Best VA Mortgage Lenders in 2024 - PlantSolo

Best VA Mortgage Lenders in 2024 - PlantSolo

However, your VA loan's specifics and credit history may differ significantly based on the lender you select. Bankrate has assessed numerous banks and non-bank financial organizations that provide VA loans. This is our 2024 guide to the top VA mortgage lenders.

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 active and retired military personnel and their families. It offers V A and defensive ex-loans, no upfront costs, and instant pre-approval.

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

• Specializes on VA loans and removes origination fees for VA loans

Cons

• Exclusive to veterans, active duty personnel, and their families.

Why we chose Veterans United Home Loans

Veterans United is the country's biggest lender of VA loans, as its name implies. JD Power and its borrowers give high marks to its customer service and consistently express their satisfaction.

Lender details

• Nationwide Availability: All US States.

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

• Credit requirements: 620 for conventional loans, 620 for VA loans

• Down Payment Requirements: 3% for traditional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Pros and Cons

Pros

• Specializes in VA 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 US by volume and the nation's most significant VA mortgage lender.

Lender details

• Nationwide Availability: Available in all US states

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

• The credit requirements for conventional loans are 620, jumbo loans are 680, FHA loans are 580, and VA loans are 580.

• 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

As its name suggests, Navy Federal Credit Union specializes in serving military personnel and is among the top VA lenders in the country based on volume. It boasts excellent customer satisfaction ratings and a complex online application process.

Lender details

• Nationwide Availability: All US 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 is required and open only to active and retired military personnel and family members.

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

Why we chose LoanDepot

LoanDepot has over 200 branches across the United States and a solid online presence. They're a good option if you're searching for a large VA lender with both online and in-person contact options.

Lender details

• Nationwide Availability: All US states

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

• Credit requirements are as follows: 580 for FHA loans, 700 for jumbo loans, 620 for conventional loans, and 580 for VA loans.

• Down Payment Requirements: 5% for traditional loans, 3.5% for FHA loans, and 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

LoanDepot boasts more than 200 locations nationwide and a robust online presence. It's a good choice if you're looking for a sizable VA lender with online and in-person communication options.

Lender details

• Nationwide US liability: All US states

• Loan products: USDA, VA, FHA, USDA, conventional, and jumbo financing
  

• Credit requirements: 620 for traditional 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

Only those borrowers who fulfill these requirements are eligible for VA loans:

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

• You must 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 Select Survival.

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

To qualify at the minimum, you must obtain a VA lender's state of eligibility (COE) and meet your lender's minimum credit score, debt-to-income (DTI), and income requirements. In addition, the following criteria aV.A.ly:

• The loan should be for your primary residence only.

• You will be charged an up-front VA financing fee.

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

Who are the largest VA mortgage lenders in the US?

Here are the top 10 VA mortgage lenders for the fiscal year 2023, ranked by the number of loans they originated. This list can be compared to our list of the best VA lenders.

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

Bankrate consistently rates more than 80 lenders for affordability, availability, and borrower experience and then assigns a five-star Bankrate score to each lender to identify the top VA mortgage lenders. A bank rate score of 3.5 stars or higher is typically associated with the top VA mortgage lenders. Here is more information about our methodology.

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 0%.

• If you want to access the equity in your house, refinancing a VA loan may be more straightforward.

• There is generally no size limit for VA loans. These advantages can help you realize your dream of owning a home sooner and save thousands of dollars over the loan. However, getting a conventional loan rather than the VA version makes more sense if you can afford a 20% down payment. You will not be eligible for VA financing fees or mortgage insurance.

What are the benefits of a VA loan?

Some of the critical benefits of VA Loan are:

• There is no minimum down payment.

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

• Mortgage insurance won't be required of you; however, the VA will cover the VA financing charge.

What fees are associated with a VA loan?

The VA funding fee excludes VA loans and varies from 1.25% to 3.3% of the loan amount based on your down payment amount and whether this is your first VA loan. VA closing costs are in addition to the funding fee.