Best VA Mortgage Lenders of November 2024
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A VA loan is a kind of mortgage exclusively for military borrowers and their surviving spouses. These loans are issued by lenders and guaranteed by the U.S. Department of Veterans Affairs. Benefits of these loans include no down payment or private mortgage insurance (PMI) requirements and comparatively low interest rates. NerdWallet picked some of the best VA mortgage lenders in a variety of categories to give you a head start.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best VA Mortgage Lenders of November 2024
Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
620 | 0% | Top 3 most visited 🏆 Learn more at Veterans United | ||
620 | 0% | |||
580 | 0% | Learn more at Rate | ||
 Rocket Mortgage, LLC: NMLS#3030 Top 3 most visited 🏆 Learn more at Rocket Mortgage, LLC | 580 | 0% | Top 3 most visited 🏆 Learn more at Rocket Mortgage, LLC | |
 Flagstar: NMLS#417490 LEARN MORE on NerdWallet | 580 | 0% | LEARN MORE on NerdWallet |
Explore all of our lender picks by category
- Largest VA lender in the country by far.
- Offers 24/7 customer service over the phone.
- Offers a free credit counseling service.
- Does not offer second mortgage options like home equity loans or HELOCs.
- Borrower must provide contact info for customized rates.
- Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.
- Offers low rates and fees compared with other lenders, according to the latest federal data.
- HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.
- Displays detailed sample rates for many of its loan products.
- Offers a wide variety of loans, including jumbo and interest-only products.
- HELOC has a relatively short draw period.
- Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
- Mortgage interest rates are on the low side compared to other lenders, according to the latest federal data.
- Offers the option to work with loan officers by phone if desired.
- Getting a customized interest rate requires a credit check, which can affect your credit score.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
- Offers a wide range of loan types and products, including FHA, VA and USDA.
- Borrowers can apply and track loan status online.
- Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.
- Home equity loans are geographically limited.
- Offers a broad selection of home loan products, including low-down-payment options for first-time home buyers and HELOCs.
- Offers a lender credit, based on loan amount, for purchase mortgages.
- Mortgage rates and fees are low compared with other lenders, according to the latest data.
- The lender credit isn't available for refinance mortgages.
- VA loans are the bulk of USAA’s business, so it knows the ins and outs of eligibility.
- Offers a conventional home loan with low down payment for first-time buyers.
- Doesn’t offer FHA or USDA loans, or second mortgages.
- Limited mortgage rate information is on the USAA website. For customized rates, you'll have to make contact.
- Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members.
- Offers HELOCs and home equity loans.
- Offers low rates compared with most lenders, according to the latest federal data.
- Website does not provide customized mortgage rates based on credit score or other factors before you apply.
- Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.
- Offers a wide variety of loan products, including government-backed and refinance options.
- Displays custom rate quotes based on home value, down payment or equity, ZIP code and credit score range.
- “Lock & Shop” lets you secure a rate for up to 90 days, even if you don’t have a purchase contract yet.
- Origination fees are on the higher end, according to the latest federal data.
- Doesn't offer home equity lines of credit or renovation loans.
- A good selection of loan products, including government-backed FHA and VA mortgages.
- Provides “same-as-cash” loan that allows borrowers to compete with cash offers.
- Online application process is clear and simple to follow.
- Doesn't lend in all states.
- Website doesn’t provide customized mortgage rates.
- Lender fees are on the high side, according to the latest federal data.
- Posts current mortgage rates on its website.
- Has an online application for mortgage preapproval and a digital tool to track application progress.
- Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan.
- In-person service is not available in every state.
- Offers specialty loans, such as construction and renovation loans and loans for second homes and investment properties.
- Participates in first-time home buyer assistance programs in Illinois, Indiana and Wisconsin.
- Sample rates for some loan products are available only by contacting a loan officer.
- Physical locations aren't available in all states.
Qualifying for a VA loan
VA home loans are backed by the U.S. Department of Veterans Affairs and provided by private lenders. VA loans require no down payment or mortgage insurance and have competitive mortgage rates compared to other types of home loans.
Active-duty military members and veterans who meet length-of-service requirements may apply for a VA loan. Some surviving spouses may also be eligible for a VA loan.
Special fees associated with VA loans
Borrowers are required to pay a “funding fee,” which could be compared to a one-time mortgage insurance payment since it protects the VA’s interest in case you default. This fee will amount to a certain percentage of your mortgage, which is calculated based on factors like your down payment and whether or not you’ve used your VA entitlement before.
Alternatives to VA loans
You may be denied a VA home loan if you don't meet the basic VA loan eligibility requirements or don't meet a lender's financial requirements. An FHA loan, insured by the Federal Housing Administration, might be an alternative if you have a lower credit score.
Some lenders may also have their own proprietary loan programs that fit the needs of service members. For example, Navy Federal Credit Union has a Military Choice Home Loan option for borrowers who have exhausted their VA loan benefit.
More from NerdWallet
Last updated on November 1, 2024
Frequently asked questions
- What lender is best for VA loans?
All VA loans are subject to rules and guidelines set by the U.S. Department of Veterans Affairs. Individual VA lenders vary by the services and options they offer as well as the requirements they set for borrowers, such as minimum credit scores, however. This is why it's important to shop around to compare mortgage rates and qualification requirements.
- What is the current interest rate for VA loans?
VA mortgage rates fluctuate daily, just as rates for other loans do. Rates also vary by lender, and the rate you're offered will depend on a variety of factors, such as your credit score. When shopping VA lenders, compare the annual percentage rate, or APR, to get a complete picture of the true costs. The APR includes the interest rate, fees and other costs of the loan.
- What credit score do you need to qualify for a VA loan?
The Department of Veterans Affairs doesn't set a minimum credit score for VA loans. But lenders can have their own requirements, and they often look for scores of 620 or higher. Lenders that accept lower scores may require applicants to meet stricter standards in other areas. VA lenders will also look at other factors, such as your debt-to-income ratio, to evaluate your ability to repay the loan.
Methodology
The star ratings on this page reflect each lender's performance in NerdWallet’s VA loans category. We scored the category and chose lenders for this page using the following methodology:
NerdWallet reviewed more than 50 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.
All reviewed mortgage lenders that offer VA loans were evaluated based on (1) the portion of their business dedicated to VA lending, (2) their market share among all 2022 VA loan originations, (3) their average VA loan origination fees, (4) their average VA loan interest rates, (5) their variety of VA loan types (including VA Energy Efficient Mortgages, VA rehab and renovation loans, VA Interest Rate Reduction Refinance Loans and VA cash-out refinances), (6) their VA interest rate transparency, (7) their ease of application. The highest scoring lenders appear on this page.
NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2022 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.
NerdWallet's Best VA Mortgage Lenders of November 2024
- Veterans United: Best for VA specialization
- NBKC: Best for ease of application
- Rate: Best for rate transparency
- Rocket Mortgage, LLC: Best for ease of application
- Flagstar: Best for variety of VA loan types
- PenFed: Best for low VA interest rates
- USAA: Best for VA specialization
- Navy Federal: Best for VA specialization
- Pennymac: Best for low VA interest rates
- Network Capital: Best for variety of VA loan types
- PNC: Best for ease of application
- Wintrust Mortgage: Best for variety of VA loan types
