PEFCU is here to make it easy
Publix Employees Federal Credit Union offers conventional fixed rate home loans to our Members for the purchase or refinance of their primary residence with a minimum down payment of 5%. Any down payment of less than 20% will require Private Mortgage Insurance. We also offer a fixed rate, 15 year term second mortgage. The home must be an existing single family, detached, block or frame house located in Florida or Georgia. We do not offer financing for rental properties, vacation homes, duplexes, condominiums or townhouses.
Approval criteria involves the evaluation of each loan applicant’s credit history, employment stability and other verifiable sources of income, as well as assets needed for down payment and other funds needed for closing. In general, a credit score of at least 620 is desirable in evaluating the credit risk associated with a mortgage loan. However, we do not discourage our Members from submitting an application for a home loan for consideration regardless of credit score.
As a service to our Members we also accept applications for Pre-Approvals. This process entails the review of your completed application, income and asset verification and your complete credit report. A $25.00 fee for obtaining your credit report will be charged upon receipt of your Pre-Approval application.
Prior to initiating a request for a Pre-Approval, we recommend that our Members request a copy of their annual free credit report. This will give you a snapshot of your credit file so you can review it for accuracy and give you the opportunity to address any outstanding issues prior to applying for a home loan. You can request your free annual credit report by calling 877-322-8228 or at www.annualcreditreport.com.
We highly recommend our mortgage loan prequalification calculator to help you determine an estimated mortgage amount you may qualify for based solely on your income. While the loan prequalification calculator does not guarantee you will qualify for a home loan, it is a starting point.
The prequalification calculator can be found at www.pefcu.com under the SERVICES tab, choose Financial Tools, then Calculators. Inside the Calculators section select “How much home can I afford?” and complete the form in its entirety, as accurately as you can. Once the form is completed and you have clicked on the “Calculate” button you will find a loan amount, based on the information provided in the Mortgage Information section for both a 10% and 20% down payment scenario.
If at any time you have questions, please feel free to contact the Mortgage Department at mortgage@pefcu.com or by phone at 800-226-6673, ext. 6515.
