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Best VA Mortgage Lenders


If you meet the requirements for a home loan backed by the Department of Veterans Affairs, you could get a mortgage without making a down payment: one of the program’s main benefits. The VA guarantees a portion of your loan, which means your mortgage could have better terms, such as a lower mortgage rate, than most others.

Here’s more about VA home loans and how to find the best VA mortgage lender for your needs.

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Homefinity launched in 2018 as the online lending division of Fairway Independent Mortgage. It offers a variety of mortgage products, including conventional mortgages, Federal Housing Administration and Veterans Affairs mortgages, and mortgage refinancing.

Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans. Caliber has been in business since 2008, and is solely focused on home lending products.

Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.

Pentagon Federal Credit Union, widely known as PenFed, offers borrowers access to many types of mortgages: conventional, adjustable rate, jumbo and Department of Veterans Affairs, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was established in 1935 and is based in McLean, Virginia.

North American Savings Bank, or NASB, is a Missouri-based bank and lender founded in 1927 that offers home mortgages nationally. NASB provides a variety of mortgage options, including conventional, Federal Housing Administration and Department of Veterans Affairs loans, and products for borrowers who might otherwise have trouble getting a mortgage.

Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.

Chase, one of the world’s largest banks, was founded in 1799 in New York and offers mortgage and refinance loans.

AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite digital mortgage experience for customers. The company says it has financed more than 664,000 borrowers since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.

Simmons Bank was founded in Arkansas in 1903 and can now be found across six states. It offers mortgage products such as conventional and jumbo loans, federal-government-backed loans and state-approved down payment assistance programs.

The 30-year fixed mortgage rate rose to 6.77% this week, up slightly from 6.65% last week. Average interest rates for fixed-rate mortgage products increased across the board, while adjustable mortgage rates stayed about the same.


Still, mortgage interest rates are twice as high as they were at the beginning of the year, and higher borrowing costs are having a tangible impact on mortgage affordability and consumer housing sentiment. Here are the current mortgage rates, without discount points unless otherwise noted, as of Dec. 15:

  • 30-year fixed: 6.77% (up from 6.65% a week ago).
  • 20-year fixed: 6.62% (up from 6.53% a week ago).
  • 15-year fixed: 6.06% (up from 5.98% a week ago).
  • 10-year fixed: 6.12% (down from 6.03% a week ago).
  • 5/1 ARM: 5.46% (up from 5.43% a week ago).
  • 7/1 ARM: 5.57% (equivalent from 5.57% a week ago).
  • 10/1 ARM: 6% (down from 6.01% a week ago).
  • 30-year jumbo loans: 6.81% (up from 6.66% a week ago).
  • 30-year FHA loans: 6.06% with 0.07 point (up from 5.96% a week ago).
  • VA purchase loans: 6.19% with 0.05 point (up from 6.06% a week ago).

Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.

The VA doesn’t lend money with VA loans, but it does offer a guarantee. You borrow from a private VA mortgage lender, and the government guarantees payment for a portion of your mortgage. If your loan is more than $144,000 and you default, the VA will pay the lender up to a quarter of the loan amount.

This guarantee reduces risk for lenders and allows borrowers to obtain competitive interest rates and terms, including buying with no down payment and private mortgage insurance.

How Many Times Can You Use a VA Loan?

You do not have to be a first-time homebuyer to use a VA loan. As long as you qualify for VA loan benefits, you can use them as many times as you would like. However, the VA loan must be used to purchase a primary residence and not a vacation home or investment property. Plus, the VA funding fee varies depending on whether you’ve used this type of mortgage in the past.

You will need to meet service or discharge criteria to qualify for a VA loan. You may also be eligible as a spouse of a veteran or in other situations. Visit the VA website for full eligibility requirements.

When you apply for a VA loan, you will need to present a Certificate of Eligibility, or COE, from the VA to the lender to show you qualify for the program.

You can apply for a COE online, by mail or through your lender using the VA’s web-based system. Applying by mail may take longer than the other two options.

In addition to military service requirements, you must meet the VA mortgage lender’s income, credit score and other conditions to qualify for the loan.

The VA sets no minimum credit score, but lenders typically expect a score of at least 620.

The lender will also consider your debt-to-income ratio, which is the percentage of your gross monthly income spent on debt payments. Most lenders prefer a DTI of 43% or lower.













VA Funding Fees
Rates for veterans, active-duty service members, and National Guard and Reserve members
Down Payment Funding Fee

First Use

Less than 5% 2.3%
More than 5% 1.65%
More than 10% 1.4%
After First Use Less than 5% 3.6%
More than 5% 1.65%
More than 10% 1.4%
Source: VA

VA purchase loan: Put no money down and borrow up to the conforming loan limit in most areas – more in some high-cost locations – to build, buy or improve a home. You won’t need private mortgage insurance, which is usually required on a conventional loan when you don’t make at least a 20% down payment.

VA renovation loan: If you’re looking at purchasing a home that doesn’t meet the VA’s minimum property requirements, you may be able to borrow a VA rehab loan. This mortgage includes a certain amount of additional funding that can be used toward repairs and improvements. However, many lenders do not offer this type of VA loan.

VA refinance loan: An interest rate reduction refinance loan, often called a streamline refinance, replaces your VA-backed loan with a new one that has different terms to reduce or stabilize your mortgage payments. Pay attention to your closing costs, dividing estimated costs by expected monthly savings, to determine whether to proceed.

VA cash-out refinance loan: This loan may help you take cash out of your home equity to pay off debt, remodel or help with college expenses. Borrowers can also choose this option to refinance a non-VA loan into a VA-backed loan. You can borrow up to the conforming loan limit with no down payment in most areas, but keep refinancing costs in mind.






VA Cash-Out Fees
Type of veteran Fee for first-time use Fee for subsequent use
Active duty 2.15% 3.3%
Reserves or National Guard 2.4% 3.3%

Native American Direct Loan: If you’re a veteran and either you or your spouse is Native American, this program may help you buy, build or improve a home on federal trust land. An NADL may also be refinanced to reduce your interest rate. Borrowers need to meet the VA’s eligibility criteria for an NADL, including credit and income standards.

Consider these five key factors to help you select the best VA mortgage lender for your needs:

1. Annual percentage rate, or APR. The APR reflects the interest rate, plus fees and closing costs, and it tells you the true cost of borrowing. Shop around and compare quotes from different VA lenders. You can compare APRs on loan estimates, which break down on Page 3 how much of a loan you will pay off after five years.

2. Closing costs. Lenders can charge a number of closing costs to set up VA loans, including funding, origination and administrative fees. When you add up these costs, the loan with the lowest interest rate might not be the best VA home loan overall. This shows why you want to compare APRs and not just interest rates.

3. Products. Loan options depend on the VA mortgage lender. However, VA loans often have the same terms as conventional mortgages: They can come with fixed or adjustable rates and last up to 30 years.

4. Eligibility requirements. VA loan criteria are consistent when it comes to military service, but VA lenders could have different credit and income requirements. Most lenders have a minimum credit score and a maximum debt-to-income ratio to qualify.

Find the Mortgage That’s Right for You

Applying for a VA loan is nearly identical to applying for a conventional mortgage, except for VA forms.

You will need to apply for and receive your COE, which you provide to the lender as proof that you meet the service requirements for a VA loan. If you’re a veteran, you must also submit your DD Form 214, Certificate of Release or Discharge from Active Duty.

Another difference is that a VA-certified appraiser inspects the home to make sure it meets the VA’s minimum property requirements and is acceptable for a loan.

Here’s more information about the mortgage timeline to have a better idea of what to expect.

Make sure you understand the pros and cons of a VA home loan to help you decide whether to use one.

  • You don’t need a down payment. Borrow up to the conforming loan limit – and more in some cases – with no down payment as long as the sale price of the home isn’t higher than its appraised value. This feature can be especially helpful for first-time homebuyers who haven’t saved much money.
  • You don’t have to buy private mortgage insurance. PMI is typically required if your down payment is less than 20% of the home’s purchase price. This is a significant savings, as PMI can cost between 0.5% and 1% of the loan amount each year.
  • You could qualify with fair credit. You may be able to qualify for a VA loan with a lower credit score than you would with a conventional mortgage because of the guarantee. VA mortgage lenders typically require minimum FICO scores from 580 to 620.
  • Sellers can help with closing costs. Closing costs are typically between 2% and 5% of the purchase price. With VA loans, the seller can agree to pay for some of your closing costs: up to 4% of the purchase price.

  • You’ll pay a VA funding fee. The funding fee ranges from 2.3% to 3.6% if you’re not making a down payment and depending on the type of loan and whether you’re using a VA-backed loan for the first time. The VA funding fee drops to as low as 1.4% if you’re able to make a down payment of 10% or more.
  • You can only use it to buy a primary residence. This program is not for buying a vacation home or investment property.
  • You may be subject to VA loan limits. If you’ve used a VA loan to buy a home in the past, you may be subject to borrowing limits that depend on the county in which you live. VA loan limits don’t apply to borrowers in certain circumstances, including veterans and active-duty service members who have never used their home loan benefit.
  • It’s more challenging to buy a fixer-upper in major disrepair. You can only use a traditional VA purchase loan to buy a home that meets the VA’s minimum property requirements. While VA renovation loans are available, they’re not offered by all VA mortgage lenders.

As of 2020, the VA eliminated loan limits for qualified borrowers who have full entitlement. But for those who have remaining entitlement, the VA loan borrowing amount is based on the Federal Housing Finance Agency’s conforming loan limit for the county in which the home is located.

You may have remaining entitlement if you have a VA loan that’s still in repayment or if you live in a property where a VA loan was used to purchase the home, even if the loan is fully repaid.

The standard VA loan limit for borrowers with remaining entitlement is $647,200 in 2022, up from $548,250 during the previous year. VA loan limits also increased in many high-cost-of-living counties, with the maximum borrowing amount at $970,800 for a single-family home. Get in touch with your mortgage lender to determine whether you’re subject to VA loan borrowing limits.

While VA loans will offer the most benefits for the majority of eligible homebuyers, there may be a few circumstances in which borrowers can benefit from looking into their full borrowing options. If you’re a veteran or active-duty service member looking to purchase a home, here are a few VA loan alternatives:

  • Conventional mortgages. A conventional loan comes with a less stringent appraisal process than a VA loan, which may make this a better option if you’re purchasing a home that doesn’t meet the property requirements set by the VA. You may also choose a conventional loan over a VA loan if you’re purchasing a second home or an investment property, since government-backed loans can’t be used for these purposes.
  • USDA loans. Mortgages backed by the U.S. Department of Agriculture let you buy a property in a rural county with zero down payment. However, unlike VA loans, USDA loans do require a version of mortgage insurance called a guarantee fee that’s equal to 1% at the time the loan is originated, as well as an additional 0.35% fee annually. You might consider a USDA loan if you don’t meet the credit or income requirements for a VA loan.
  • FHA loans. Another government-backed mortgage option, Federal Housing Administration loans let you purchase a home with as little as 3.5% down. This may be a good alternative if you don’t want to use your VA entitlement to purchase a property that you plan to live in temporarily but rent out in the near future.

U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.

To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.

The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.

To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.

Veterans United Home Loans offers mortgages in all 50 states and Washington, D.C., and specializes in Department of Veterans Affairs loans. Since 2016, Veterans United Home Loans has generated the largest number of VA purchase loans per year in the nation. The lender was founded in 2002 and is based in Columbia, Missouri.

PNC Bank is one of the largest banks in the United States, serving more than 9 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.

PrimeLending is a Dallas-based mortgage lender in operation since 1986. The company offers several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

Real Genius is a division of FirstBank, a publicly traded bank based in Nashville, Tennessee. Real Genius, formerly known as ConsumerDirect Mortgage, offers both home purchase and refinance loans.

New American Funding is a mortgage lender offering a variety of home loan options to homebuyers and homeowners nationwide except for Hawaii. The company, founded in 2003 and based in Tustin, California, has originated $61.9 billion in mortgages to date.

Guild Mortgage is a San Diego-based lender established in 1960 and focused on residential home loans. Guild Mortgage offers buyers in 43 states a full suite of mortgage products, including conventional loans, government-backed mortgages and jumbo loans.

CMG Financial is a privately held mortgage banking firm operating nationwide with localized support, founded in 1993 and based in San Ramon, California. The lender offers a range of products, including conventional, government and specialty mortgages, like jumbo loans.

Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage is a full-service mortgage company. It’s the fifth-largest mortgage provider in the country and is licensed to operate in all 50 states. Freedom Mortgage offers a variety of mortgage options, including conventional loans, refinancing and first-time homebuyer friendly programs such as FHA loans.

LoanDepot is a mortgage lender that operates nationally with more than 200 branches and delivers both a digital experience and face-to-face service. The lender offers fixed- and adjustable-rate conventional mortgages, Federal Housing Administration and Department of Veterans Affairs loans, as well as refinance and renovation loans. The company was founded in 2010 and is based in Foothill Ranch, California.

Rocket Mortgage, the largest mortgage lender in the nation, was founded in 1985. The Detroit-based company is best known for its fully digital experience of buying or refinancing a home. Rocket Mortgage changed its name from Quicken Loans in the summer of 2021.

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



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