Best VA Loan Lenders: When it comes to securing a mortgage, especially for veterans, active-duty military personnel, or eligible spouses, the VA loan program stands out as a stellar option. VA loans come with a range of advantages, including no down payment requirements and the absence of mandatory mortgage insurance. If you’re in search of the top VA mortgage lenders in 2023, you’ve come to the right place. Bankrate has meticulously assessed numerous mortgage lenders, and we are here to guide you through the cream of the crop.
Best VA Loan Lenders
Veterans United Home Loans
| Feature | Details |
|---|---|
| Availability | Available in all U.S. states |
| Loans offered | Conventional, jumbo, VA |
| Credit requirements | 620 for conventional and VA loans |
| Down payment minimum | 5% for conventional loans; none for VA loans |
| Where to find | Branch locations and online |
Key Features:
- No fees
- Expedited closing in as little as three weeks
- No home equity lines of credit (HELOCs) or home equity loans (second mortgages)
Cardinal Financial
| Feature | Details |
|---|---|
| Availability | Available in all U.S. states |
| Loans offered | Conventional, FHA, VA, USDA |
| Credit requirements | 620 for conventional loans; 580 for VA loans |
| Down payment minimum | 3% for conventional loans; none for VA loans |
| Where to find | Online and in-person |
Key Features:
- Collaborates with affordable housing, first-time homebuyer, and down payment assistance programs nationwide
- Offers specialized loan products
Check this also: Title Loan Online No Credit Check No Inspection
LowRates.com
| Feature | Details |
|---|---|
| Availability | Available in 48 U.S. states (not available in GA or MA) |
| Loans offered | Conventional, jumbo, FHA, VA, USDA |
| Credit requirements | 620 for conventional loans; 700 for jumbo loans; 500 for FHA and VA loans |
| Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans |
| Where to find | Online |
Key Features:
- No fees
- Swift closing in as little as 20 days
- Provides HELOCs and home equity loans
Navy Federal Credit Union
| Feature | Details |
|---|---|
| Availability | Available in all U.S. states |
| Loans offered | Conventional, jumbo, VA |
| Credit requirements | 620 for conventional and VA loans |
| Down payment minimum | 5% for conventional loans; none for VA loans |
| Where to find | Branch locations and online |
Key Features:
- Expedited closing in 30-35 days
- Exclusive to armed forces members and their families
- Does not offer FHA or USDA loans
- No HELOCs or home equity loans
Wells Fargo
| Feature | Details |
|---|---|
| Availability | Available in all U.S. states |
| Loans offered | Conventional, jumbo, VA, USDA |
| Credit requirements | 620 for conventional and VA loans |
| Down payment minimum | 3% for conventional loans; none for VA loans |
| Where to find | Branch locations and online |
Key Features:
- Will consider non-traditional credit references in the application process
- Offers low-down payment options to assist lower-income borrowers
Summary: Best VA Mortgage Lenders
| Lender | Credit requirements | Down payment minimum | Bankrate review |
|---|---|---|---|
| Veterans United Home Loans | 620 for conventional and VA loans | 5% for conventional loans; none for VA loans | Veterans United Home Loans mortgage review |
| Cardinal Financial | 620 for conventional loans; 580 for VA loans | 3% for conventional loans; none for VA loans | Cardinal Financial mortgage review |
| LowRates.com | 620 for conventional loans; 700 for jumbo loans; 500 for FHA and VA loans | 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans | LowRates.com mortgage review |
| Navy Federal Credit Union | 620 for conventional and VA loans | 5% for conventional loans; none for VA loans | Navy Federal Credit Union mortgage review |
| Wells Fargo | 620 for conventional and VA loans | 3% for conventional loans; none for VA loans | Wells Fargo mortgage review |
Methodology
In our quest to determine the best VA mortgage lenders for 2023, Bankrate employed a rigorous evaluation process. We considered several key criteria, including:
Affordability
We scrutinized the Annual Percentage Rate (APR), available discounts, and incentives offered by each lender. Our goal was to identify lenders that provide borrowers with the most cost-effective options.
Availability
We assessed approval and closing timelines, as well as the variety of loan products each lender offers. Our aim was to help you find a lender that aligns with your specific needs and circumstances.
Experience
We delved into the application process and evaluated the quality of customer service provided by each lender. Your mortgage journey should be smooth, and we wanted to ensure you have a positive experience from start to finish.
It’s important to note that the Bankrate Score we provide is based solely on a mortgage lender’s products and services. It does not reflect the lender’s internal operations or practices.
How to Find a VA Mortgage Lender
Your unique needs and circumstances will dictate the best VA mortgage lender for you. Regardless of your situation, it’s crucial to shop around and compare offers from a minimum of three lenders. Research has shown that comparing lenders typically leads to more favorable deals in the long run.
While VA mortgage rates tend to be lower than conventional loan rates, it’s still essential to consider each VA mortgage lender’s credit score requirements, fees, application processing times, and the quality of customer service. These factors can vary significantly and impact your overall experience.
Additionally, it’s wise to estimate the closing costs for your VA loan, which can amount to as much as 6 percent of the home purchase price. Being prepared for these costs is a key aspect of securing your dream home.
Unfortunately, not all VA mortgage lenders adhere to the highest ethical standards. Some have been found engaging in less-than-reputable practices, such as making misleading claims about low rates and closing costs. To avoid such pitfalls, thorough research is essential. Review testimonials and ratings from trusted sources like the Better Business Bureau or the Consumer Financial Protection Bureau before committing to a lender or loan offer.
Conclusion
In 2023, as you embark on your journey to secure a VA mortgage, the choice of lender will play a pivotal role in your financial future. Veterans and eligible spouses have access to a range of lenders offering VA loans, each with its own set of advantages.
With the information we’ve provided, you’re well-equipped to make an informed decision. Remember, the right VA mortgage lender can save you both time and money, ensuring a smooth path to homeownership.
So, go ahead, explore your options, and take the first step toward making your homeownership dreams a reality. The best VA mortgage lender for you is out there, waiting to help you achieve your homeownership goals.