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If you qualify for a VA mortgage, you have the ability to purchase a home very affordably, with no down payment, low rates, and no limits on how much you can borrow. These home loans are available to active military, veterans, and their spouses.
The best VA mortgage lenders have low minimum credit score requirements. Most of our chosen lenders ranked high in J.D. Power’s 2022 Mortgage Origination Satisfaction Study and earned strong ratings from the Better Business Bureau. Many also have special features that help them stand out, such as no lender fees or hybrid closing options.
Best Overall VA Lender
Best for Poor Credit
Best for a Smooth Closing
Best Online VA Lender
Best for No Down Payment
Best for Refinancing
Best for Customer Service
Best Big Bank VA Lender
Best for No Lender Fees
Comparing the Best VA Mortgage Lenders
Veterans United (jump to Veterans United details»)
The bottom line: Veterans United is the largest VA loan lender in the country, generating more than $26 billion in loan volume in 2022, according to the US Department of Veterans Affairs. This lender’s experience and expertise means that its a great choice for VA borrowers — particularly those who are new to the process.
The pros of Veterans United:
Available in all 50 statesHigh score in J.D. Power’s 2022 study on customer satisfaction (Veterans United doesn’t qualify to rank because it doesn’t meet certain criteria, but J.D. Power notes that the lender would rank highly if it were eligible)A+ rating from the BBBAccepts non-traditional forms of credit if you have a low/no credit score
The cons of Veterans United:
Difficult to find information for non-VA loans on its website, which makes it hard to compare your options
Carrington Mortgage Services (jump to Carrington Mortgage Services details»)
The bottom line: Carrington accepts borrowers with scores as low as 500 on all of its government-backed loan options, making it a great option for VA loan borrowers with rocky credit histories.
The pros of Carrington:
Qualify for a VA loan with a low credit scoreAccepts non-traditional forms of credit, such as proof you pay bills on timeA+ rating from the BBB
The cons of Carrington:
Not available to residents of Massachusetts or North DakotaCan’t see personalized rates online
Fairway Independent Mortgage Corporation (jump to Fairway Independent Mortgage Corporation details»)
The bottom line: Fairway Independent Mortgage offers a fast and simple application process, and its hybrid closing option lets VA loan borrowers complete most of their closing paperwork ahead of time.
The pros of Fairway Independent:
Available in all 50 statesQualify for a VA mortgage with a low credit scoreAccepts non-traditional forms of credit, such as proof of paying billsA+ rating from the BBBHybrid closing option
The cons of Fairway Independent:
Rates aren’t posted online
Movement Mortgage (jump to Movement Mortgage details»)
The bottom line: Movement Mortgage boasts a fast process and low fees, making it a solid overall choice for VA borrowers.
The pros of Movement Mortgage:
Available in all 50 statesQualify for a VA mortgage with a credit score as low as 580May accept non-traditional credit data if you don’t have a credit scoreA+ rating from the BBB
The cons of Movement Mortgage:
No customized mortgage rates shown on the websiteDoesn’t accept non-traditional forms of credit if you have a low credit score
Navy Federal Credit Union (jump to Navy Federal Credit Union details»)
The bottom line: Navy Federal is a great lender for borrowers who aren’t eligible for a VA loan or those who have used up their VA entitlement thanks to its Military Choice and Homebuyers Choice loans, which both allow 0% down payments. Its VA loan options are also strong.
The pros of Navy Federal:
Available in all 50 statesPlenty of options for military members and their families, including VA loans, Military Choice loans, and Homebuyers Choice loansHigh score in J.D. Power’s annual customer satisfaction study (Navy Federal doesn’t qualify to rank because it doesn’t meet certain criteria, but J.D. Power notes that the credit union would rank highly if eligible)Accepts non-traditional credit dataAlthough Navy Federal’s minimum credit score is technically 660, the lender looks at your financial profile as a whole and has some flexibility
The cons of Navy Federal:
You must qualify to join Navy Federal Credit Union to get a VA loanThe BBB gives it an NR (“No Rating”) because it’s in the process of responding to customer complaints
Rocket Mortgage (jump to Rocket Mortgage details»)
The bottom line: Rocket Mortgage is a great choice if you’re comfortable applying online and have a good credit score. It ranks high in customer service and offers an easy preapproval process.
The pros of Rocket Mortgage:
Available in all 50 statesRanked as the top lender for customer satisfaction from J.D. Power in 2022A+ rating from the BBBQuick, easy online experience
The cons of Rocket Mortgage:
No physical locationsDoesn’t accept non-traditional credit data — you must show your credit score to get a mortgage
USAA (jump to USAA details»)
The bottom line: USAA earned the highest score in J.D. Power’s 2022 customer satisfaction study, though it wasn’t ranked because it doesn’t meet award criteria.
The pros of USAA:
Available in all 50 US statesHigh customer satisfaction ratings, according to the J.D. Power Primary Mortgage Origination Satisfaction StudyA+ rating from the BBB
The cons of USAA:
No cash-out refinancingDoes not accept non-traditional credit dataNo way to see personalized interest rates online
Chase (jump to Chase details»)
The bottom line: Chase ranks high in customer service and offers a couple of different closing cost benefits that can help VA borrowers save money.
The pros of Chase:
Get $2,000 for closing costs with the Chase VA Purchase Closing Cost BenefitRanked No. 2 in customer satisfaction according to J.D. Power’s 2022 studyChase Homebuyer Grant offers between $2,500 to $5,000 in assistance for borrowers in eligible areasB rating from the BBB
The cons of Chase:
Chase has a great rate customization tool, but VA loan rates aren’t included in it
Pentagon Federal Credit Union (jump to Pentagon Federal Credit Union details»)
The bottom line: PenFed charges no lender fees on its VA loans, helping borrowers keep their closing costs down.
The pros of PenFed:
Offers multiple types of mortgagesOffers mortgages in all 50 US states, DC, Puerto Rico, Guam, and OkinawaCharges no lender feesA+ rating from the BBB
The cons of PenFed:
Doesn’t accept non-traditional forms of creditYou’ll need to become a PenFed member to qualify for a mortgage
Other VA Mortgage Lenders We Considered
Wells Fargo: Wells Fargo has undergone several public controversies in the past few years, including scandals surrounding mortgages.Guild Mortgage: Guild Mortgage doesn’t show any mortgage rates on its website, let alone customizable ones.Freedom Mortgage: J.D. Power ranks this lender pretty low in customer satisfaction.LoanDepot: LoanDepot is a good VA mortgage lender overall, but it didn’t have the standout features of our top picks.PNC Bank: PNC ranks below our top picks on the J.D. Power customer satisfaction study.Guaranteed Rate: This lender falls below our top picks in both customer satisfaction and trustworthiness.Flagstar Bank: Flagstar also ranks lower on the J.D. Power customer satisfaction study.Veterans First Mortgage: Veterans First requires a 660 credit score. So does Navy Federal, which is on our list, but Navy Federal is a bit offers some flexibility if your score is lower.New American Funding: This is a good lender overall, but the lenders on our list have more features that set them apart.North American Savings Bank: This bank requires a 640 credit score. So does Veterans United, which made it onto our list, but Veterans United is more competitive in that is specializes in working with military members.BNC National Bank: You can get a VA mortgage with a 640 credit score and no down payment, or 620 with a down payment.Bank of America: Bank of America is one of our favorite overall mortgage lenders, but when it comes to its VA loan offerings, it lacks the standout features our top picks had.NBKC Bank: NBKC Bank also lacked the impressive features we look for in our top picks.US Bank: This lender ranked low in J.D. Power’s annual study.
Methodology: How We Chose the Best VA Lenders for 2023
To choose the top VA mortgage lenders, we looked at three main factors:
Affordability/credit score. VA loans are known for being an affordable option, with no down payment for qualifying borrowers. They also usually have more lenient credit score requirements than conventional mortgages. We chose lenders that accept low credit scores or are flexible about credit scores if other parts of your financial profile are strong. Many of the companies on our list also accept non-traditional forms of credit in place of a credit score.Customer satisfaction. If the lender appeared in the J.D. Power 2022 Primary Mortgage Origination Satisfaction Study, we looked at its ranking. If it wasn’t in the study, we read online customer reviews.Ethics. Most of our top picks received an A+ from the Better Business Bureau, which measures companies’ trustworthiness. The exceptions are Navy Federal Credit Union, which has an NR, and Chase, which has an A.
Are These Lenders Trustworthy?
To compare each VA lender’s trustworthiness, we’ve examined grades from the Better Business Bureau.
The BBB grades businesses based on responses to customer complaints, transparency about business practices, and honesty in advertising. Here are the scores for our top picks:
LenderBBB gradeVeterans United is a good mortgage lender for VA loans.
Veterans United
A+
Carrington
A+
Fairway
A+
Movement
A+
Navy Federal Credit Union
NR
Quicken Loans
A+
USAA
A+
Chase
APenFed
PenFed
A+
All of the lenders on our list have an A+ rating from the BBB, with the exception of Navy Federal and Chase.
Navy Federal has an NR (“No Rating”) because the BBB says it is responding to unresolved customer complaints.
This lender also has a recent scandal, in which a Navy Federal employee has claimed the lender pressured mortgage underwriters to approve loans even if they didn’t have sufficient reason to believe applicants could repay the loans. Then she filed a lawsuit and said Navy Federal retaliated against her whistleblowing by changing her job duties. She dropped the case in late 2020.
Chase has an A rating due to government action against the business and failure to respond to one complaint.
In 2020, the Department of Justice required JPMorgan & Chase to pay $920 million for wrongful trading.
A strong BBB grade doesn’t guarantee you’ll have a smooth relationship with a lender, though. You still may want to read online reviews or ask friends and family about their experiences with companies.
Frequently Asked Questions
Who is the No. 1 VA lender?
In terms of total loan volume and number of loans originated, Veterans United is currently the top VA lender in the country, but this changes fairly frequently. In 2021, Freedom Mortgage was the No. 1 originator of VA loans.
What is the best place to get a VA loan?
The best VA lender is the one that accepts your credit score, offers a low rate, and charges relatively low fees.
Once you’ve narrowed down your options, consider applying for preapproval with your top few choices. Each preapproval letter will explain how much you can borrow and how much you’ll pay. This makes it easy to compare lenders and find the best deal.
How do I qualify for a VA mortgage?
You must be associated with the military to receive a VA loan, but there are a few restrictions. You may be eligible if you meet one of the following criteria:
You’re an active-duty member.You’re a wartime veteran who has served at least 90 days in active duty, OR a peacetime veteran who has served at least 180 days in active duty, OR a member of the National Guard or Reserves who has served for at least six years.You’re a spouse of a military member who died in active duty or in another military-related incident.You’re a spouse of a prisoner of war or military member who is missing in action.
You don’t necessarily need to have your Certificate of Eligibility in hand when you apply. The lender should be able to look up your COE electronically to check whether you’ve served enough time to qualify.
You also must meet a couple of criteria for your finances and property:
Have the minimum credit score, debt-to-income ratio, and income required by the private lender. Each lender sets its own requirements.Your property must meet VA loan guidelines. It should be your primary residence and meet certain safety standards.
Can I be denied a VA mortgage?
If you meet all the usual qualifications to get a VA mortgage, there’s still a chance your application could be denied. The main reason this would happen is if something changed during the application process.
For example, maybe you’re preapproved, but your credit score drastically drops before you make an offer. Or you change jobs and don’t tell the lender. Then the company might deny you a mortgage.
What are the interest rates on VA mortgages?
Interest rates vary by lender, but VA mortgage rates tend to be lower than conventional mortgage rates.
Mortgage and Refinance Rates by State
Check the latest rates in your state at the links below.
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