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

The Pentagon Federal Credit Union, widely known as PenFed, provides borrowers with access to many types of mortgages: conventional, variable rate, jumbo and Department of Veterans Affairs, as well as refinance loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was established in 1935 and is based in McLean, Virginia.

  • Receive credit from the lender of up to $2,500 at closing.
  • 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 membership in a credit union.

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

  • Conventional fixed rate loans.
  • Adjustable rate mortgages.
  • VA loans, including “streamlined” refinancing.
  • Power Buyer program combining pre-approval and price lock-in.
  • Advantage program for the purchase of a first property.
  • Home equity lines of credit, also known as HELOCs.
  • Giant loans.
  • Rate and duration or cash-out refinancing loans.

If you’re ready to apply for a loan, search for the product you’re interested in in Mortgage & Home Equity at the top of Then click the Get Started Online button, which allows you to submit a form to request a callback, or contact 800-970-7766 to discuss your mortgage options. The same form also has a pre-approval button that you can select to begin this process.

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

Terms and conditions vary widely depending on the type of mortgage you choose.

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

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

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

How can you qualify?

Requirements vary by loan.

For a conventional PenFed loan, you will need a credit score of at least 650, plus one year of W-2 forms and one to two months of pay stubs as proof of income. A variable rate mortgage, however, requires a minimum credit score of 620.

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

Some loan terms can be found online, including down payment amounts, as well as details about other types of mortgages. But your best bet is to contact PenFed directly for information based on your financial situation.

PenFed Credit Union requires a credit score of at least 620 for a mortgage, which is FICO’s fair credit range.

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

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

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

The Consumer Financial Protection Bureau received 156 mortgage-related complaints in 2021 about PenFed Credit Union. Common issues were problems during the payment process, applying for or refinancing a mortgage, and closing a mortgage. All complaints received a prompt response; 114 have been closed with explanation, 25 have been closed with monetary relief, 16 have been closed with non-monetary relief and one is ongoing.

PenFed offers a number of ways to receive customer service:

Call for mortgage information, including help with applications. Contact 800-970-7766 from 9 a.m. to 10 p.m. EST Monday through Friday and 9 a.m. to 6 p.m. ET Saturday. If you have questions about the First Mortgage Service, call 800-585-9055 from 8 a.m. to 8 p.m. ET Monday through Friday and 8 a.m. to 5 p.m. ET Saturday.

Contact us online. Click Contact at the bottom left of any page, then fill out the form to receive an email or call back. At the top of this form you will also find a place to securely upload documents and access articles by subject, as well as other resources. Live chat support is available if you click the box on this page titled Need Help?

Connect by email or fax. Send mortgage payments – note that cash is not accepted by mail – to PO Box 679260, Dallas, TX 75267-9260. Fax questions about your loan to 703-633-7091.

PenFed’s digital mortgage tools allow you to:

  • Use calculators for affordability, closing cost, and mortgage or refinance payment.
  • Get a rate quote or mortgage pre-approval.
  • Apply for a mortgage from your PenFed online account.
  • Upload documents securely.
  • Email or live chat with customer service.
  • Pay once or set up automatic payment with PenFed’s Access Bill Pay.
  • Access answers to FAQs and articles on many topics.
  • Use PenFed’s mobile app to check your loan status and make mortgage payments.

  • People who hope to claim credit from the lender and pay no fees.
  • People who prefer an online mortgage application.
  • People who want a variety of loan options.

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