Friends, VA Loan is a military benefit that doesn’t require a down payment or private mortgage insurance (PMI). However, your credit score and credit history may still affect whether a lender is willing to offer you a loan with zero down payment.
Best 9 Home Loan Lenders
Why Choose Navy Federal?
Great loans. Expert guidance. Best-in-class loan service. As a Navy Federal member, you get access to additional benefits to help save you time and money. Get your loan, real estate agent, title services and loan servicing all through us.
Rocket Mortgage dominates the overall home-lending market, but when it comes to loans backed by the U.S. Department of Veterans Affairs (VA), Rocket is in a race for second.
Freedom Mortgage kept its spot as the most active VA lender in 2021, finishing ahead of Rocket Mortgage by a wide margin. The top 10 list includes several lenders who specialize in VA loans, including Veterans United Home Loans, Navy Federal Credit Union and USAA.
Main pillars of the VA home loan benefit
No downpayment required
(*Note: Lenders may require downpayments for some borrowers using the VA home loan guaranty, but VA does not require a downpayment)
Competitively low interest rates
Limited closing costs
No need for Private Mortgage Insurance (PMI)
The VA home loan is a lifetime benefit: you can use the guaranty multiple times
Who’s eligible for a VA Home loan?
To qualify for a VA loan, you or your spouse must have served:
90 consecutive days of active service during wartime
181 days of active service during peacetime
More than 6 years with the National Guard or Reserves
You have to meet at least one of the service requirements mentioned above. If you haven’t, you must be the spouse of a military member who lost their life in the line of duty, or as the result of a service-related disability. You usually can’t have remarried.
The best VA mortgage lenders have low minimum credit score requirements. Most of our chosen lenders ranked high in J.D. Power’s 2022 Mortgage Origination Satisfaction Studyand earned strong ratings from the Better Business Bureau. Many also have special features that help them stand out, such as no lender fees or hybrid closing options.
Our Top Picks for Best VA Loan Lenders
The pros of Veterans United:
Available in all 50 states
High score in J.D. Power’s 2022 study on customer satisfaction (Veterans United doesn’t qualify to rank because it doesn’t meet certain criteria, but J.D. Power notes that the lender would rank highly if it were eligible)