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Bethpage Federal Credit Union Mortgage Review 2024

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At a glance

Bethpage Federal Credit Union
NMLS: 449104
Editor's take

Bethpage Federal Credit Union is a New York-based institution that works with mortgage borrowers everywhere except Texas. It’s relatively easy to join — simply open a $5 savings account. The credit union offers attractive rates plus banking services, but it only provides some types of mortgages. If you’re looking for a no-down payment loan VA or USDA loan, you’ll need to go elsewhere.

Bankrate Score
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4.9
Rating: 4.9 stars out of 5
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Customer Rating
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1.0
Rating: 1 stars out of 5

3 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 500 for FHA loans

Location

Nationwide availability

Available in all U.S. states except Texas

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans

At a glance

Bethpage Federal Credit Union

NMLS: 449104

4.9

Rating: 4.9 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, refinancing and more

Location

Nationwide Availability

Available in all U.S. states except Texas

Credit Good

Min. credit score required

620 for conventional loans, 500 for FHA loans

Bethpage Federal Credit Union overview

Bethpage Federal Credit Union is the largest in the Northeast, with headquarters in New York. The credit union primarily serves members near its branch locations in Long Island, New York, and New York City; however, its home loan products are available to nearly anyone in the U.S. (with the exception of Texas).

Pros and cons of Bethpage Federal Credit Union

Pros
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    Displays daily rates online

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    Rates tend to be lower than the national average

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    Offers HELOCs

Cons
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    Must be a member

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    Doesn’t offer USDA loans

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    Only offers VA refinances

Our Editor’s Take on Bethpage Federal Credit Union

Bethpage Federal Credit Union is a New York-based institution that works with mortgage borrowers everywhere except Texas. It’s relatively easy to join — simply open a $5 savings account. The credit union offers attractive rates plus banking services, but it only provides some types of mortgages. If you’re looking for a no-down payment loan VA or USDA loan, you’ll need to go elsewhere.

How Bankrate scored Bethpage Federal Credit Union

  • Affordability: Bethpage Federal Credit Union’s competitive rates (as of this review) make it a more affordable option compared to other lenders.
  • Availability: Bethpage Federal Credit Union offers mortgages to borrowers in almost every state (excluding Texas), but its government-backed options are somewhat limited.
  • Borrower experience: The credit union’s website features helpful resources and tools, along with the ability to apply for a loan when you’re ready.

Affordability: 9.8/10

Bethpage Federal Credit Union lists current rates for all of its mortgage programs on its website and updates them daily. The rates tend to be lower than Bankrate’s national average (as of this review). You can lock your rate for free for 60 days. If you need to extend the lock beyond that, you’ll be subject to a fee equal to 0.125 percent of the loan amount for each week of the extension, up to four weeks. The credit union also offers a float-down option that costs 0.375 percent of your loan principal for each 0.125 percent cut to your rate.

The credit union doesn’t disclose its other loan fees online, however; you’ll need to talk to a loan officer to learn what might apply to your mortgage.

Availability: 10/10

Bethpage Federal Credit Union offers some of the most popular mortgages, including conventional and FHA loans, to borrowers everywhere except Texas. It also provides 30-year fixed loans for investment properties (up to $1 million) and VA loan refinances, but not USDA loans. The credit union’s jumbo loan product accommodates amounts up to $1.5 million.

Borrower experience: 9.6/10

Bethpage Federal Credit Union was founded more than 80 years ago. While it isn’t accredited by the Better Business Bureau, it does have an A- rating from the organization.

You can apply for a mortgage online, with the process typically taking between 15 minutes and 20 minutes to complete. Once you submit your application, you can monitor progress via the credit union’s online borrower portal. Alternatively, you can request a call from a loan officer (with a call back within one or two business days), or call 855-285-8094, Monday through Saturday.

The Bethpage website also features a range of calculators and educational content for homebuyers.

How to apply for a mortgage with Bethpage Federal Credit Union

You can apply for a mortgage with Bethpage Federal Credit Union in person at a branch location, online or by phone at 855-285-8094. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Bethpage Federal Credit Union

Bethpage Federal Credit Union offers both rate-and-term and cash-out refinancing options. While the credit union doesn’t disclose any information about closing time or fees online, it does display refinance rates. In general, member-owned credit unions tend to have lower costs than banks and bigger lenders.

Compare Bethpage Federal Credit Union to other lenders

Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

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Rocket Mortgage
Rating: 4.6 stars out of 5
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4.6

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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 10%-15% for jumbo loans, 3.5% for FHA, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states

Bethpage Federal Credit Union customer ratings and reviews

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NMLS: 449104

1.0

Rating: 1 stars out of 5

3 ratings

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This lender has 2 recent reviews.

Knowledge
Rating: 1.7 stars out of 5
Level of service
Rating: 1.7 stars out of 5
Professionalism
Rating: 1.7 stars out of 5
Responsiveness
Rating: 2.3 stars out of 5
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0% of customers would recommend this lender.

of 2 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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