Products & programs

money in your house

Overview

PennyMac Broker Direct strives to provide our brokers with a range of products to suit the needs of most borrowers. Whether your customers are interested in transitioning to a conventional loan, reducing the term of their FHA mortgage or taking advantage of the VA IRRRL program, we offer the flexibility and expertise that you'd expect from one of the top lenders in the country.

Conventional

A conventional loan is not insured or guaranteed by the federal government, which makes it different from programs like VA, USDA and FHA. These flexible loans allow borrowers to get low rates and often avoid mortgage insurance with a higher down payment.

FHA

The Federal Housing Administration (FHA) mortgage program is managed by the Department of Housing and Urban Development (HUD), which is a division of the federal government. While these kinds of loans are typically most popular with first-time homebuyers, FHA loans are available to all types of borrowers.

VA

Being a government-backed mortgage means that the VA will protect the lender from borrower default, allowing lenders to finance up to 100% of the property's value.

Conventional
  • DU and LPA allowed
  • Standard and high-balance loans available
  • Flexible terms from 85 to 360 months
  • FICO down to 620 with AUS approval
  • Appraisal waivers accepted
  • Up to 97% LTV for first-time home buyers (DU Only)
FHA
  • Down payment assistance allowed from government agencies
  • Standard and high-balance loans available
  • Flexible terms from 120 to 360 months
  • No appraisal needed for FHA Streamline refinances
  • FICO down to 620 with AUS approval
VA
  • Standard VA LTV up to 100% including cash-out transactions
  • Loan balances up to $1.5M with qualifying VA Guarantee
  • Flexible terms from 120 to 360 months
  • IRRRL LTV up to 110% plus allowable fees associated with new VA loans
Get started

Your success is our #1 priority. That's why we've built the best tools in the industry and backed them up with a team of leaders experienced in wholesale lending to support you every step of the way.

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