However, the exact terms of your particular VA loan and your borrowing experience can vary greatly, depending on the lender you choose. Bankrate has evaluated dozens of financial institutions, both bank and non-bank, offering VA loans. Here is our guide to the best VA mortgage lenders in 2024.

Bankrate’s picks for best VA loan lenders

VA mortgage lender Bankrate Score Minimum credit score Minimum down payment
USAA Mortgage 4.8/5 640 for VA loans 0% for VA loans
Veterans United Home Loans 4.9/5 620 for VA loans 0% for VA loans
Rocket Mortgage 3.8/5 580 for VA loans 0% for VA loans
Navy Federal Credit Union 4.4/5 Undisclosed for VA loans 0% for VA loans
Loan Depot 4.2/5 620 for VA loans 0% for VA loans
CrossCountry Mortgage 4.0/5 Undisclosed 0% for VA loans

USAA Mortgage

USAA Mortgage

Learn morein our Bankrate review

Veterans United Home Loans

Veterans United Home Loans

Learn morein our Bankrate review

rocket mortgage logo

Rocket Mortgage

Learn morein our Bankrate review

Navy Federal Credit Union logo

Navy Federal Credit Union

Learn morein our Bankrate review

LoanDepot

LoanDepot

Learn morein our Bankrate review

CrossCountry Mortgage logo

CrossCountry Mortgage

Learn morein our Bankrate review

Qualifications for 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.

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.

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

For comparison to our best VA lenders list, here are the 10 largest VA mortgage lenders (based on the number of loans originated) for fiscal year 2023.

VA mortgage lender Annual Number of Loan Originations Value of Loan Originations
Veterans United Home Loans 58,253 $17.7 billion
United Wholesale Mortgage 29,901 $12.8 billion
Rocket Mortgage 22,553 $7.5 billion
Navy Federal Credit Union 17,014 $6.4 billion
DHI Mortgage Company 10,718 $3.9 billion
LoanDepot 9,087 $3.5 billion
USAA 8,608 $3.0 billion
Freedom Mortgage 8,191 $2.8 billion
Fairway Independent Mortgage 8,037 $3.2 billion
Pennymac 7,382 $2.7 billion

How we chose the best VA loan lenders

To determine the best VA mortgage lenders, Bankrate periodically evaluates more than 80 lenders for factors relating to affordability, availability and borrower experience, assigning each a Bankrate Score out of five stars. The best VA mortgage lenders generally have a Bankrate Score of 3.5 stars or higher. You can learn more about our methodology here.

FAQs about VA loans

  • 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.

  • VA loans have a few major benefits:
    • There’s no minimum down payment
    • If you have full entitlement, you may not have a loan limit
    • You won’t have to pay mortgage insurance (but you will have to pay the VA Funding Fee)
  • Unique to VA loans, the VA Funding Fee ranges from 1.25 percent to 3.3 percent of the loan amount, depending on the size of your down payment and whether it’s your first time getting a VA loan.Along with the funding fee, you may have to pay other charges that are associated with all types of mortgages. These include appraisal fees, origination fees, title insurance and other closing costs.