eastern Time and Saturday from 9:00 a.m. to 6:00 p.m. ET. If you have initial questions about mortgage administration, call 800-585-9055 Monday through Friday, 8 a.m. to 8 p.m. ET and Saturday, 8 a.m. to 5 p.m. ET.

Access online. Click Contact Us at the bottom left of any page on, then fill out the form to receive an email or call back. At the top of this form is also a place to securely upload documents and access categorized articles and other resources. Live chat support is available by checking the Need Help? box on this page. click.

Connection by mail or fax. Send mortgage payments — note cash in the mail is not accepted — to PO Box 679260, Dallas, TX 75267-9260. Fax questions about your loan to 703-633-7091.

With PenFed’s digital mortgage tools, you can:

  • Use calculators for affordability, closing costs, and mortgage or refinance payments.
  • Get an interest rate quote or mortgage preapproval.
  • Apply for a mortgage from your PenFed online account.
  • Upload documents securely.
  • Email or live chat with customer service.
  • Pay once or set up autopay with PenFed’s Access Bill Pay.
  • Access answers to frequently asked questions and articles on many topics.
  • Use PenFed’s mobile app to check your loan status and make mortgage payments.

  • People hoping to avail the loan from the lender and not pay any fees.
  • Individuals who prefer an online mortgage application.
  • People who want a variety of credit options.

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