Old 03-05-2014, 06:18 PM
  #1  
gr8vu
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Joined APC: Apr 2013
Position: Retired AF/A320 FO
Posts: 326
Default Penfed denies house loan to retiring officer

I guess honesty is not the best policy.

Even with a credit score north of 800 and ability to put 20% down and a net worth 3x greater than the loan amount, Pentagon Federal Credit Union denied my mortgage loan application.

This happened when I was asked to produce military orders for my move and I responded that I was retiring to my home of record. When they ran the new numbers, my retirement pay didn't meet their 43% debt ratio based on "current" income so despite my strong credit history, no unsecured/credit debt, and ability to pay the loan for the next 30 years, they said I didn't meet their criteria.

They couldn't even consider the fact that I had written job offers this summer since they required at least 2 pay stubs to include the income in the calculations.

Should be able to get a loan from someone else but was very surprised that an organization so closely tied to the military couldn't make an exception to a situation that could impact many future vets.
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