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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

PenFed Mortgage Review

Updated on:
Content was accurate at the time of publication.

Lender rating: 3 out of 5

  Minimum credit score: 620 to 650

  Minimum down payment: 0% to 3.5%

  Available loan products and programs: Conventional, FHA, VA, jumbo, HELOC

  Our verdict: PenFed is a good choice for consumers that prefer the convenience of full banking services along with a competitive array of mortgage products including HELOCs.


  Offers a wide variety of mortgage products including jumbo and HELOCs

  Members may be eligible for mortgage closing-cost credits up to $2,500

  Serves customers in all 50 states

  No rate information is published online

  No online mortgage application is available

  Higher credit score standards for conventional and FHA loans than minimum guidelines require

Pentagon Federal Credit Union, or PenFed for short, is a full-service financial institution offering deposit and loan products, including mortgages in all 50 states and the District of Columbia as well as Guam, Puerto Rico and Okinawa. Members can access services via the web seven days a week, 24 hours a day, but you can’t apply for a mortgage online.

PenFed offers a wide variety of standard loan programs along with special homebuyer lock options, closing cost credits and even home equity lines of credit (HELOCs).


  • Fixed-rate mortgages and adjustable-rate mortgages available
  • Programs with down payments as low as 3%
  • Up to $2,500 worth of lender credits for qualified buyers
  • Minimum credit score of 650 in most cases


  • Purchase loans available with down payments as low as 3.5%
  • Available to buyers with scores as low as 620


  • No down payment mortgage for qualified military borrowers
  • No mortgage insurance regardless of down payment
  • Eligible buyers may receive a $2,500 closing cost credit
  • Homeowners with current VA loans may be eligible for the interest rate reduction refinance loan (IRRRL) with no appraisal required.
  • Current homeowners can tap equity with a VA cash-out refinance


HELOC is short for home equity line of credit, and PenFed offers this line of credit product to homeowners to use for home improvement, debt consolidation, higher education expenses or any other financial need.

Jumbo loans

If you’re buying in an expensive part of the country, PenFed offers jumbo loans for loan amounts over the current conforming loan limits. Borrowers can choose fixed- and adjustable-rate options.

Special programs

PenFed’s Lock While You Shop program allows borrowers to lock in a mortgage rate before signing a purchase contract, giving you 60 days to find a home and an option to extend your lock for 30 days. Most lenders don’t allow you to lock your rate until you’re under contract

for a home purchase.

PenFed does not provide rates online. Clicking on the “Get My Rate” button takes you to an information screen where you can fill in information about the mortgage you’re seeking. However, clicking the “Get My Rate” button once the form is completed also gives PenFed the green light to call, email or text you with rate information.

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?

PenFed doesn’t offer a full online application experience. The “Get Started” button takes you to several homebuying-related question options which PenFed uses to contact you — but the button is not on the home page. You’ll need to click “Buy a Home” under the “Mortgage & Home Equity” drop-down menu to find it.

PenFed’s website doesn’t provide information about their loan approval or closing processes.

PenFed provides online and phone support for customers needing information about the loan process or who have questions about their current PenFed mortgages.

  • 844-634-0795 is the number for help with new loans or applications in process
  • 844-460-3717 is the number for customers with current PenFed mortgages

There is also a “Mortgage Contacts Help Center” button that gives customers a form to fill out for a direct message to PenFed.

PenFedHomepointMr. Cooper
Lender rating
Minimum credit score620 to 650580 to 620Not published
Minimum down payment0% to 3.5%0% to 3.5%0% to 3.5%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Conventional
  • FHA
  • VA
  • USDA
  • Conventional
  • FHA
  • VA

LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.

LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.

PenFed’s scorecard: 3/5

  Publishes rates online

  Offers standard mortgage products

  Includes detailed product info online

  Shares resources about mortgage lending

  Provides an online application

 = 0 points   ⭕= 0.5 points     = 1 point

Today's Mortgage Rates

  • 30_FIXED_APR_200K%
  • 6.87%
  • 7.65%
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