Conventional Mortgages

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A Rate and Payment That Sticks

Let’s keep it simple. With a fixed-rate mortgage, your interest rate and monthly payment never change whether you sign for a 10, 15, 20 or 30-year term.

As simple as a loan can get

If you plan to stay in the same house for awhile or you’re just looking for a consistent payment, a conventional fixed-rate mortgage may be your perfect fit.

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Your mortgage rate stays the same

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Flexible terms from 10 to 30 years

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Down payments as little as 3% for qualified borrowers

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Available for different property types

There are two types of Conventional Fixed Rate Loans.

PenAir Credit Union offers both Conforming and Non-Conforming loans.

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Conforming Loans

A Conforming loan means the loan meets guidelines set by Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Corporation (Freddie Mac).

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Non-Conforming Loans

Non-Conforming loans can include jumbo loans, portfolio loans or any other loan that doesn’t meet Fannie Mae or Freddie Mac guidelines.

Unlock your dream home with the best mortgage rates tailored for you!

Contact our dedicated Mortgage Team today for personalized quotes, competitive rates, and the expert assistance to make your homeownership journey a reality.

Contact Our Team

Crunching the Numbers

Financing with PenAir is Financing for Good.

In 2021,


Members allowed our team to navigate the incredibly fast paced and detailed process of buying or building a home.


Members took advantage of our Home Equity Lines of Credit (HELOC) and Home Equity Loans.


Members took advantage of refinancing their home loans. They were able to lower their monthly payments or shorten the length of their mortgage term, and in some cases, received both benefits.

Get Mortgage Ready

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

What to Expect When You Finance with PenAir

Your experience will vary depending on the type of mortgage loan you apply for. However, buying your home with PenAir generally goes something like this:

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Compare loan types, rates and terms

Review your mortgage choices, play around with PenAir’s mortgage calculators, and even contact a PenAir Mortgage Expert to find the best option for you.

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Apply for your loan

It’s a lot easier than you might think. Our online loan application is a fast and easy way to get your mortgage loan process started.

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Provide supporting documents

We provide secure online and offline options to send required documents to our underwriters. We know this is the boring part, but our Mortgage Team will make it as easy as possible.

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Get your pre-approval

This step lets you know what your approvable purchase and finance amount is, the rate and potential monthly payment for that amount. Let the house hunt begin.

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Lock in your rate and get final approval

If you are refinancing, this step can take place right after pre-approval. For a home purchase, the loan will move toward closing once you have had an offer accepted and the property details are submitted to our team.

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Review final loan documents

Once we have the required property information in hand and other document requirements have been met, we can generate the final loan documents for review before setting a closing date.

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Close on your new home

Now for the fun part. Once a closing date is set, loan documents will be delivered to the closing agent for signing and financial transactions will be coordinated to complete the process. And just like that — you’re home.


Need a little more information? See if this is what you’re looking for.

With a low requirement of 3% as your down payment, a conventional mortgage loan requires less money out of your pocket.

Although a larger down payment is required for non-owner occupied properties, yes you can rent out a home you purchase with a Conventional Home Loan.

Minimum score requirements vary from lender to lender, but a minimum score 620 is what is needed to be approved.

Still searching for answers? Say: Browse our PenAir FAQs

Getting the most enjoyment from your home is the goal.

Let us help you frame your questions and find solutions that work best for you.

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PenAir offers mortgage loans for every phase of life.

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Specialty Appointments

For Wealth, Financial Counseling, and Mortgage Lending appointments, please follow the steps below.

Wealth Management

For help with retirement, rollovers, and portfolio management, call 850-505-3200 ext. 8332 to meet with a licensed Wealth Manager.

Financial Counseling

For help with your finances, schedule an appointment with a Financial Counselor.
Meet with a Financial Counselor

Mortgage Lending

For all Mortgage appointments, please call 850-505-3200 ext. 8360 or email the Mortgage Department.

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