BPFCU Mortgage Rates Reviews: Today’s Best Analysis

BP Federal Credit Union (BFCU) is a credit union that was founded in 1937 and headquartered in Houston.

It is not listed with the BBB, nor does it have a Trustpilot score. It offers several mortgage loans, though it doesn’t provide loan details on its website.


  • Offers memberships to employees or contractors of BP, those working for a select list of 22 additional companies, and relatives and domestic partners of eligible employees
  • Does not provide an online application tool or other digital resources
  • Offers home equity and home improvement loans as well as mortgages
  • Has three branches located in Houston
  • Does not have a Better Business Bureau (BBB) rating
  • Was founded in 1937

BPFCU Overview

bpfcu mortgage rates reviewBP Federal Credit Union (BPFCU) was established in Houston, Texas, in 1937 and currently has three locations in the greater Houston area. Memberships are open to employees and contractors of BP as well as employees of 22 other companies. Relatives and domestic partners of eligible consumers can also become members.

BPFCU is not listed as one of the top mortgage originators dominating the market; however, it had $32.5 million in mortgage loans for 2014.

While it offers mortgages as well as home equity and home improvement loans, it does not detail its products online. There is also no online application tool requiring consumers to download, print, and either fax, scan, or email an application to their BPFCU loan officer. Potential borrowers also have to download, print, and send their credit report authorization form to authorize BPFCU to pull a hard credit report, verify employment and assets, along with collecting additional underwriting information.

BPFCU has somewhat flexible mortgage qualification requirements. It doesn’t have a minimum credit score requirement but evaluates each application on a case-by-case basis. While it prefers borrowers to have a debt-to-income (DTI) ratio of 45 percent or less, it will work with individuals who have higher DTIs in some cases.

There is little online information about BPFCU, outside of its website. The credit union isn’t listed with the Better Business Bureau (BBB), it doesn’t have a Trustpilot rating, and was not reviewed by WalletHub or Bankrate.

Current BPFCU Mortgage Rates

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BPFCU Loan Specifics

The mortgage section on BPFCU’s website is sparse, offering only general information about their loans as well as contact information for pre-approvals. It lists a variety of mortgage types but doesn’t specifically identify which ones it provides.

Among the mortgage types listed are:

Fixed-rate loans

Fixed-rate loans have a fixed interest rate that never changes throughout the life of the loan, unless the borrower refinances the loan. This is advantageous for monthly and long-term budgeting. Fixed-rate mortgages can be applied to any loan program, including conventional, jumbo, FHA, or VA loans.

Adjustable-rate loans

Adjustable-rate mortgages (ARMs) have a short fixed-rate period at the beginning of the loan term (typically the first 3, 5 or 7 years), and then the rate is re-adjusted periodically based on market conditions. Most ARMs re-adjust annually after the fixed period ends, though some re-adjust every 3 or 5 years.

The advantage of an ARM is that the introductory rate during the fixed period is typically a lower rate, which is appealing. However, the rate will go up once the fixed-rate loan period ends, and then the rate will re-adjust periodically. People who plan to sell the home or refinance their mortgage before the fixed-rate period ends may benefit most from going with an ARM. Like fixed-rate mortgages, ARMs can be applied to any loan program. BPFCU does not list which ARM options it offers.

Federal Housing Administration (FHA) loans

The Federal Housing Administration backs FHA loans, and generally carry lower credit requirements than the standard mortgage.

Veterans Affairs (VA) loans

VA loans are available to veterans, active-duty servicemen and women, and certain eligible spouses and dependents. VA loans typically require little to no down payment and offer lower interest rates.

United States Department of Agriculture (USDA) loans

BPFCU doesn’t list USDA loans on its website, but there is an option to specify this mortgage type on the generic downloadable application form available on its website. These loans are backed by the USDA and can be used to purchase homes in rural areas. There are income restrictions for this type of loan, which vary depending on the area in which the house is located. They also offer low-interest rates and have minimal down payment requirements.

Jumbo loans

Jumbo loans are mortgages that exceed a certain amount pre-determined by the government-mandated entities, Fannie Mae and Freddie Mac. In 2019, the maximum conventional loan limit for conforming loans is $484,350, and any mortgage amount over this is considered a jumbo loan. BPFCU provides mortgage loans up to $2 million.

Conventional loans

Conventional loans are mortgages that are not backed by a government agency, such as FHA or VA loans, and carry lower than the conforming loan limit set by Freddie Mac and Fannie Mae.

Home equity loans

These loans let borrowers take out a portion of their home equity to spend as they choose. BPFCU offers home equity loans up to 80 percent of a home’s value.

Home improvement loans

BPFCU offers home improvement loans up to 90 percent of a home’s value, contingent upon the borrower having a valid contract with a home improvement contractor. Funds are provided directly to the contractor. There is a draw schedule or a period during which the contractor can access the funds to perform home improvement work.

BPFCU Customer Experience

BPFCU does not have an online application for mortgage loans, but it does have one for other types of loans, including home equity and home improvement. The site also provides three downloadable forms on its website:

  • A prequalification worksheet
  • A mortgage application
  • A borrower’s authorization form

The prequalification worksheet requires certain information from a borrower including name and contact information, as well as a borrower’s list of assets and financial history including bankruptcies, alimonies, or tax liens.

The application is an unbranded document that requires information like the applicant’s Social Security number, employment and income information, details about assets and liabilities, and more. It’s a fillable PDF.

The Borrower’s Authorization Form is a PDF that isn’t fillable. Signing it gives BPFCU permission to verify employment, income, and asset information, as well as a credit report pull and references such as past landlords or mortgage providers.

Consumers can print out and fill out each form, then fax, or scan, and email the documents to Pam Henry, a BPFCU employee. An email address and fax number are provided.

The company’s website does not offer material covering the mortgage or home buying processes, but the credit union refers consumers to Mortgage News Daily to find up-to-date information about home loans.

BPFCU is not listed in the J.D. Power 2018 U.S. Primary Mortgage Origination Satisfaction Study. It’s also not named in the Consumer Finance Protection Bureau’s (CFPB) complaint report.

Mortgage loans are available to members of BPFCU or people who qualify for membership. To qualify, a person must either work at BP, contract for BP, or work at one of 22 specified companies. Family members or domestic partners of people who qualify may also become members.

BPFCU Lender Reputation

BPFCU was founded in 1937 and is a member of the National Credit Union Association (NCUA) and is an equal housing lender.

Consumers interested in a mortgage with BPFCU will be required to send their application, borrower’s authorization form or prequalification worksheet to Pam Henry at BPFCU. Its Nationwide Mortgage Licensing System (NMLS) ID is 350135.

BPFCU is not listed with BBB and does not have a Trustpilot score. There are no regulatory actions listed against the credit union with the NMLS, and there are no enforcement actions taken against the company listed with the CFPB.

There are two customer reviews for one of BPFCU’s branches listed on Credit Unions Online. In 2017, one user gave the credit unions five out of five stars. Another user gave the credit union one star, citing insufficient technology and website features as the reason.

  • Information collected Feb. 8, 2019.

BPFCU Mortgage Qualifications

To qualify for a mortgage with BPFCU, most people would have to have a debt-to-income (DTI) ratio of 45 percent. It doesn’t have a minimum income requirement, putting more focus on the DTI ratio.

In some cases, it’ll work with applicants who have higher DTIs. While BPFCU won’t work with an applicant who doesn’t have a credit score, it does offer a less strict credit score requirement and evaluates each applicant on a case-by-case basis.

The minimum down payment requirement is 5 percent, and the credit union does accept gift funds. However, the funds must come from a family member, a fiancé, or another personal connection to the applicant. Down payments made through a gift fund must also have a gift letter and a paper record of the transfer of gift funds from the fund giver’s band account to the applicant’s account.

BPFCU does not work with any down payment assistance programs.


Financial details of borrower and application

Likelihood for mortgage approval

DTI 45 percent or below


DTI 46 percent or above

Possible, but less likely

Down payment 5 percent or more of the home’s value


Down payment 5 percent or less of the home’s value

Possible, depending on the program

Using gift funds for a down payment

Possible if from a family member and has proper documentation

Using a down payment assistance program


Credit score 620 or higher


Credit score 619 or lower


No credit score


BPFCU Phone Number & Additional Details

  • Homepage URL: https://www.bpfcu.org/
  • Company Phone: (281) 870-8000
  • Headquarters Address: 580 WestLake Park Blvd., Suite 150, Houston, TX 77079-2628


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