Best VA Mortgage Lenders in 2024

Best VA Mortgage Lenders in 2024

However, the exact terms of your specific VA loan and your borrowing experience may vary greatly, depending on your chosen lender. Bankrate has reviewed dozens of banks and non-bank financial institutions that offer VA loans. Here's our guide to the best VA mortgage lenders in 2024.

Bankrate’s picks for best VA loan lenders

VA Mortgage Lender	Bankrate Score	Minimum Credit Score	Minimum Down Payment
USSA Mortgage	4.8/5	640 for VA Loans	0% for VA Loans
Veterans United Home Loans	4.9/5	640 for VA Loans	0% for VA Loans
Rocket Mortgage	3.8/5	580 for VA Loans	0% for VA Loans
Navy Federal Credit Union	4.4/5	Undisclosed for VA loans	0% for VA Loans
Loan Depot	4.2/5	620 for VA Loans	0% for VA Loans
Cross Country Mortgage	4.0/5	Undisclosed	0% for VA Loans

 

Why We Chose USAA Mortgage

USAA Mortgage specializes in financial products for current and former military members and their families and has extensive experience with VA loans. Also, it gives instant pre-approval and charges no upfront fees.

Lender's Details

• Nationwide Availability: All US States

• Loan Products: Conventional, Jumbo, VA, Refinance

• Credit Requirements: 640 for VA loans

• Down Payment Requirements: None for VA loans

Pros and Cons

Pros

• 24/7 customer service

• VA specializes in loans and does not charge any VA loan origination fees.

Cons

• Available only to military members, veterans, and their families.

Why We Choose Veterans United Home Loans

Veterans United is the nation's largest V.A. lender. An expert among them, as his name suggests. He constantly receives praise from J.D. Power and high ratings from its lenders for their customer service.

Lender's Details

• Nationwide Availability: All U.S. States.

• Loan Products: Conventional, Jumbo, FHA, VA, USDA, Refinance

• Credit requirements: 620 for conventional loans, 620 for V.A. loans

• Down Payment Requirements: 3% for conventional loans, 3.5% for FHA loans, none for V.A. loans and USDA loans

Pros and Cons

Pros

• Specializes in V.A. loans

• 24/7 customer support by phone

• Free credit counseling for service members

Cons

• A limited number of branches.

Why we chose Rocket Mortgage

Rocket Mortgage, a pioneer in online lending, has grown to be the biggest mortgage lender in the U.S. It’s also one of the country’s largest VA mortgage lenders by volume.

Lender details

• Nationwide Availability: Available in all U.S. states

• Loan Products: Conventional, jumbo, FHA, VA, refinancing

• Credit Requirements: 620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

• Down Payment Requirements: None for VA loans

Pros and Cons

Pros

• Superior customer service, including chat and screen-sharing

• Up to $10,000 rebate for buying and selling through affiliate Rocket Homes

Cons

• No branch locations

Why we chose Navy Federal Credit Union

Navy Federal Credit Union is one of the nation’s top VA lenders by volume and (as its name implies) a specialist in serving military members. It has a sophisticated online application experience and scores highly for customer satisfaction.

Lender details

• Nationwide Availability: All U.S. states

• Loan Products: Conventional, jumbo, VA, refinancing

• Credit Requirements: Undisclosed

• Down Payment Requirements: 3% for conventional loans, none for VA loans

Pros and Cons

Pros

• Allows up to two rate relocks

• Provides rate-match guarantee or pays $1,000

Cons

• Membership required (only available to current/veteran military and family)

• 1% origination fee (waivable with a higher interest rate)

Why we chose LoanDepot

LoanDepot combines a robust online presence with over 200 branches throughout the U.S. They’re a good option if you want a large VA lender with online and in-person communication options.

Lender details

• Nationwide Availability: All U.S. states

• Loan Products: Conventional, jumbo, FHA, VA, refinancing

• Credit Requirements: 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

• Down Payment Requirements: 5% for conventional loans, 3.5% for FHA loans, none for VA loans

Pros and Cons

Pros

• Perks like discounts on home security and moving expenses, smart home products

• Waives fees for existing customers who refinance

Cons

• No mortgage rates on its website

Why we chose CrossCountry Mortgage

CrossCountry Mortgage is one of the top 20 lenders and one of the top 20 VA lenders by volume. Their nationwide availability and fast preapproval time make them a top contender for VA loans.

Lender details

• Nationwide availability: All U.S. states

• Loan products: Conventional, jumbo, FHA, VA, USDA, refinancing

• Credit requirements: 620 for conventional loans, 660 for jumbo loans, 500 for FHA loans

• Down payment requirements: 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Pros and cons

Pros

• $4,000 in down payment assistance for first-time homebuyers

• Very diverse product range

Cons

• No mortgage rates on its website

VA Loan Eligibility

VA loans are only available to borrowers who meet these criteria:

• Be an active duty service member or honorably discharged veteran and meet the minimum service requirements.

• Serve at least 90 consecutive active days during wartime, 181 successive busy days in peacetime, or six years or more in the National Guard or Selected Reserve.

• Be the surviving spouse of a service member or veteran.

To qualify for a VA loan, you must obtain a VA Certificate of Eligibility (COE) and meet your lender's minimum credit score, debt-to-income (DTI), and income requirements. In addition, the following criteria apply:

• The loan should be for your primary residence only.

• You will be charged an upfront VA financing fee.

• You must move into the home within 60 days of the loan closing, although this timeline has some flexibility.

How to Find a VA Mortgage Lender

Of course, every borrower's needs and circumstances are different. But whatever your situation, it's essential to compare rates. It offers from at least three lenders: Getting a competitive rate can save you thousands of dollars in the long run, and studies show that people usually bargain better.

VA mortgage rates (listed in Bankrate's easy-to-compare table) are lower than conventional loan rates. However, it's still important to consider each VA mortgage lender's credit score requirements, fees, application processing times, and customer service standards, which vary considerably. You should also know the estimated closing costs of your VA loan, which can add up to 6% to the purchase price of a home.

Who are the largest VA mortgage lenders in the U.S.?

For comparison to our best VA lenders list, here are the 10 largest VA mortgage lenders (based on the number of loans originated) for fiscal year 2023.

VA Mortgage Lender	Annual Number of Loan Originations	Value of Loan Originations
Veterans United Home Loans	58,253	$17.7 Billion
United Wholesale Mortgage	29,901	$12.8 Billion
Rocket Mortgage	22,553	$7.5 Billion
Navy Federal Credit Union	17,014	$6.4 Billion
DHI Mortgage Company	10,718	$3.9 Billion
Loan Depot	9,087	$3.5 Billion
USSA	8,608	$3.0 Billion
Freedom Mortgage	8,191	$2.8 Billion
Fairway Independent Mortgage	8,037	$3.2 Billion
Pennymac	7,382	$2.7 Billion

How We Choose the Best VA Loan Lenders

To determine the best VA mortgage lenders, Bankrate regularly evaluates more than 80 lenders for affordability, availability, and borrower experience, assigning each a five-star Bankrate score. The best VA mortgage lenders usually have a bank rate score of 3.5 stars or higher. You can learn more about our methodology here.

VA Loan FAQs

Is a VA loan better than a conventional loan?

There are significant advantages to choosing a VA loan over a conventional loan, even if you qualify for both:

• A down payment is not required with a VA loan.

• You don't have to pay mortgage insurance. With a conventional loan, you'll have to pay this monthly fee if you put down less than 20%.

• VA loans can be easier to refinance if you want to tap into the equity in your home.

• There is generally no size limit for VA loans.

Together, these benefits can accelerate your home-buying dreams and save you thousands of dollars over the life of your loan. However, if you can afford a 20% down payment, taking out a conventional loan may make more sense than the VA version. You won't have mortgage insurance, and you'll avoid VA financing fees.

What are the benefits of a VA loan?

Some of the critical benefits of VA loans are:

• There is no minimum down payment.

• If you are fully entitled, you may not have a loan limit.

• You will not have to pay mortgage insurance (but you will have to pay the VA financing fee).

What fees are associated with a VA loan?

Exclusive to VA loans, VA funding fees range from 1.25% to 3.3% of the loan amount, depending on the size of your down payment and whether you are taking out a VA loan for the first time. In addition to the financing fee, you may have to pay other charges associated with each type of mortgage. These include appraisal fees, origination fees, title insurance, and additional closing costs.