Best VA loan lenders in 2024
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Comparing lenders, you might not expect many differences with loans guaranteed by the Department of Veterans Affairs (VA). 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
| VA mortgage lender | Bankrate Score | Minimum credit score | Minimum down payment |
|---|---|---|---|
| USAA | 4.8 | 640 for VA loans | 0% for VA loans |
| Veterans United Home Loans | 4.9 | 620 for VA loans | 0% for VA loans |
| Rocket Mortgage | 4.6 | 580 for VA loans | 0% for VA loans |
| Navy Federal Credit Union | 4.4 | Undisclosed | 0% for VA loans |
| LoanDepot | 4.2 | 620 for VA loans | 0% for VA loans |
| CrossCountry Mortgage | 4.0 | Undisclosed | 0% for VA loans |
USAA
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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.
Veterans United Home Loans
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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.
Rocket Mortgage
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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.
Navy Federal Credit Union
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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.
LoanDepot
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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.
CrossCountry Mortgage
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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.
How to find a VA mortgage lender for you
- Make sure you’re eligible. You’ll need to obtain your certificate of eligibility (COE) before applying for a VA loan.
- Apply and compare offers. Apply for preapproval with at least three VA lenders to compare their rates and fees. 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.
- Read reviews and compare lenders. Check out lender reviews and examine the best VA mortgage lenders side by side.
- Estimate closing costs. Get a read on the estimated closing costs for your VA loan, which can total up to 6 percent of the home purchase price.
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 an eligible service member or veteran
To qualify for a VA loan, you must also secure a certificate of eligibility (COE) and meet your lender’s minimum credit score, debt-to-income (DTI) ratio and income requirements. In addition:
- The loan must be for your primary residence only.
- You must pay the 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.
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 as of March 2024, as reported by the VA:
| VA mortgage lender | Originations, loan volume | Originations, dollar volume |
|---|---|---|
| Veterans United Home Loans | 5,082 | $1.59 billion |
| United Wholesale Mortgage | 2,929 | $1.26 billion |
| Rocket Mortgage | 2,019 | $699 million |
| Freedom Mortgage | 1,712 | $598 million |
| Village Capital & Investment (Village Home Mortgage) | 1,335 | $464 million |
| Navy Federal Credit Union | 1,112 | $416 million |
| DHI Mortgage | 1,012 | $369 million |
| Pennymac | 814 | $293 million |
| CrossCountry Mortgage | 698 | $284 million |
| NewDay USDA | 636 | $166 million |
FAQs about VA loans
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There might be advantages to a VA loan over a conventional loan, even if you qualify for both:
- In most cases, you are not required to make any sort of down payment with a VA loan.
- 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.
- VA loans can be easier to refinance if you want to tap your home’s equity down the line.
- 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.
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VA loans have a few major benefits:
- There’s no minimum down payment.
- If you have full entitlement, there’s no VA loan limit.
- You won’t have to pay mortgage insurance (but you will have to pay the VA funding fee).
Learn more: VA loan pros and cons
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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’ll pay VA closing costs.Learn more: What are VA closing costs?
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Besides VA loans, veterans and active service members might also be interested in a conventional loan or an FHA loan. Both conventional and FHA loans might be quicker to close than VA loans and can have less paperwork, though they require a down payment and sometimes come with slightly higher rates.
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To determine the best VA loan 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 loan lenders generally have a Bankrate Score of 4 stars or higher. Learn more about our methodology.
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