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Bethpage Federal Credit Union mortgage review

Offers high loan limits for purchase or refinances but its only branch locations are in Long Island.

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, and its brick-and-mortar locations are limited.

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Loan products offeredConventional, Jumbo, FHA, Home Equity/HELOC, Refinance, Reverse
Minimum credit scoreConventional: 620
Minimum down payment (Conventional)3%
State availabilityNot available in: TX
NMLS #449104

Bethpage Federal Credit Union requirements

Although Bethpage doesn’t list all its requirements online, most lenders want a maximum debt-to-income (DTI) ratio between 36% to 38%. Borrowers should also have a credit score of at least 680 to mid-700s for the best rates, but Bethpage Federal allows for lower credit scores in some cases. Conventional loans require a minimum score of 620, and an FHA loan allows a credit score as low as 580 with a 3.5% down payment and between 500 and 579, if you can make a 10% down payment.


You’ll need to gather the following information before you apply:

  • 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

Costs and fees

Bethpage Federal Credit Union does not publish an itemized list of its closing costs but offers a closing cost estimator to give you an idea of what you can expect. Most lenders charge fees equivalent to between 2% and 5% of your loan.

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

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

What types of mortgages can I get through Bethpage Federal Credit Union?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products 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. 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, access your home equity while remaining in your home.
  • 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%.
  • Home equity fixed-rate loan option. Convert your HELOC into a fixed-rate, 10- or 20-year loan and carry up to three loan balances at one time.

How BFCU’s mortgage products compare to other lenders

Bethpage Federal’s mortgage offerings cover a wide range of loans, with conventional and government-backed loans, as well as jumbo mortgages and loans to purchase investment properties. The lender’s home equity and refinance options offer a lot of flexibility, as does the 10-year fixed-rate mortgage, which comes with a low APY and allows you to pay off your home faster.

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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 as of April 2021 for closing out 52 BBB customer complaints in the last year. The lender has averaged 1.67 out of 5 stars from ten customer reviews.

Customers’ reports are mixed on Bethpage’s closing process. In one instance, Bethpage took longer to close and extended the 60-day rate lock period for no charge. But other customers have complained that long closing periods put their sale in jeopardy. The most common customer complaint is poor customer service.

Pros and cons of Bethpage Federal Credit Union


  • Free 60-day rate lock. Bethpage locks 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 prepayment penalties. If you choose to pay off your loan early, you won’t be charged any penalties.
  • Offers 10-year fixed-rate loans. Whether you’re buying a home or refinancing, the 10-year option comes with a lower interest rate, allowing you to pay less interest over the life of your loan.


  • 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.
  • In-person service is limited. The credit union allows fee-free ATM access through its co-op membership across the US, but all its branches are located on Long Island, New York.

What is Bethpage Federal Credit Union?

Bethpage Federal Credit Union opened its doors in 1941 to serve employees of the Grumman aircraft plant. Today, it serves over 400,000 members, offering membership to anyone who opens a savings account with the bank and deposits at least $5. 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.

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, as well as investors who require high loan limits. But while membership is offered to anyone who deposits $5 in a savings account, you can’t get a mortgage from this lender if you live in Texas. And all its branches are located in Long Island.

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