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If you qualify for a VA mortgage, you have the ability to purchase a home very affordably, with no down payment, low rates, and no limits on how much you can borrow. These home loans are available to military members and veterans who meet minimum service requirements.
VA mortgages are an all-around great benefit for those who are eligible, but your experience getting one can vary greatly depending on which lender you go with. Individual mortgage lenders will have their own credit requirements, and the best lenders are strong in customer service and have features that make their process more convenient and affordable for borrowers.
The Best VA Mortgage Lenders
- Veterans United Home Loans: Best overall
- Carrington Mortgage Services: Best for poor credit
- Navy Federal Credit Union Mortgage: Best for no down payment
- Chase VA Mortgage: Best big bank VA lender
- Pentagon Federal Credit Union Mortgage: Best for streamline refinance
Compare the Top VA Mortgage Lenders
The best lenders for VA loans rank high in customer satisfaction and have a lot of experience working with VA borrowers. They also offer beneficial features that make getting a mortgage more affordable, like accepting lower credit scores or non-traditional credit (such as rent payment history).
Here are the best VA mortgage lenders of 2024 as chosen by Business Insider editors.
Best VA Lender Overall: Veterans United
620
Conforming, jumbo, FHA, USDA, VA, refinance
- Largest VA lender in the U.S.
- Ranks high in customer satisfaction
- Free credit counseling
- No home equity loan, HELOC, reverse mortgage, or construction loan
- Can't see customized interest rates online
Veterans United is currently the largest lender of VA loans, and it earned "best overall" in our guide to the best VA mortgage lenders. It's a good option for several types of mortgages — though VA loans are its strongest products.
Veterans United- Offers mortgages in all 50 US states and Washington, DC
- Branches in 17 US states
- Refinancing options for VA, conforming, and jumbo mortgages
- Minimum credit score listed is for VA mortgages, which usually do not require a down payment
Veterans United is the largest VA loan lender in the country, generating more than $17 billion in loan volume in 2023, according to the U.S. Department of Veterans Affairs. We think that this lender's experience and expertise make it a great choice for VA borrowers — particularly those who are new to the process. It also earned a high score in customer satisfaction according to J.D. Power's 2024 Mortgage Origination Satisfaction Study, though it didn't meet the criteria to rank.
What to look out for: It's difficult to find information for non-VA loans on its website, which makes it hard to compare your options.
Veterans United Home Loans Review
Best VA Lender for Poor Credit: Carrington Mortgage Services
- Only requires a 500 credit score for a VA mortgage
- Accepts alternative forms of credit, such as proof you pay bills on time
- Doesn't offer mortgages in Massachusetts or North Dakota
- You can't see customized mortgage rates on the website
- Offers mortgages in all US states except Massachusetts and North Dakota
- Accepts alternative forms of credit, such as proof that you pay bills on time, if you have a low/no credit score
- You do not need a down payment for a VA mortgage
Carrington Mortgage Services is a smart choice for VA loan borrowers with rocky credit histories, since Carrington accepts borrowers with scores as low as 500.
What to look out for: Carrington doesn't lend in Massachusetts or North Dakota. It also doesn't show its rates online.
Carrington has an NR, or "no rating" from the BBB because the lender is in the process of responding to previously closed complaints. Additionally, in November 2022, the Consumer Financial Protection Bureau ordered Carrington to pay $5.25 million in fines for supposedly violating borrowers' CARES Act rights. The CFPB claims that the lender misled borrowers seeking CARES Act forbearance and denied them key protections provided by the pandemic-era law.
Carrington Mortgage Services Review
Best VA Lender for No Down Payment: Navy Federal Credit Union
Undisclosed
Conforming, VA, jumbo, Military Choice, Homebuyers Choice, home equity loan, HELOC
- No-down-payment mortgages available
- Apply with non-traditional credit data if you don't have a credit score
- Low average fees
- No FHA or USDA mortgages
- You must be eligible to join Navy Federal Credit Union to get a mortgage
- No personalized mortgage rates available online
- Doesn't disclose minimum credit score required
Navy Federal Credit Union is one of our best VA mortgage lenders. It's a good option for people affiliated with the military overall, especially if you're looking to avoid making a down payment. But it lacks transparency around its credit score requirements.
Navy Federal Credit Union- You may be eligible for a mortgage if you are an active military member, veteran, family member of someone affiliated with the military, Department of Defense civilian, or housemate of an existing Navy Federal member
- Branches around the US and on US military bases abroad
- Military Choice mortgage is a 30-year mortgage for military members with no minimum down payment; Homebuyer Choice mortgage is a 30-year mortgage for people who don't qualify for VA loans with no minimum down payment
- Apply with non-traditional credit data, such as proof that you pay utility bills
- Live customer support 24/7
Navy Federal Credit Union is a great lender for borrowers who aren't eligible for a VA loan or those who have used up their VA entitlement thanks to its Military Choice and Homebuyers Choice loans, which both allow 0% down payments. Its VA loan options are also strong.
Navy Federal doesn't disclose its minimum credit score requirements, but a company representative said it works with members to "find the right mortgage for their needs and explore ways to improve their eligibility."
This lender earned a high score in customer satisfaction according to J.D. Power, though it didn't meet the criteria to rank in the study.
What to look out for: The BBB gives Navy Federal an NR (No Rating) because it's responding to complaints that were previously closed. You can only become a member of Navy Federal Credit Union if you or your family is affiliated with the military, you are a Department of Defense civilian personnel or contractor, or you live with a Navy Federal member.
Navy Federal Credit Union Mortgage Review
Best Big Bank VA Lender: Chase
- Get $2,000 for closing costs with the Chase VA Purchase Closing Cost Benefit
- Ranked No. 2 in customer satisfaction according to J.D. Power's 2022 study
- Chase Homebuyer Grant offers up to $5,000 in assistance
- Doesn't display sample VA rates online
- Offers home loans in all 50 US states and Washington, DC
- Branches in 32 US states
Chase ranks high in customer service and offers homebuyer assistance that can help VA borrowers save money. Borrowers can get $2,000 for closing costs with the Chase VA Purchase Closing Cost Benefit, and the Chase Homebuyer Grant offers up to $7,500 in assistance for borrowers in eligible areas. Chase also ranked above average in customer satisfaction in J.D. Power's 2024 origination study.
What to look out for: Chase has a great rate customization tool, but VA loan rates aren't included in it.
Best VA Lender for Streamline Refinance: Pentagon Federal Credit Union
650
3%
Conforming, jumbo, FHA, VA, HELOC
- Average rates and fees are relatively low
- No-closing-cost streamline refinance
- Offers fully underwritten preapproval
- Offers a 60-day rate lock
- No USDA, new construction, or reverse home loans
- Requires 620 credit score to get an FHA loan
- Need to be a member to get a home loan
- Offers mortgages in all 50 U.S. states, Washington, D.C., Puerto Rico, Guam, and Okinawa
- To become a member, open a PenFed savings account with a $5 minimum deposit
- Does not accept non-traditional credit data, such as utility bills, if you have a low/no credit score
- Minimum credit score and down payment listed are for conforming mortgages. VA borrowers can have scores of 620
Pentagon Federal Credit Union is an affordable VA loan lender. It covers your closing costs when you get a streamline refinance, including the VA funding fee.
What to look out for: You'll need to become a PenFed member to qualify for a mortgage.
PenFed Credit Union Mortgage Review
What Makes VA Loans Unique
VA loans are an extremely affordable mortgage option for those who are eligible. Their main benefit is that they allow no down payment, which removes a major barrier for homebuyers, but they come with other affordable features as well.
Government-Backed
VA loans are originated by private lenders and backed by the U.S. Department of Veterans Affairs. This means that if a borrower defaults on a VA loan, the federal government compensates the lender. This enables lenders to work with borrowers who might otherwise be deemed too risky to get a mortgage (such as those with no down payment).
Zero Down Payment
Most mortgages require borrowers to put some of their own money toward the transaction. But VA loans allow 0% down payments, so you could buy a home even if you don't have a lot of money saved up for a purchase.
Keep in mind, however, that you'll still need to pay closing costs, which can end up being between 3% and 6% of the loan amount. You'll need to pay these costs out of pocket at closing.
Lower Interest Rates
VA loans often have lower mortgage rates compared to other types of mortgages.
No PMI Required
When you make a small down payment on a conventional loan, you'll need to pay for private mortgage insurance as part of your monthly mortgage payment. Similarly, FHA loans require both upfront and annual mortgage insurance premiums. But VA loans have no mortgage insurance requirement.
Instead, you'll pay the VA funding fee, which helps pay for the VA loan program. Your funding fee amount will vary depending on your down payment and whether you've taken out a VA loan before. For first-time borrowers putting 0% down, the VA funding fee is equal to 2.15% of the loan amount. This fee can be paid at closing or rolled into the loan.
Key Factors for Choosing the Best VA Lender
Rates and Fees
Most borrowers want to find a lender that offers low rates, but it's important to pay attention to a lender's fees, as well. Ask any lenders you're considering working with what fees they charge so you can compare your potential overall costs.
VA Loan Expertise
Some lenders have more experience working with VA loan borrowers than others, and individual loan officers have varying levels of expertise as well.
Ask any loan officers you're considering working with about their experience originating VA loans. Mortgage pros who have an in-depth understanding of the intricacies of these mortgages can help you have a smoother experience.
Customer Service
Strong customer service is vital when you're getting a mortgage, particularly if you're buying rather than refinancing. Look at online reviews to see what previous borrowers think of different lenders.
Eligibility
In addition to meeting the minimum service requirements to be eligible for a VA loan, you'll also need to meet certain credit requirements.
The VA doesn't set a minimum credit score for the mortgages it guarantees, but many lenders look for scores of at least 620. Some have requirements that are higher or lower than this. You'll likely also need to keep your debt-to-income ratio at 41% or lower.
Where to Find Top VA Lenders
There are many different types of VA lenders out there. You might want to explore options from a few different categories before making your choice.
- VA-focused lenders. Some lenders cater to servicemembers, veterans, and their families, focusing on VA loans and other options that make sense for these borrowers. These types of lenders may offer more expertise and knowledge compared to lenders that offer a wide array of loan options.
- Large bank lenders. Large banking chains that lend mortgages often have extra benefits that make them worthwhile, like robust digital tools or discounts for current customers.
- Online lenders. Online-only mortgage lenders typically have easy-to-use online application platforms and may offer better rates than their competitors.
- Credit unions. If your credit union lends mortgages, see what kind of deal they can offer you. Credit unions may be able to offer lower rates compared to other financial institutions.
- Mortgage brokers. A mortgage broker doesn't work for a lender; instead, they have access to loan options from many different lenders, helping you compare multiple offers at once to get the best deal.
Once you've found a few different lenders that suit your needs, get preapproved with at least two or three of them so you can compare rates and fees.
Best VA Mortgage Lenders FAQs
Veterans United is the top VA lender in the country in terms of total loan volume and number of loans originated, according to the VA. United Wholesale Mortgage is the second largest VA lender, and Rocket Mortgage is the third largest.
Carrington Mortgage Services is our top pick VA lender for borrowers with bad credit, since it allows scores as low as 500 on its VA loans.
No, not all lenders offer VA loans. If you're interested in a particular mortgage lender, you can look at its website or reach out to find out what types of mortgages it offers.
Yes, you can use your VA loan benefit as many times as you want, though if you don't sell your current home and pay off the existing VA loan, you may have reduced entitlement, which can limit how much you'll be able to borrow with no down payment.
Why You Should Trust Us: Experts' Advice on Choosing the Best VA Mortgage Lender
We consulted mortgage and financial experts to inform these picks and provide their insights about mortgage lenders.
- Anthony Park, author of "How to Buy Your Perfect First Home"
- Lauryn Williams, certified financial planner, founder of Worth Winning Financial Planning
- Julie Aragon, mortgage broker, founder of Aragon Lending Team
- Molly Grace, mortgage reporter at Business Insider
Here's what they had to say about VA mortgages. (Some text may be lightly edited for clarity.)
How can someone decide between a conventional mortgage vs. a government-backed mortgage, like a VA loan?
Molly Grace, Business Insider
"An FHA mortgage is a really helpful option for borrowers with low scores or kind of rocky credit histories. But if you have great credit, you may get a better rate and pay less for mortgage insurance on a conventional mortgage.
VA mortgages are really great deals. If you qualify for one, you should definitely go for it. You get zero down with no mortgage insurance — plus some of the best rates available."
Julie Aragon, Aragon Lending Team:
"The most common government loan that's widely available to almost everyone is the FHA loan. There's a couple of reasons why somebody would go with FHA instead of conventional one. Their credit is a little on the crummy side, let's say below 700. You can get conventional with down to a 620 score, but the mortgage insurance gets really expensive. FHA doesn't discriminate — no matter how perfect or crappy your credit is, the mortgage insurance is the same."
What factors should someone take into consideration when choosing a mortgage lender?
Anthony Park, author:
"The canned answer is to just go with the lowest rate. However, you also want to take into account who's going to serve your loan best. Are repayments going to be easy for you? Who is most likely to be able to help you if you need to take out a HELOC or refinance later, versus somebody who's more of a one-off type?
"They may have the lowest rates to get you involved, but they might have very, very little hand holding after the fact. I wouldn't recommend paying an exorbitant amount more for potential services in the future, but just don't always necessarily go with the rock-bottom lowest rate. There's sometimes a cost with that."
Molly Grace, Business Insider:
"Remember that you're not just choosing a mortgage lender — you're also building a homebuying team. To snag the home you want in this competitive market, you need a lender that can move quickly and has good communication with you and your real estate agent.
When I was looking for a house, I was able to text my loan officer (whom my real estate agent recommended) and get quick replies when I had questions or needed an updated preapproval letter for an offer. As you compare lenders, pay attention to how responsive they are, and ask your agent if they have any experience with the lenders you're considering."
How can someone know whether they're financially ready to buy a home?
Lauryn Williams, CFP:
"You should have funds left over after everything is said and done as it pertains to purchasing the home. So if you don't have an emergency fund plus a down payment, you're probably not ready to purchase a home. Another thing I think about is credit card debt. While you can be approved for a mortgage with credit card debt and student loans and very little cash on hand, you put yourself in a very risky situation."
Molly Grace, Business Insider
"You have to be ready to dedicate a chunk of your budget to homeownership — and I don't mean your mortgage payment. When you own your house, there's always something that needs taking care of, especially in the first year. We got to our new house on moving day to find that the A/C was out. We paid $700 to have it fixed."
Methodology: How Did We Choose the Best VA Mortgage Lenders?
To choose the top VA mortgage lenders, we looked at three main factors:
- Affordability/credit score. VA loans are known for being an affordable option, with no down payment for qualifying borrowers. They also usually have more lenient credit score requirements than conventional mortgages. We chose lenders that accept low credit scores or are flexible about credit scores if other parts of your financial profile are strong. Many of the companies on our list also accept non-traditional forms of credit in place of a credit score.
- Customer satisfaction. You should choose a lender that ranks high in customer satisfaction, especially if you're buying a home. Strong customer service can help ensure that issues are resolved in a timely manner and that your loan closes on time. To evaluate a lender's customer service, we looked at whether it appeared in the J.D. Power 2024 Primary Mortgage Origination Satisfaction Study and how it ranked. We also read online customer reviews to get an idea of the typical borrower experience, and whether there were any recurring complaints.
- Ethics. Most of our top picks received an A+ from the Better Business Bureau, which measures companies' trustworthiness.
See our full methodology for reviewing mortgage lenders »
