“This recent approval from HUD now gives PenFed the opportunity to make homeownership possible for more of our members who otherwise would not be able to obtain financing,” PenFed executive vice president said. and President of Mortgages. Winston Wilkinson. “Many first-time home buyers, especially in more expensive markets, can use FHA loans as a solution to reaping the benefits of homeownership.”
An FHA loan increases home affordability for PenFed members because it offers the option of a down payment of just 3.5% and can accommodate those with credit scores as low as 620. FHA borrowers often enjoy lower interest rates than borrowers for conventional mortgages.
Those looking to learn more are encouraged to visit the PenFed Learning Center, where you can find articles detailing the benefits of an FHA mortgage and the top 10 benefits of an FHA loan, especially with a co-op. credit.
About PenFed Credit Union
Founded in 1935, the Pentagon Federal Credit Union (PenFed) is the second largest U.S. federal credit union, serving more than 2.8 million members worldwide with $35 billion in assets. PenFed Credit Union offers certificates, checks, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services. Our mission is to empower members of our community to achieve financial well-being. PenFed Credit Union is federally insured by the NCUA and is a housing equality lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Find us on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
SOURCE PenFed Credit Union