Welcome!

News Feed Item

PenFed VA Mortgage Promotion Waives Origination Fee

For this limited time promotion, PenFed has removed the origination fee on its VA 15-Year and 30-Year Fixed mortgages for home purchases and refinances. Additional program features include no down payment, no points, and no private mortgage insurance (PMI

ALEXANDRIA, Va., March 26, 2014 /PRNewswire/ -- PenFed (Pentagon Federal Credit Union) today announced that the credit union is running a limited time promotional offer that waives the origination fee requirement on its VA 15-Year and 30-Year Fixed mortgages.

For this limited time promotion, PenFed has removed the origination fee on its VA 15-Year and 30-Year Fixed mortgages for home purchases and refinances.

This promotion is available to eligible veterans interested in securing a VA mortgage for a primary home purchase or refinance. Additionally, refinances on existing VA mortgages are available on second homes or investment properties.

"This is a very exciting promotion that we are running on our VA mortgages," said Craig Olson, senior vice president of mortgage operations at PenFed. "PenFed is committed to its military members, and when you stop to consider how much the origination fee waiver will save our qualified veterans, the savings really are quite outstanding."

How does a VA Mortgage work?

Available to qualified veterans, a VA mortgage loan is obtained through a lender and guaranteed by the Veterans Administration. What makes a VA mortgage different from a Conventional mortgage is that private mortgage insurance (PMI) is not required on a VA mortgage. With a VA mortgage, the financing is made available by the lender and the Veterans Administration acts as the insurer.

VA Mortgage Features

PenFed's VA 15-Year and 30-Year Fixed mortgages include the following features that veterans will find convenient:

  • Affordability: For this promotion, the PenFed VA 15-Year and 30-Year Fixed mortgage features no down payment, no points, no origination fee1, and no private mortgage insurance (PMI).
  • Lending flexibility: Financing is available on both home purchases and refinancing - for loan amounts up to $417,000 and higher based on VA County limits.
  • Peace of mind: Free 60-day rate locks2.
  • Automatic payments: Available on all of PenFed mortgages; allowing for ease of payment.
  • PenFed also services all of its VA and Conventional mortgage loans: When you contact PenFed regarding your mortgage loan, you will always be speaking to a knowledgeable mortgage service representative.

Origination Fee Savings Example

PenFed's usual origination fee is 1% of the loan. With the origination fee waiver, a $400,000 loan would reflect a savings of $4,000.

Compare Rates and Save

Compared to other lenders, the credit union's mortgage interest rates are some of the lowest in the nation:

15-Year VA Mortgage Payment Example: For a $103,300 loan amount and 0 points, the initial interest rate is 3.375%, with a 3.935% APR. Based on current market conditions, the monthly payment schedule would be:

  • 179 payments of $732.15 at an interest rate of 3.375%
  • 1 payment of $731.91 at an interest rate of 3.375%

This payment example does not include taxes or insurance; and actual payments may be greater.

30-Year VA Mortgage Payment Example: For a $103,300 loan amount and 0 points, the initial interest rate is 4.250%, with a 4.575% APR. Based on current market conditions, the monthly payment schedule would be:

  • 359 payments of $508.17 at an interest rate of 4.250%
  • 1 payment of $509.55 at an interest rate of 4.250%

This payment example does not include taxes or insurance; and actual payments may be greater.

Who is eligible for a PenFed VA mortgage loan?

Most veterans who were on continuous active duty in any branch of the armed forces, and not discharged dishonorably, are eligible for a PenFed VA mortgage. Eligibility criteria include:

  • National Guard and Reservists who have completed 6-years of service
  • Individuals with a service related disability
  • Surviving spouses of a deceased veteran who have not remarried

Why choose PenFed for your mortgage financing?

For over 75 years, PenFed's mission has been to bring quality products that offer exceptional value to its membership. All of PenFed's mortgage programs are designed with simplicity and value in mind.

For more information about PenFed and membership eligibility, call 800-247-5626 or visit PenFed.org.

About PenFed (Pentagon Federal Credit Union)

Established in 1935, PenFed is one of the largest credit unions in the country serving over 1.2 million members worldwide; with more than $17 billion in assets. Its longstanding mission has been to provide superior financial services, responsive to members' needs in a cost effective manner. PenFed offers market leading mortgages, automobile loans, credit cards, checking, and a wide-range of other financial services with its members' interests always in mind. Serving a diverse population, there are many ways to become a PenFed member; including numerous association members and employee groups. PenFed is federally insured by the National Credit Union Administration, does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act, and is an equal housing lender.

We are pledged to the letter and the spirit of the United States policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

Disclosures: All rates and offers are as of March 25, 2014 and are subject to change without notice. Other restrictions may apply. To receive any advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA.

1 Origination fee: PenFed 1% origination fee waived as limited time offer. Applicant is still responsible for VA Funding fee.

VA Funding fee: A VA Funding fee is a percentage of the loan amount. This fee varies based on the following conditions: type of loan, applicant's military category, whether applicant is a first-time or subsequent loan user, and whether applicant makes a down payment. 

2 Rate locks: For purchase transactions, the rate cannot be locked until PenFed has received a ratified purchase agreement.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

 

PenFed logo.

 

Photo - http://photos.prnewswire.com/prnh/20140326/DC90940
Logo - http://photos.prnewswire.com/prnh/20120619/DC26030LOGO-a

SOURCE PenFed

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.