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Best VA loan lenders in 2024

Written by Edited by
Published on September 10, 2024 | 3 min read

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Comparing lenders, you might not expect many differences with loans guaranteed by the Department of Veterans Affairs (VA). 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.

Best VA loan lenders

VA mortgage lender Bankrate Score Minimum credit score Minimum down payment
USAA 4.8 640 for VA loans 0% for VA loans
Veterans United Home Loans 4.9 620 for VA loans 0% for VA loans
Rocket Mortgage 4.6 580 for VA loans 0% for VA loans
Navy Federal Credit Union 4.4 Undisclosed 0% for VA loans
LoanDepot 4.2 620 for VA loans 0% for VA loans
CrossCountry Mortgage 4.0 Undisclosed 0% for VA loans


USAA

USAA

Rating: 4.8 stars out of 5
4.8
Learn more in our Bankrate review


Veterans United Home Loans

Veterans United Home Loans

Rating: 4.9 stars out of 5
4.9
Learn more in our Bankrate review


rocket mortgage logo

Rocket Mortgage

Rating: 4.6 stars out of 5
4.6
Learn more in our Bankrate review


Navy Federal Credit Union logo

Navy Federal Credit Union

Rating: 4.4 stars out of 5
4.4
Learn more in our Bankrate review


LoanDepot

LoanDepot

Rating: 4.2 stars out of 5
4.2
Learn more in our Bankrate review


CrossCountry Mortgage logo

CrossCountry Mortgage

Rating: 4 stars out of 5
4
Learn more in our Bankrate review

How to find a VA mortgage lender for you

  • Make sure you’re eligible. You’ll need to obtain your certificate of eligibility (COE) before applying for a VA loan.
  • Apply and compare offers. Apply for preapproval with at least three VA lenders to compare their rates and fees. 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. Check out current VA loan purchase rates and VA refinance rates.
  • Read reviews and compare lenders. Check out lender reviews and examine the best lenders for VA home loans side by side.
  • Estimate closing costs. Get a read on the estimated closing costs for your VA loan, which can total up to 6 percent of the home purchase price.

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 an eligible service member or veteran

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

  • The loan must be for your primary residence only.
  • You must pay the 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.

Types of VA loans

Fees associated with VA loans

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’ll pay VA closing costs.

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 as of July 2024, as reported by the VA:

VA mortgage lender Originations, loan volume Originations, dollar volume
Veterans United Home Loans 5,729 $1.87 billion
United Wholesale Mortgage 3,696 $1.56 billion
Rocket Mortgage 2,190 $817 million
Freedom Mortgage 1,879 $684 million
Navy Federal Credit Union 1,710 $658 million
Pennymac 1,241 $503 million
DHI Mortgage 1,129 $405 million
USAA 886 $341 million
CrossCountry Mortgage 803 $346 million
Village Home Mortgage 736 $268 million
LoanDepot 694 $261 million

FAQs about VA loans

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Part of Introduction to VA Loans