Conventional Loan, unconventional benefits
More than a home loan. A lot more.
- 3% down payment available1
- Loans up to $806,5002
- Rates as low as 6.375% (6.559% APR)3
Choose a Conventional Loan that fits your needs
PenFed’s Conventional Loans feature flexible fixed-rate and adjustable-rate options. You receive a great interest rate along with money-saving benefits before, while, and long after you buy. Plus, you may only need a 3% down payment1 if you qualify.
Types of Conventional Loans
What is a Conventional Fixed-Rate Mortgage?
A fixed-rate mortgage has a rate that is locked in for the life (or term) of the loan. The interest rate will not change.
What is a Conventional Adjustable-Rate Mortgage?
An Adjustable-Rate Mortgage (ARM) has an introductory period with a lower interest rate that will adjust up or down with the market once the introductory period is up. Depending upon current interest rates – an ARM’s rate can be lower than a fixed-rate mortgage. That’s especially true for a Jumbo or Super Jumbo mortgage.
Mortgage Knowledge Center
How Do I Get a Conventional Loan?
You’ll need the following to qualify for a conventional loan for all borrowers:
- Satisfactory credit score (typically 650 or higher)
- Proof of income – typically 1 – 2 months of paystubs
- At least 1 year of W2s
Possible additional financial verification like:
- Self-employment income
- Current debts information (auto, alimony, credit card, etc.)
- Acceptable debt-to-income ratio (DTI)
Mortgage Payment Calculator
Estimate your mortgage payment, based on your home’s purchase price, down payment, rate, and term.
Price of the Home
$350,000
Down Payment
$65,000
Loan Term
30 Years
Monthly Debt
EBOOKS
- Buying a Home
- Selling Your Home
- Refinancing Your Home
- FHA Loans 101
- VA Loans – Everything You Need to Know
- Home Equity Line of Credit (HELOC)
Mortgage Knowledge Center
Home Buying Process Steps
How Much House Can You Afford? And How Do You Figure It Out?
10 Tips for First-Time Homebuyers
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This credit union is federally insured by the National Credit Union Administration. Rates are current as of April 2025 unless otherwise noted and are subject to change.
APY = Annual Percentage Yield
APR = Annual Percentage Rate