- Adjustable-rate (ARM)
- Refinancing including rate-and-term refinancing and cash-out refinancing
USAA charges a funding fee for VA loans of anywhere from 1.4 percent to 3.6 percent of your loan amount, based on your down payment and whether this is your first use of a VA loan. These fees are standard for VA loans.
If you’re refinancing with a VA IRRRL, USAA will pay for the title, VA funding fee and appraisal fee.
Keep in mind that most lenders charge an origination and application fee, but those fees could vary based on loan type and your specific borrower profile. For example, quoted rates on USAA’s site for a $225,000 30-year conventional loan, assume a $1,295 origination fee for borrowers with a 740 credit score purchasing a single-family primary residence in Georgia.
Minimum borrower requirements
USAA generally follows Fannie Mae’s underwriting guidelines for conventional mortgages. To qualify, borrowers typically need a credit score of 620 or better, a debt-to-income ratio (DTI) of at least 43 percent and a down payment of at least 5 percent.
However, USAA also offers a 30-year, 3 percent down conventional home loan for borrowers who haven’t owned a home within the last three years. For that program, borrowers must complete a free homebuyer education course online before closing on their home.
USAA mortgages have a $50,000 minimum loan amount. It offers jumbo loans from $510,400 to $3 million.
VA programs through the lender require no down payment and no PMI. To get the best rates, you’ll need a credit score of 740.