
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
finder.com’s rating: 3.8 / 5.0
★★★★★
PennyMac is among the nation’s largest digital mortgage lenders, offering multiple loans and an online application process. While it caters to most homebuyers, it specializes in helping those who otherwise may not qualify for a loan.
Loan products offered | Conventional, Refinance, FHA, VA, USDA, Jumbo, HELOC |
---|---|
Minimum credit score | 620 for Conventional and VA loans 580 for FHA loans 700 for Jumbo loans |
Minimum down payment | 3% |
State availability | Not available in: NY |
NMLS # | 35953 |
PennyMac offers six types of loans that range from traditional mortgages to those backed by the government:
These loans feature low down payments, fixed-rate options and flexible terms.
Popular for first-time homebuyers, this loan accepts down payments as low as 3.5% and requires a minimum credit score of 580.
Eligible service members and veterans may qualify for these loans that offer low interest rates without the need for a down payment or PMI.
Eligible homebuyers can get a fixed-rate mortgage to cover homes priced from $484,351 and up to $2 million.
Best for those in rural areas who meet income restrictions, these loans feature low down payments and fixed-rate options.
Invest in real estate with fixed-rate options, flexible terms and reduced origination fees.
Fees depend on loan type and whether you’re a PennyMac member:
Yes. Depending on your loan and circumstances, you may be eligible to choose from:
To qualify for a loan with PennyMac, you’ll need to have the following minimum credit scores:
Eligible homebuyers have a credit score of 620 or higher and are able to put down at least 3% of the home cost.
PennyMac asks for your personal, financial and employment information while applying, including:
PennyMac earns 4.1 out of 5 stars on TrustPilot based on more than 1,348 reviews as of November 2020, putting it near the bottom when compared to other mortgage lenders. At the Better Business Bureau (BBB) website, PennyMac earns 3.76 out of five stars based on 486 customer reviews, although the BBB awards the company an A+ based on its internal criteria.
Most customer reviews warn of poor customer service, stating it’s hard to get reps to answer or return phone calls. Other reviewers report contradictory information from customer service representatives, misplaced monthly payments and damaged credit scores due to faulty reporting to the bureaus.
This digital lender offers a fully online application process that includes prequalification and status updates through your online account, among other benefits:
Weigh the benefits of PennyMac against potential drawbacks:
Get preapproved for a loan or apply online through PennyMac’s Mortgage Access Center over four steps:
PennyMac is a digital mortgage lender that boasts originating some $22 billion in mortgage loans since its founding in 2012. From its California headquarters, it offers competitive conventional, FHA, VA, investment property and jumbo loans to a range of customers through a fully online system and help throughout the process.
While PennyMac caters to a wide group of customers, it claims to focus its efforts on helping aspiring homeowners who might need an extra boost through such loan modifications, mortgage relief, home retention and refinancing options.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.
Read the full methodology of how we rate home loan providers.
Review by
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
PennyMac is a lender best for those looking for their first home and need flexible lending requirements, or help paying their current mortgage. Besides its government-backed loans, it offers specialty programs for mortgage relief and modifications to existing loans. But watch out for fees for applying — some loans come with fees that are tacked on.