Through an independent review process, we recommend the best products, and advertisers have no influence over our recommendations. If you visit one of the partners we recommend, we may be compensated. The Department of Veterans Affairs backs VA loans, which are a type of mortgage loan (VA). Loans are guaranteed by the VA and issued by private banks, credit unions, and other lenders through the VA-backed loan program. This enables military service members and their families to purchase a home with fewer qualifications than traditional mortgages and, in many cases, no down payment. Costs, the application process, customer service, and online loan management experience are all important factors to consider when choosing a VA loan. In all or most of these categories, the best VA loan lenders will be competitive.
Veteran's United Home Loans has the best overall ratingVeterans United Home Loans is a company that focuses solely on VA loans. That's one of the reasons it came in first on our list. In 2020 and 2021, Veterans United was the third-largest originator of VA loans (the largest in 2019). It has a good reputation and offers competitive interest rates. However, no consumer mobile app is available, which may irritate some users. If your credit score is less than 620, you may be eligible for Veterans United's credit building program, but you may not be approved for a loan.
The Best Online Creditor, Rocket MortgageWhy Did We Pick It? Quicken Loans, now Rocket Mortgage, was the second-largest VA loan originator in 2020 and 2021, and the largest mortgage originator in the United States in 2019. 21 It has a number of J.D. Power awards, including seven years as the top mortgage servicer in J.D. Power's U.S. Primary Mortgage Servicer Satisfaction Study. Rocket Mortgage, the company's online mortgage application platform, is one of the easiest and fastest to use. Rocket Mortgage earns our top spot as the best online VA loan lender due to the efficiency of its online lending platform, as well as competitive loan rates and excellent customer service. For VA loans, Rocket requires a minimum credit score of 620.
The Best BankUSAAWhy Did We Pick It? USAA is a bank dedicated solely to serving military personnel, veterans, and their families. Due to competitive rates and excellent customer service, USAA receives high marks for many of its products (particularly insurance). In J.D. Power's studies of insurance and mortgage lenders, it outperformed the top-ranked companies in terms of overall customer satisfaction. 45 It also has an online VA loan eligibility tool that can help you figure out if you qualify and how to apply. USAA's VA loans are created through a simple online process that includes an online preapproval application. In 2020, USAA ranked fifth among VA loan originators and tenth in 2021.
Best Credit Union Navy Federal Credit UnionWhy Did We Pick It? Members of any branch of the US military or Department of Defense personnel can join Navy Federal Credit Union, despite the name. In a J.D. Power study, Navy Federal received high marks for customer satisfaction and offered VA loans with the lowest APRs on our list. 4 It also has a partnership with RealtyPlus, which can assist you in finding a real estate agent in your area. Navy Federal Credit Union may be a good fit for your entire financial picture, including checking, savings, and credit cards. Navy Federal was the sixth-largest VA home loan originator in 2020, and the ninth-largest in 2021.
Best for Fair Credit Freedom MortgageWhy did we pick it? Freedom Mortgage was the largest originator of VA loans in 2020 and 2021, according to VA data. It focuses primarily on VA loans and is more likely than other lenders on our list to work with applicants with lower credit scores (as low as 600). Freedom Mortgage has a low-rate guarantee (for purchase loans) and an automated text alert system when rates drop or the value of your home rises, which is nice given that it doesn't publish rates on its website. It also provides access to a variety of useful resources, such as mortgage calculators and borrower education materials, to anyone who visits the website. Compare providers
|LENDER||WHY WE PICKED IT||MINIMUM RECOMMENDED CREDIT SCORE|
|Rocket Mortgage||Best Online Lender||620|
|Navy Federal Credit Union||Best Credit Union||Not disclosed|
|Freedom Mortgage||Best for Fair Credit||600|