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Bethpage Federal Credit Union mortgage review

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It offers high loan limits for purchase or refinances, but may freeze your Bethpage accounts if you default.

Bethpage Federal Credit Union is a good option for first-time homebuyers because of its low down-payment options and competitive interest rates. But you’ll need to open a $5 savings account to become a member.


Loan products offeredConventional, Refinance, Jumbo, Home Equity, FHA, VA
State availabilityNot available in: TX

What types of loans does Bethpage Federal Credit Union offer?

  • Conventional. Fixed- and adjustable-rate mortgages (ARM). As of December 2019, fixed-rate loans have interest rates as low as 3.750% and ARMs have initial rates as low as 3.370%.
  • FHA. Backed by the government, FHA loans have less restrictive credit scores and down payments as low as 3.5%.
  • VA. Insured by the Department of Veteran Affairs, eligible military veterans, reservists, and Active Duty members can finance up to 100% of their home loan.
  • Jumbo. Loan amounts up to $5,000,000 for one- to four-unit properties. Available for purchase or refinance.

Other loans offered by Bethpage Federal Credit Union

  • Investment Property. Investment property ownership for loan amounts up to $1,000,000.
  • 10-year fixed. A home loan with a shorter, 10-year term, with interest rates as low as 2.750%.
  • Refinance. You can refinance your existing mortgage into a fixed-rate, adjustable-rate, FHA, 10-year fixed, or jumbo home loan.
  • Reverse. Also known as a Home Equity Conversion Mortgage, you can access your home equity while remaining in your home.
  • Home equity loan 1st lien position. If you don’t have a mortgage with another lender, you can tap into your home’s equity with a loan term of up to 30 years.
  • HELOC. A home equity line of credit is a revolving line of credit that you can borrow from for an APY as low as 3.99%.

Bethpage Federal Credit Union fees

Bethpage Federal Credit Union does not publish an itemized list of its closing costs. Most lenders charge between 2% to 5%. Bethpage has a closing cost estimator to give you an idea of what you can expect. Here are several common closing costs fees:

  • Origination fee
  • Closing agent fee
  • Title report fee and insurance
  • Appraisal fee
  • Credit report fee
  • Flood certification fee, if applicable


Most lenders want a maximum debt-to-income (DTI) ratio between 36% to 38%. For most loans, borrowers should have a credit score of at least 680 to mid-700s for the best rates.


  • Paystubs covering the last 30 days
  • Most recent two years of W-2 statements
  • Two most recent bank statements
  • Most recent two years of federal tax returns, including any schedules (if applicable)
  • Attorney’s contact information
  • Realtor’s contact information
  • Executed and dated Contract of Sale

How to get a home loan with Bethpage Federal Credit Union

Bethpage has two options for its home loan application. Its Mortgage Quick Apply lets you fill in some basic information, and a mortgage specialist will help you with the rest of the process. You can also complete a full application online.

Here are the steps to fill out the Mortgage Full Application online:

  1. Go to Bethpage Federal Credit Union’s website.
  2. Click Apply for a Loan in the banner.
  3. Under Mortgage Loan, click Apply Now.
  4. Click Mortgage Full Application.
  5. Click Apply Now and create an account. Click Continue.
  6. Give details about yourself — for example, your first and last name and credit history. Click Next.
  7. Fill in information about the property — for example, address and property use. Click Next.
  8. Enter your employment information. Click Next.
  9. List your assets and if you own any real estate. Click Next.
  10. Choose which loan program you would like to apply to. Click Next.
  11. Accept or reject the Electronic Document Disclosure Agreement to receive your formal home loan disclosures electronically. Click Next.
  12. Review your loan application and click Submit.

Bethpage Federal Credit Union reviews and complaints

Bethpage Credit Union does not have a Trustpilot page, nor is it accredited with the Better Business Bureau (BBB). It has an A+ rating because it has responded to 25 out of 30 complaints.

Customers report that Bethpage had a smooth closing process. In one instance, Bethpage took longer to close and extended the 60-day rate lock period for no charge. The common customer complaint is poor customer service.

Pros and cons of Bethpage Federal Credit Union


  • Free 60-day rate lock. Bethpage will lock in your interest rate for 60 days when it preapproves your application. If market rates increase, you’ll keep the lower interest rate. If interest rates fall, you’re stuck with the locked-in rate.
  • No pre-payment penalties. If you choose to pay off your loan early, you won’t be charged any penalties.
  • Offers many banking services. Bethpage has mobile, online, and telephone banking options. Its shared banking and ATMs give members access to their money across the country. It has branches throughout New York City and Long Island, with King Kullen branches open seven days a week.


  • No residential mortgages in Texas. Bethpage offers home loans in all states, except Texas.
  • Membership required. You must be a member of Bethpage Credit Union, which also requires a $5 savings account.
  • Restricts accounts if your loan is delinquent. Bethpage will restrict your accounts with them if your loan is delinquent for 45 days. During this time, you cannot unlock or close your account until your loan is paid off or current again.

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What is Bethpage Federal Credit Union?

Bethpage Federal Credit Union opened its doors in 1941. Today, it serves over 405,000 members. Most of its members live in Long Island, New York. Bethpage has over $9.2 billion in total assets. It also offers banking, investing and insurance services.

Frequently asked questions

Expert review

Kimberly Ellis

Review by

Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

Bethpage Federal Credit Union is a good option for first-time homebuyers looking for low down payments and borrowers in New York City because of its high loan limits. But watch out if you miss payments and have accounts with Bethpage. It’ll automatically restrict your account and deny access to your funds until you’re current again on your loan.

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