Best VA Mortgage Lenders of October 2022 - NerdWallet Advertiser disclosure
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VA loans for current and veteran military members don't require a down payment or mortgage insurance. Compare our picks for best VA mortgage lenders of 2022.Taylor Getler Oct 3, 2022 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. VA mortgage lenders vary in the products and services they offer and their financial requirements for borrowers, so it's important to shop around for a VA loan lender that meets your needs. NerdWallet picked some of the best VA mortgage lenders in a variety of categories to give you a head start. » MORE: Five tips for finding the best VA mortgage lenders VA mortgage lenders vary in the products and services they offer and their financial requirements for borrowers, so it's important to shop around for a VA loan lender that meets your needs. NerdWallet picked some of the best VA mortgage lenders in a variety of categories to give you a head start. » MORE: Five tips for finding the best VA mortgage lenders Best VA Mortgage Lenders From Our Partners
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Min. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin. down paymentLearn more Veterans United NMLS#1907Learn more at Veterans United 4.0/5 Best for loan variety620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:6200%Veterans United offers VA loans for as little as 0% down.Learn more at Veterans United Pennymac NMLS#35953Learn more at Pennymac 4.0/5 Best for loan variety620 VA:620USDA:620JUMBO:N/AFHA:580CONVENTIONAL:6200%Pennymac offers several different home loan options for borrowers with less than a 20% down payment.Learn more at Pennymac NASB NMLS#400039Learn more at NASB 4.5/5 Best for VA mortgage experience overall580 CONVENTIONAL:620VA:580JUMBO:620FHA:5800%On VA loans, NASB offers down payments as low as 0%.Learn more at NASB NBKC NMLS#409631Learn more at NBKC 4.0/5 Best for ease of application580 CONVENTIONAL:620FHA:620JUMBO:N/AVA:5800%On VA loans, NBKC offers down payments as low as 0%.Learn more at NBKC Rocket Mortgage LLC NMLS#3030Learn more at Rocket Mortgage, LLC 4.0/5 Best for loan variety580 VA:580JUMBO:N/AFHA:580CONVENTIONAL:6200%On VA loans, Rocket offers down payments as low as 0%.Learn more at Rocket Mortgage, LLC BNC National Bank NMLS#418467Learn more at BNC National Bank 4.0/5 Best for traditional lending experience620 FHA:580USDA:640CONVENTIONAL:620VA:620JUMBO:N/A0%On VA loans, BNC National Bank offers down payments as low as 0%.Learn more at BNC National Bank Network Capital NMLS#11712Learn more at Network Capital 4.0/5 Best for low rates580 CONVENTIONAL:620FHA:640JUMBO:N/AUSDA:640VA:5800%On VA loans, Network Capital offers down payments as low as 0%.Learn more at Network Capital Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for digital convenience580 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:6200%On VA loans, Guaranteed Rate offers down payments as low as 0%.Learn more at Guaranteed Rate New American Funding NMLS#6606Learn more at New American Funding 4.5/5 Best for borrowers with weaker credit500 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:6200%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.Learn more at New American FundingLearn more at Veterans United Veterans United NMLS#1907
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:620 Min. down payment0% Veterans United offers VA loans for as little as 0% down. View details Learn moreat Veterans United View details Why we like it Good for: veterans, active-duty service members and eligible reservists looking for VA loans. Pros Offers 24/7 customer service over the phone. Offers a free credit counseling service. Mortgage rates are on the low side, according to the latest federal data. Cons Doesn’t offer home equity loans or HELOCs. Veterans United has physical branch offices in only 17 states. Focus on VA loans, so may not be the strongest choice for those seeking other loan types.Read Full ReviewLearn more at Pennymac Pennymac NMLS#35953
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:620USDA:620JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment0% Pennymac offers several different home loan options for borrowers with less than a 20% down payment. View details Learn moreat Pennymac View details Why we like it Good for: borrowers seeking a government-backed mortgage who want to rate-shop online. Pros Offers a wide variety of loan products, including government-backed and refinance options. Displays custom rate quotes based on home value, down payment or equity, ZIP code and credit score range. “Lock & Shop” lets you secure a rate for up to 60 days, even if you don’t have a purchase contract yet. Cons Origination fees are on the higher end, according to the latest federal data. Doesn't offer home equity products or renovation loans.Read Full ReviewLearn more at NASB NASB NMLS#400039
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 CONVENTIONAL:620VA:580JUMBO:620FHA:580 Min. down payment0% On VA loans, NASB offers down payments as low as 0%. View details Learn moreat NASB View details Why we like it Good for: active military members and veterans and first-time home buyers. Pros Devotes much of its business to serving military families with VA loans. Offers a mortgage tailored to self-employed borrowers. Offers low rates and fees compared with other lenders, according to the latest federal data. Cons Doesn’t offer home improvement mortgages. Doesn't offer home equity loans or lines of credit.Read Full ReviewLearn more at NBKC NBKC NMLS#409631
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 CONVENTIONAL:620FHA:620JUMBO:N/AVA:580 Min. down payment0% On VA loans, NBKC offers down payments as low as 0%. View details Learn moreat NBKC View details Why we like it Good for: borrowers who want low rates and fees and an online experience with phone support. VA loans are an emphasis. Pros Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots. Offers low rates and fees compared with other lenders, according to the latest Federal data. Displays customized rates, with fee estimates, without requiring contact information. Cons HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.Read Full ReviewLearn more at Rocket Mortgage, LLC Rocket Mortgage LLC NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 VA:580JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment0% On VA loans, Rocket offers down payments as low as 0%. View details Learn moreat Rocket Mortgage, LLC View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewLearn more at BNC National Bank BNC National Bank NMLS#418467
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 FHA:580USDA:640CONVENTIONAL:620VA:620JUMBO:N/A Min. down payment0% On VA loans, BNC National Bank offers down payments as low as 0%. View details Learn moreat BNC National Bank View details Why we like it BNC National Bank offers a robust variety of loans, but you have to reach out to a loan officer to get customized interest rates. Pros Offers a wide variety of loan types and products. Has robust online capabilities, and an app for iOS and Android. Mortgage interest rates are lower than typical, according to the latest data. Cons Has a limited number of physical mortgage offices. No rate information is available without starting an application or speaking with a loan officer. Does not offer home equity loans or lines of credit.Read Full ReviewLearn more at Network Capital Network Capital NMLS#11712
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 CONVENTIONAL:620FHA:640JUMBO:N/AUSDA:640VA:580 Min. down payment0% On VA loans, Network Capital offers down payments as low as 0%. View details Learn moreat Network Capital View details Why we like it Good for: borrowers looking for a lender with online convenience and mortgage banker assistance. Pros A good selection of loan products, including government-backed FHA and VA mortgages. Provides “same-as-cash” loan that allows borrowers to compete with cash offers. Online application process is clear and simple to follow. Cons Doesn't lend in all states. Website doesn’t provide customized mortgage rates. Lender fees are on the high side, according to the latest federal data.Read Full ReviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620 Min. down payment0% On VA loans, Guaranteed Rate offers down payments as low as 0%. View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewLearn more at New American Funding New American Funding NMLS#6606
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score500 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:620 Min. down payment0% New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois. View details Learn moreat New American Funding View details Why we like it Good for: First-time home buyers and other borrowers looking for a broad array of loan choices. Pros Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities. Its home equity line of credit can be used for an owner-occupied or second home. Offers a program to enable buyers to make cash offers. Cons Mortgage origination fees tend to be on the high end, according to the latest federal data.Read Full Review More of NerdWallet' s best VA mortgage lenders
PenFed Credit Union Best for low rates and fees Carrington Mortgage Services Best for rate transparency Flagstar Bank Best for digital convenience Qualifying for a VA loan
VA home loans are backed by the U.S. Department of Veterans Affairs and provided by private lenders. VA loans require no down payment or mortgage insurance and have competitive mortgage rates compared to other types of home loans. Active-duty military members and veterans who meet length-of-service requirements may apply for a VA loan. Some surviving spouses may also be eligible for a VA loan. More from NerdWallet Calculate Your VA Mortgage Payments Compare VA Mortgage Rates Compare VA and Conventional Loans Last updated on October 3, 2022 Methodology
The star ratings on this page reflect each lender's performance in NerdWallet’s VA loans category. We scored the category and chose lenders for this page using the following methodology: NerdWallet reviewed nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country. All reviewed mortgage lenders that offer VA loans were evaluated based on (1) the portion of their business dedicated to VA lending, (2) their VA origination fees, (3) the range of VA loans offered, (4) their rate transparency, and (5) the ease of their online application. The highest scoring lenders appear on this page. NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data. To recap our selections... NerdWallet' s Best VA Mortgage Lenders of October 2022
Veterans United: Best for loan varietyPennymac: Best for loan varietyNASB: Best for VA mortgage experience overallNBKC: Best for ease of applicationRocket Mortgage, LLC: Best for loan varietyBNC National Bank: Best for traditional lending experienceNetwork Capital: Best for low ratesGuaranteed Rate: Best for digital convenienceNew American Funding: Best for borrowers with weaker credit Frequently asked questions
What lender is best for VA loans? All VA loans are subject to rules and guidelines set by the U.S. Department of Veterans Affairs. Individual VA lenders vary by the services and options they offer as well as the requirements they set for borrowers, such as minimum credit scores, however. This is why it's important to shop around to compare mortgage rates and qualification requirements.What is the current interest rate for VA loans? VA mortgage rates fluctuate daily, just as rates for other loans do. Rates also vary by lender, and the rate you're offered will depend on a variety of factors, such as your credit score. When shopping VA lenders, compare the annual percentage rate, or APR, to get a complete picture of the true costs. The APR includes the interest rate, fees and other costs of the loan.What credit score do you need to qualify for a VA loan? The Department of Veterans Affairs doesn't set a minimum credit score for VA loans. But lenders can have their own requirements, which typically range from 580 to 620. VA lenders will also look at other factors, such as your debt-to-income ratio, to evaluate your ability to repay the loan.Can I be denied a VA home loan? You may be denied a VA home loan if you don't meet the basic VA loan eligibility requirements or don't meet a lender's financial requirements. An FHA loan, insured by the Federal Housing Administration, might be an alternative if you have a lower credit score. About the author
Taylor Getler
Taylor Getler is a home and mortgages writer for NerdWallet. She previously covered design trends for Branding Times, and has been quoted in such outlets as Adweek. Taylor is enthusiastic about financial literacy and helping consumers feel empowered to make smart, informed choices with their money. Email: [email protected] Read moreEmail