Personal Banking - Penn State Federal Credit Union

Loans / Mortgages

Our award-winning Mortgage Department has completed the USA Cares Military Family Housing Education Course!
Contact Darla or Linda at today to find out how we can help military men and women with financing their dream home!

Buying a new home is undoubtedly one of the biggest decisions you'll ever make. Finding a home that you love and can afford is only one step in the mortgage process. Penn State Federal is able to help!

You've probably heard or read about the many changes that have occurred over the past year in the mortgage industry, but rest assured, Penn State Federal can completely guide you through the mortgage application process so you can achieve the goal of home ownership.

Penn State Federal has always used sound financial management and underwriting practices and will continue to do so amidst this ever changing mortgage industry. Penn State Federal has been serving the Penn State Community since 1959.

Available Mortgage Products:

Conventional Fixed, Adjustable and Balloon mortgage products
(for primary residence, second/vacation homes and investment properties)

Government loans: FHA and VA products. Due to the special attention required with US Government loans, please contact our Mortgage Department for FHA and VA loans.

PHFA (First Time Homebuyer Program) Conventional - no online application available - BY APPOINTMENT ONLY

Fixed Rate terms: 10, 15, 20, 30 and 40 year mortgages

What to Expect: The Mortgage Process

Step one

Make an appointment with one of our experienced, professional Mortgage Specialists or complete our easy, user-friendly online mortgage application.

You can expect to provide

One most recent pay stub with YTD earnings for each borrower
Two months of bank statements
One retirement account statement
2 years of W-2 forms for each borrower
$75 application fee plus $350 for the appraisal

Step two

Penn State Federal's Mortgage Specialists will send your mortgage application and all the required disclosures and documentation to our trusted secondary market lender upon approval from the automated underwriting system for processing.

Step three

You will be contacted by a certified appraiser to set up a convenient appointment to assess the home you wish to purchase or refinance.

Step four

Your mortgage application and required documentation will be efficiently processed and underwritten. Our Mortgage Specialist will be overseeing the process and in touch with you every step of the way!

Step five

Upon approval, we will coordinate closing with you, the settlement agent and the secondary market lender. At this time, you will need to provide a paid receipt and declaration page for your homeowner's insurance premium.