If you’re a member of the military, a veteran or an eligible spouse, the government has made it easy for you to obtain a low-cost mortgage in the form of a VA loan. There are many mortgage lenders that offer VA loans, which come with some key advantages, including no down payment and no mortgage insurance requirement. Bankrate has evaluated dozens of mortgage lenders to determine the best lenders for VA loans. Here is our guide to the best VA mortgage lenders in 2023.

Best VA mortgage lenders

Veterans United Home Loans

Veterans United Home Loans mortgage review

Availability Available in all U.S. states
Loans offered Conventional, jumbo, FHA, VA
Credit requirements 620 for conventional, VA and FHA loans
Down payment minimum 3% for conventional loans; 10.01% for jumbo loans; 3.5% for FHA loans
Where to find Online
  • No fees
  • Can close as fast as three weeks
  • No home equity lines of credit (HELOCs) or home equity loans (second mortgages)

 

Cardinal Financial

Cardinal Financial mortgage review

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
  • Works with affordable housing, first-time homebuyer and down payment assistance programs nationwide
  • Offers specialized loan products

LowRates.com

LowRates.com mortgage review

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
  • No fees
  • Can close as fast as 20 days
  • Offers HELOCs and home equity loans

Navy Federal Credit Union

Navy Federal Credit Union mortgage review

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
  • Can close as fast as 30-35 days
  • No FHA or USDA loans
  • No HELOCs or home equity loans
  • Limited to armed forces members and families

Wells Fargo

Wells Fargo mortgage review

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
  • 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 FHA loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA 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

To determine the best VA mortgage lenders, Bankrate evaluated lenders based on several criteria, including affordability (APR, discounts and/or incentives); availability (approval/closing timelines, loan products); and experience (application process, customer service). Note: The Bankrate Score considers a mortgage lender’s products and services only; it is not a reflection of a lender’s internal operations or practices.

How to find a VA mortgage lender

Every borrower’s needs and circumstances are different, of course. But whatever your situation, it’s important to shop around and compare offers from at least three lenders: Snagging 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.

VA mortgage rates (which Bankrate lists in easy-to-compare table form) tend to be lower than conventional loan rates, but it’s still important to be mindful of each VA mortgage lender’s credit score requirements, fees, application processing times and quality of customer service — all of which can vary considerably. You should also get a bead on the estimated closing costs for your VA loan, which can total up to 6 percent of the home purchase price.

Unfortunately, some VA mortgage lenders have been caught engaging in less-than-reputable practices, in particular making misleading claims about low rates and closing costs. Be sure to do thorough research and review testimonials and ratings from the Better Business Bureau or the Consumer Financial Protection Bureau before committing to a lender or loan offer.

Here are more tips to help you find the best VA mortgage lender.

Who are the largest VA mortgage lenders in the U.S.?

Bankrate offers a best VA lenders list. But for comparison, here are the 10 largest VA mortgage lenders (based on the number of loans originated). Feel free to evaluate them, too, bearing in mind that bigger isn’t always better.

VA mortgage lender Annual Number of Loan Originations Value of Loan Originations
Freedom Mortgage 155,000 $43 billion
Rocket Mortgage 107,000 $29.7 billion
Veterans United Home Loans 100,000 $29.7 billion
PennyMac 59,000 $17.5 billion
United Shore Financial 40,000 $15.1 billion
Navy Federal Credit Union 38,000 $12.7 billion
LoanDepot 33,000 $12.1 billion
Caliber Home Loans 30,000 $10.6 billion
USAA 28,000 $7.8 billion
Lakeview Loan Servicing 24,000 $7 billion

FAQs about 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 a service member or veteran

    To qualify for a VA loan, you must also secure a VA Certificate of Eligibility (COE) and meet your lender’s minimum credit score, debt-to-income (DTI) ratio and income requirements.In addition, the following requirements apply:

    • The loan must be for your primary residence only.
    • You’ll be charged an upfront 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.
  • There are significant advantages of opting for a VA loan over a conventional loan, even if you qualify for both:
    1. You are not required to make any sort of down payment with a VA loan.
    2. 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.
    3. VA loans can be easier to refinance if you want to tap your home’s equity down the line.
    4. 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.