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PenFed low to no down payment mortgage?

Established Contributor

PenFed low to no down payment mortgage?

Several months ago I asked if PenFed had a low down payment product like 1 or 3% and someone on this board told me the did NOT have any FHA/1st time homeowner load so I skippedcalling them. Now I came to find out they DO and wasted my time joining another CU... all for nothing

 

https://penfed.org/path-to-home/

 

lesson - don't believe everything you read.

All 3 790's
All Chp7, Judgements , CO's now legally clean from scores low 600's just using this forum
Chase Amzn 8.5k , Citi BB 5k, Citi Gdyr 5K, Amzn Store 12k, SallieMae 12k Amex BCE 36k , PenFed Promise 50k +15k PLOC, NFCU Visa Plat 25k
Message 1 of 4
3 REPLIES
New Contributor

Re: PenFed low to no down payment mortgage?

Could you please send me the link with the info about ?

 

I tried to apply for a pre-aproval online, but the minimum as a down payment says is 5%, I tried to enter less and I get this message " No Products Available"

Message 2 of 4
Established Contributor

Re: PenFed low to no down payment mortgage?

I stand corrected. I called and they re verified the info... The low or now DP is for VA loans...not conventional.

 

The only one that has this is NFCU which I am in the process of applying for.

That ones rate and APR are a little higher but NO PMI!

 

Also you can refi into a traditional mortgage when the match works out.....which I would do into a 15 otherwise there would be very little
benefit.

 

Unfortunately I found out how to join too late to buy the house I'm in.

 

The only better mortgage program would be a NACA mortgage would is talked about extensively on here.

Alas....I can't do that one in time either. Hoping someone else can.

All 3 790's
All Chp7, Judgements , CO's now legally clean from scores low 600's just using this forum
Chase Amzn 8.5k , Citi BB 5k, Citi Gdyr 5K, Amzn Store 12k, SallieMae 12k Amex BCE 36k , PenFed Promise 50k +15k PLOC, NFCU Visa Plat 25k
Message 3 of 4
New Contributor

Re: PenFed low to no down payment mortgage?

Thanks for the info.

 

I wanted to compare Penfed products to NWFCU,  and apparently NWFCU is better. 

 

NWFCU offers 3% conventional and 0% down for first time home buyers and It was easy to join them. 

Message 4 of 4