PenFed Credit Union Makes Homeownership Possible for More Members with FHA Loans

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Jun 01, 2022, 11:50 ET

PenFed receives Direct Endorsement authority to originate Federal Housing Administration (FHA) loans

TYSONS, Va., June 1, 2022 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union and the largest credit union mortgage originator, furthered its commitment to bring more of its members home with the offering of Federal Housing Administration (FHA) loans. In April, PenFed received Direct Endorsement authority to originate FHA loans from the U.S. Department of Housing and Urban Development.

"This recent approval from HUD now gives PenFed the ability to make homeownership possible for more of our members who otherwise may not be able to get financing," said PenFed Executive Vice President and President of Mortgages Winston Wilkinson. "Many first-time homebuyers, especially in pricier markets, can use FHA loans as a solution that allows them to enjoy the benefits of home ownership."

An FHA loan increases home affordability for PenFed's members because it offers the ability for a down payment of only 3.5% and can accommodate those with credit scores as low as 620. Additionally, FHA borrowers often enjoy lower interest rates than borrowers for conventional mortgages.

Those looking to learn more are encouraged to visit PenFed's Learning Center, where you can find articles detailing the Benefits of an FHA Mortgage and the Top 10 Advantages of an FHA Loan – Especially with a Credit Union.

About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving over 2.8 million members worldwide with $35 billion in assets. PenFed Credit Union offers market-leading certificates, checking, 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 their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing 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? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.

SOURCE PenFed Credit Union