Bethpage Federal Credit Union Mortgage Review 2021

Bethpage Federal Credit Union overview

Bethpage Federal Credit Union is a brick-and-mortar institution offering a range of lending products. It's one of the largest credit unions in the nation, serving over 400,000 members. Bethpage is headquartered in Bethpage, New York, and has roots dating back to 1941. In 2016, it made membership available to anyone who opens a Bethpage savings account with at least $5. “When it comes to lending, Bethpage is best known for our great rates and low fees," says Bob Lund, VP of mortgage lending at Bethpage Federal Credit Union. “As one of only a few credit unions with an open charter, we are well-positioned to serve diverse markets and needs building on our core values as a trusted community financial partner." 

Loan Types

Conventional, FHA, jumbo, fixed-rate, adjustable-rate (ARM). Refinancing options include rate– and–term refinancing and cash-out refinancing. Home equity options include home equity loans and home equity lines of credit (HELOCs).

Lender fees

Bethpage’s lender fees vary by location. In New York, for example, it charges lender fees of $725 for a purchase loan and $820 for a refinance. Those fees include origination and application costs. But the credit union’s fees may be higher or lower depending on state, loan type and other factors. 

Since it keeps costs low for all of its members, it doesn’t offer discounts on lender fees. However, there are no prepayment penalties for paying your loan off early. Plus, Bethpage offers a free rate lock feature and free pre-qualification.

Minimum borrower requirements

Bethpage Federal Credit Union follows Fannie Mae’s underwriting guidelines for conventional mortgages. That means in order to qualify for a loan you’ll generally need a credit score of 620 or higher, a down payment of at least 3 percent and a debt-to-income ratio (DTI) of 43 percent or lower.  

The credit union finances jumbo loans up to $2.5 million for fixed-rate products and up to $5 million for ARMs. In order to qualify for a jumbo mortgage, you’ll typically need a credit score of at least 660 or higher and a DTI of 43 percent or lower.

For FHA loans, Bethpage follows government-issued guidelines. Borrowers can generally qualify for an FHA loan with a credit score as low as 500 and a DTI as high as 50 percent.

Government requirements for FHA and VA loans are detailed here:

FHA loan requirements

VA loan requirements