Best VA mortgage lenders in 2024

If you’re a member of the military, a veteran or an eligible spouse, the government has made it easy for you to obtain a low-cost mortgage in the form of a VA loan. VA loans come with some key advantages, including no down payment and no mortgage insurance requirement.

However, the exact terms of your particular VA loan and your borrowing experience can vary greatly, depending on the lender you choose. Bankrate has evaluated dozens of financial institutions, both bank and non-bank, offering VA loans. Here is our guide to the best VA mortgage lenders in 2024.

Bankrate’s picks for best VA loan lenders

USAA Mortgage

Learn morein our Bankrate review

• Why we chose USAA Mortgage

  Specializing in financial products for current and former military members and their families, USAA Mortgage has plenty of experience with VA loans. On top of this, it grants preapprovals  quickly and doesn’t charge an origination fee.

• Lender details

  • Nationwide availability: All U.S. states

  • Loan products: Conventional, jumbo, VA, refinancing

  • Credit requirements: 640 for VA loans

  • Down payment requirements: None for VA loans

• Pros and cons

  Pros

  • 24/7 customer service

  • Specializes VA loans and doesn’t charge VA loan origination fees

  Cons

  • Only available to military members, veterans and their families

Veterans United Home Loans

Learn morein our Bankrate review

• Why we chose Veterans United Home Loans

  Veterans United is the largest VA loans lender in the country — a specialist in them, as its name implies. It consistently receives accolades from J.D. Power and high marks from its borrowers for its customer service.

• Lender details

  • Nationwide availability: All U.S. states

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

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

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

• Pros and cons

  Pros

  • Specializes in VA loans

  • 24/7 customer service over the phone

  • Free credit counseling for service members

  Cons

  • Limited number of branches

Rocket Mortgage

Learn morein our Bankrate review

• 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

Navy Federal Credit Union

Learn morein our Bankrate review

• 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 members of the military. 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)

LoanDepot

Learn morein our Bankrate review

• Why we chose LoanDepot

  LoanDepot combines a robust online presence with over 200 branches located throughout the U.S. They’re a good option if you want a large VA lender with both 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

CrossCountry Mortgage

Learn morein our Bankrate review

• Why we chose CrossCountry Mortgage

  CrossCountry Mortgage is one of the top 20 mortgage lenders and one of the top 20 VA lenders by volume. With their nationwide availability and fast preapproval time, they’re 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

Qualifications for VA loans

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

• Be an active duty service member or veteran who was honorably discharged and meets minimum service requirements

• Have served 90 consecutive active days, at minimum, during wartime or at least 181 consecutive active days during peacetime, or served for six years or longer in the National Guard or Selected Reserve

• Be a surviving spouse of a service member or veteran

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

• The loan must be for your primary residence only.

• You’ll be charged an upfront VA funding fee.

• You must move into the home within 60 days of closing the loan, although there’s some flexibility with that time frame.

How to find a VA mortgage lender

Every borrower’s needs and circumstances are different, of course. But whatever your situation, it’s important to shop around and compare offers from at least three lenders: Snagging a competitive rate can save you thousands in the long run — and studies show that those who compare usually end up with a better deal.

VA mortgage rates (which Bankrate lists in easy-to-compare table form) tend to be lower than conventional loan rates, but it’s still important to be mindful of each VA mortgage lender’s credit score requirements, fees, application processing times and quality of customer service — all of which can vary considerably. You should also get a bead on the estimated closing costs for your VA loan, which can total up to 6 percent of the home purchase price.

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.

How we chose the best VA loan lenders

To determine the best VA mortgage lenders, Bankrate periodically evaluates more than 80 lenders for factors relating to affordability, availability and borrower experience, assigning each a Bankrate Score out of five stars. The best VA mortgage lenders generally have a Bankrate Score of 3.5 stars or higher. You can learn more about our methodology here.

FAQs about VA loans

• Is a VA loan better than a conventional loan?

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

  1. You are not required to make any sort of down payment with a VA loan.

  2. You won’t have to pay for mortgage insurance. With a conventional loan, you’ll have to pay this monthly surcharge if you put less than 20 percent down.

  3. VA loans can be easier to refinance if you want to tap your home’s equity down the line.

  4. There are generally no size limits on VA loans.

  Together, these perks can fast-track your dreams of purchasing a home and save you thousands over the life of your loan. However, if you can afford a 20 percent down payment, it could be more sensible to get a conventional loan instead of the VA version. You won’t incur mortgage insurance, and you’ll avoid the VA funding fee.

• What are the benefits of a VA loan?

  VA loans have a few major benefits:

  • There’s no minimum down payment

  • If you have full entitlement, you may not have a loan limit

  • You won’t have to pay mortgage insurance (but you will have to pay the VA Funding Fee)

• What fees are associated with a VA loan?

  Unique to VA loans, the VA Funding Fee ranges from 1.25 percent to 3.3 percent of the loan amount, depending on the size of your down payment and whether it’s your first time getting a VA loan.Along with the funding fee, you may have to pay other charges that are associated with all types of mortgages. These include appraisal fees, origination fees, title insurance and other closing costs.