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Mortgage Loans: Purchase and Refinance

Finding the right house to call your home starts with a great mortgage.

Whether you are buying a home or refinancing your mortgage, our local lending options with personalized service give you the flexibility you need with the mortgage rates you deserve. Let us help you turn your dream of homeownership into reality with one of our financing options.

Apply Now        Mortgage Rates      Mortgage Calculators

ConventionalOpened EntryClosed Entry

A Conventional loan is not a government insured loan program. A Conventional loan can offer a down payment with as little as 3%. If you have less than a 20% down payment, a Conventional loan will require private mortgage insurance or PMI which will help insure the lender against default. Credit and income requirements on a Conventional loan are typically stricter than a government loan (i.e. FHA, VA or USDA).

There are two types of Conventional loans: Conforming and Non-conforming. A Conforming loan means the loan meets guidelines set by Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Non-conforming loans can include jumbo loans, portfolio loans or any other loan that does not meet Fannie Mae or Freddie Mac guidelines. Pen Air offers both conforming and non-conforming loans.

FHAOpened EntryClosed Entry

An FHA loan is a government insured loan program. The Federal Housing Administration (FHA) insures these loans. One key benefit to utilizing an FHA loan is a lower down payment requirement to purchase a home (as low as 3.5% down payment). Another advantage is the loan program is often easier for credit qualifying. Pen Air offers competitive rate and fee pricing for this program.

VAOpened EntryClosed Entry

A VA loan is government insured by the US Department of Veteran Affairs. For qualified active duty service members and veterans this is a great program that allows for up to 100% financing with no private mortgage insurance requirement. This loan can be utilized to purchase a new home or refinance an existing home, including cash-out refinancing. For more information on VA loans, visit https://benefits.va.gov/homeloans/.

USDA or Rural DevelopmentOpened EntryClosed Entry

Pen Air offers financing through the USDA’s Single Family Housing Guaranteed Loan Program. The program allows 100% financing for home purchasing. The home has to be the borrower’s primary residence. This program focuses on developing rural areas and offers financing to approved borrowers with low and moderate income. This means the home has to be in approved “rural” area and the borrowers must be within the program’s income limits. This is a government guaranteed loan through USDA. For additional program information and if you live in an eligible area, visit their website

Unimproved Property (Land Loans)Opened EntryClosed Entry

Pen Air offers financing for vacant, unimproved property purchases and refinances. For a purchase, we offer financing up to 75% of the purchase price or appraised value whichever is less. For a refinance of an existing land loan or to request cash out on land you own, we offer financing up to 70% of the appraised value. The loan term is 15 years. The rate is fixed and is determined by credit score.

Construction to PermanentOpened EntryClosed Entry

Pen Air offers a one-time close construction to permanent loan option allowing financing up to 90% of the appraised value for qualified borrowers. Our in-house construction program does not require private mortgage insurance (PMI). We require the use of a Pen Air approved/qualified builder; we do not allow owner-build projects. Currently, Pen Air has more than 150 approved builders in our local area (including FL and AL). The construction program allows for the building of a primary residence or second home. Pen Air does not offer financing for investment or speculation building.

Meet Our Team

We make it easy to apply online and our team of Mortgage lending experts are ready to be with you every step of the way.

NMLS Registry

Jennifer Bosko, Pen Air Mortgage Loan Originator

Jennifer Bosko

Mortgage Loan Originator

NMLS#: 1069852

850.505.3200 ext. 8383

photo of Shaun Schiewe

Shaun Schiewe

Mortgage Sales Manager


850.505.3200 ext. 8364

photo of Brandi Vinson

Brandi Vinson

Mortgage Loan Originator

NMLS# 643395

850.505.3200 ext. 8374

photo of Elijah White

Elijah Wilson

Mortgage Loan Originator

NMLS# 1424571

850.505.3200 ext. 7464


© 2019 Pen Air Federal Credit Union. NMLS# 413053. Standard credit qualifications and other terms and conditions apply. Loans subject to credit approval. Call 1.877.4PENAIR for credit costs and terms.

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