9 Best VA Loan Lenders of 2024

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Money’s best VA loan lenders main takeaways

• VA loans are one of the main benefits the federal government offers to retired and active-duty members of the military
• Borrowers can qualify for a VA-guaranteed loan with a lower credit score and 0% down payment compared to conventional loans
• There is no private mortgage insurance, but borrowers may be required to pay a funding fee
• VA loans offer competitive interest rates compared to other loan options
• Our top picks for the best VA lenders include Navy Federal Credit Union, Veterans United and Rocket Mortgage

Our top picks for best VA loan lenders of 2024

The companies listed below are in alphabetical order.

• Fairway Independent Mortgage: Best for In-Person Service
• LendingTree: Best for Comparing VA Loan Rates
• NASB: Runner-Up for Best for Competitive Rates
• Navy Federal: Best Overall
• New American Funding: Best for Low Credit Scores
• PenFed: Best for Competitive Rates
• Rocket Mortgage: Best Online Loan Lender
• USAA: Best for VA Loan Refinance
• Veterans United Home Loans: Best for Loan Variety

Best VA loan lenders reviews

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Why we chose it: Fairway Independent Mortgage’s presence in 48 out of 50 U.S. states makes it our top pick for in-person mortgage loan servicing.

Fairway Independent Mortgage is notable for its many branches across all but two U.S. states (Alaska and West Virginia), making it an ideal choice for individuals who prefer in-person service. The company offers VA mortgage loans with 100% financing if you have full VA entitlement.

A down payment will be required if you don’t have full VA entitlement or the loan exceeds the VA county limits. Like other VA lenders, Fairway Independent Mortgage also considers credit score and income factors when determining loan terms.

Fairway also offers a wide range of mortgage products that can be helpful for those who cannot qualify for a VA loan. One such product is specialized physician loans aimed at medical professionals who are still working on repaying their student loans.

The U.S. Department of Justice recently filed a complaint against Fairway alleging the lender engaged in discriminatory practices in predominantly Black neighborhoods in Birmingham, Alabama.

For more detailed information, read our full review of Fairway Independent.

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Why we chose it: LendingTree is an online marketplace that allows you to compare rates on multiple products, from mortgages to personal loans and even credit cards, making it our pick for the best marketplace for comparing VA loan rates.

LendingTree stands out from its competition due to its more than 1,500 partnered mortgage lenders and easy-to-use mobile app.

Borrowers can request multiple quotes (up to three simultaneously), including projected rates and closing costs, in one place. The service is free to use and doesn’t impact their credit score.

The only notable downside to LendingTree’s services is that the company is not a loan servicer or originator, meaning that its customer support will not handle most issues that may come up during your loan process.

LendingTree provides information on average rates for VA loans nationwide, and you can use the online marketplace’s mortgage comparison tool to check potential rates.

For more details read our full review of Lending Tree.

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Why we chose it: North American Savings Bank is dedicated to servicing customers in the Kansas City, MO area, but it extends its mortgage services to individuals all over the U.S. Notably, NASB works with borrowers with credit scores as low as 600, lower than what other many lenders allow.

NASB does not charge origination fees on VA loans, but a funding fee is required. Many loans don’t require a down payment, either. NASB offers a loan payment calculator on its site where borrowers can see potential VA home loan rate scenarios.

In addition to standard VA mortgage products (purchase, IRRRL, cash-out refinance), North American Savings Bank offers the widest variety of mortgage options for individuals who cannot provide “traditional” credit and income data, such as those who are self-employed.

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Why we chose it: Navy Federal Credit Union is our overall pick for best VA lender because of a combination of competitive mortgage rates, loan variety and multiple loan assistance programs.

Navy Federal’s VA loans include options with no down payment requirement and no private mortgage insurance (PMI). The lender can provide up to 100% funding on both VA and conventional mortgages. Once all your documentation is submitted, you can get a loan preapproval in a matter of seconds. The credit union’s no-refi rate drop feature allows you to request a rate reduction without going through a full refinancing if loan conditions are met.

Another Navy Federal perk is its Shop & Lock feature, which allows you to lock in your mortgage rate while you shop for a home and which can be extended for an additional 60 days once you’ve submitted a signed purchase agreement. You could also qualify for up to $9,000 cash back if you work with a real estate agent from RealtyPlus, the credit union’s real estate service.

Membership in the credit union is required and is open to active duty, retired and veteran members of any branch of the armed forces, plus their immediate family members and other members of the household. Some members of the Department of Defense may also be eligible.

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Why we chose it: New American Funding is our top pick for low credit score requirements for VA loans. While its 580 minimum credit score requirement is not unique on the list, it has a vast selection of mortgage loans. Beyond the VA Purchase Loan, there’s also a VA Native American Direct Loan, VA Energy Efficient Mortgage, VA Streamline Refinance Loan and VA Cash-Out Refinance.

Notably, it offers what NAF refers to as an “I CAN” loan, which allows you to choose a custom fixed loan term between eight and 30 years. It also offers a “buydown mortgage” option for VA loans, which allows borrowers to reduce the interest rate on their mortgage for the first one to three years of their loan.

To get a quote, you must contact a representative online or by phone and provide personal information such as your first and last name, email address, and phone number.

For more detailed information, read our full review of New American Funding.

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Why we chose it: PenFed currently offers the lowest mortgage rate for a 30-year fixed-rate loan, which makes it our pick for the best VA loan lender for competitive rates.

When it comes to VA loans and mortgages, PenFed Credit Union stands out for offering some of the lowest rates across the board on conventional, FHA, VA, Jumbo and adjustable-rate mortgages. Plus, as a member of PenFed Credit Union, you can qualify for discounts on a range of services, including homeowners insurance, real estate title services and home security systems.

You must be a member of PenFed to use PenFed’s loan services, but joining is an easy process: Simply open a savings account at the credit union with a minimum of $5.

For more detailed information, read our full review of Penfed.

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Why we chose it: A streamlined and fully digital application and closing process, competitive interest rates and multiple loan tracking tools make Rocket Mortgage our pick for the best online VA lender.

You can easily submit an application and all necessary financial documents, plus keep track of your loan’s processing through Rocket’s website or the app. But you also have the option of applying for a loan through one of Rocket’s affiliated brokers if you prefer in-person service.

Rocket’s VA loan products include 30- and 15-year fixed-rate loans, jumbo loans, and VA refinancing loans, including streamline or interest rate reduction refinance loans (IRRRLs). The lender’s minimum credit score requirement of 580 and a debt-to-income ratio of up to 60% make Rocket a good option for borrowers with less-than-perfect credit. If you decide to buy a property through Rocket Homes and finance the purchase through Rocket Mortgage, you could qualify for a 1.25% closing credit (up to a maximum of $10,000).

For more detailed information, read our full review of Rocket Mortgage (Quicken Loans).

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Why we chose it: For those looking to refinance their existing VA loan, USAA offers all of the possible options with competitive rates and terms.

USAA stands out as a VA loan refinance leader for offering all the available options: VA Interest Rate Reduction Refinance Loans (IRRRL), VA Jumbo Interest Rate Reduction Loans, VA Cash-Out Refinance Loans and Jumbo VA Cash-Out Refinance Loans. You can refinance up to 90% of your home’s value with either cash-out refinance. With IRRRLs, you can refinance up to 100%.

However, rates at USAA aren’t the lowest among the lenders in our top picks. Still, the company’s rates are within the typical range for the market and the option to finance your VA funding fee into your total loan amount is available with all four refinance types.

USAA offers additional financial products and services, such as insurance, banking and investing. All of its products are available only to members. Military members, veterans, their spouses, children, and pre-commissioned officers are eligible.

Members also get discounts for bundling products (e.g. home and auto insurance) and discounts on car rentals, travel packages, home security, moving services, select retailers and more.

*USAA does not disclose the credit score, loan amount or down payment of its advertised rates. To get a better estimate of your potential monthly payment, use the USAA VA Home Loan Mortgage Payment Calculator.

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Why we chose it: Veterans United has one of the largest arrays of VA loan products on our list, including options that most lenders don’t offer, making the lender our choice for having the best variety.

Loan types include purchase, standard, and streamline (IRRRL) refinances, as well as jumbo loans. Veterans United also offers cash-out refinances and VA energy-efficient mortgages, which are not offered by every lender. Borrowers with a credit score as low as 600 and who meet VA eligibility requirements can qualify for a loan through Veterans United.

Veterans United specializes in VA loans and has made the highest number of VA-guaranteed originations in the country for the past 8 years, as ranked by the Department of Veterans Affairs. The lender also has a team of military advisors composed of representatives of each branch of the armed forces who understand the unique circumstances faced by military personnel and can provide expert homebuying advice.

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Other VA loan lenders we considered

(The list below is organized in alphabetical order).

While many mortgage lenders offer outstanding products and features, they don’t necessarily have everything that would make them one of our top picks. We reviewed the following lenders, and while they meet some of our criteria for “Best VA home loan lenders” (low rates, loan experience, good customer service), they ultimately didn’t make the cut.

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Flagstar Bank

Why Flagstar Bank didn’t make the cut: Flagstar’s lack of branches in almost half of the U.S. and limited rate and fee information on its website kept it out of our top picks. For more details, read our full review of Flagstar Bank.

Flagstar Bank (NMLS ID 417490) is a notable mortgage lender because it offers a wide variety of loans and collaborates with several special mortgage programs, such as down payment assistance and home loan grants.

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Freedom Mortgage

Why Freedom Mortgage didn’t make the cut: The lender has over 2,800 complaints lodged with the Consumer Financial Protection Bureau since March 2021. The Better Business Bureau has received over 1,200 complaints about the lender in the last three years and its accreditation was revoked.

Freedom Mortgage is a fully online lender that offers standard mortgage products such as conventional purchase and refinance loans, FHA, VA and USDA loans. What makes it stand out is its credit score requirement of 550 for VA loans, which is the lowest of any lender we considered.

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Guild Mortgage

Why Guild Mortgage didn’t make the cut: No rate information is publicly available; you must contact Guild for details. For more information, read our full review of Guild Mortgage.

Guild Mortgage (NMLS ID 3274) offers mortgage options beyond VA loans, including bridge mortgages, which can help you sell your current home while shopping for a new one, and energy-efficient mortgages.

Guild is also a good choice for people who prefer in-person service since they have branches in all but seven U.S. states. Notably, Guild services its loans, which is something that not all mortgage loan originators do.

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LoanDepot

Why LoanDepot didn’t make the cut: Its website doesn't disclose credit scores and other loan eligibility requirements. For more details, read our full review of LoanDepot.

LoanDepot (NMLS ID 174457) is a primarily online mortgage lender with several affiliate branches across the U.S. Its loan products include conventional purchase mortgages, FHA, VA, ARM (adjustable-rate), and 203k (FHA home renovation) loans. In some cases, LoanDepot’s digital income and asset verification tools can significantly speed up the loan approval process.

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Movement Mortgage

Why Movement Mortgage didn’t make the cut: Rate information isn’t publicly available to potential borrowers; you must contact the company for details. For more information, read our full review of Movement Mortgage.

Movement Mortgage (NMLS ID 39179) is an online mortgage lender that claims to be able to fully close on a loan in under two weeks, though each borrower’s situation will determine the exact time frame. Notably, Movement considers credit scores as low as 580 for VA-backed loan applications, well under the VA’s suggested 620.

Movement also has several down payment assistance and high-balance mortgage options, which are helpful for individuals looking to purchase in high cost-of-living areas.

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NBKC Bank

Why NBKC Bank didn’t make the cut: Its VA loan rates are slightly higher than those of our top picks. For more details, read our full review of NBKC.

NBKC Bank (NMLS ID 409631) is a Kansas/Missouri regional bank that extends its mortgage services nationwide. While its loan offerings are standard (conventional, FHA, VA), it offers specialty home loans for pilots.

Notably, it is one of the few lenders that allows customers to obtain mortgage rates for credit scores under 500, although you’re not guaranteed results below that threshold. Its mortgage rates are also considerably higher than average (up to 1.5% higher).

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Paramount Bank

Why Paramount Bank didn’t make the cut: Its general lack of upfront information about rates, fees and credit score requirements kept it out of our top lenders.

Paramount Bank (NMLS ID 551907) waives the lender’s origination fee ($1095) on all of its VA loans, making it an option worth considering. There are no prepayment penalties, either.

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PNC

Why PNC didn’t make the cut: While full details aren’t available without speaking to an agent, PNC’s rate calculator shows rates slightly higher than many of our top picks.

PNC (NMLS ID 446303) has a standard offering of mortgage products, including conventional, FHA, VA, refinance and HELOC loans. PNC only offers a partially online loan application process. You can perform a digital income and asset verification, but you must speak with a loan officer to go over your loan details.

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Rate

Why Rate didn’t make the cut: Its VA loan product offerings are limited.

Rate (formerly Guaranteed Rate) (NMLS ID 2611) is a mortgage lender that allows borrowers to complete their loan applications online. However, borrowers who prefer in-person service can also visit one of its 500+ locations across 46 states.

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Veterans First

Why Veterans First didn’t make the cut: The higher-than-average credit score requirement (mid-600s) was a deciding factor in keeping it out of our top list.

Thanks to its fully online mortgage process, Veterans First (NMLS ID 449042) is a great choice for military members deployed overseas. Its focus on VA loans also means that the company is better prepared to attend to the specific needs of military members and veterans during the mortgage process.

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VA loans guide

A VA loan is a home loan issued by private lenders and backed by the U.S. Department of Veterans Affairs (VA). Read on to learn more about VA home loans, their pros and cons, the associated costs and how to apply.

How does a VA loan work?

VA loans are one of the main benefits the government provides to active duty and retired members of the armed forces. Eligibility will depend on the borrower's years of service. There are also property requirements that must be met. Read more on VA loans to find full details and see how they can help you achieve your homeownership goal.

Beyond military service requirements, some VA lenders require specific standards of creditworthiness. These details will vary by lender and can include a credit score of 620 or higher and a debt-to-income ratio of 41% or less. (You can calculate your specific percentage using our debt-to-income ratio calculator.)

VA loans offer two big advantages for qualifying homebuyers. There is no required down payment, and the mortgage rates tend to be lower than those on conventional mortgages or FHA loans. These features make a VA-backed mortgage a more affordable financing option, especially for first-time homebuyers.

The VA no longer places maximum loan limits, but your VA mortgage lender might. In most U.S. counties, the maximum loan amount for 2024 is $766,550, but it can be as high as $1,149,825 in more expensive areas. Jumbo loans will have a higher limit.

Types of VA loans

The U.S. Department of Veterans Affairs offers four different types of mortgages — VA purchase loan, interest rate reduction refinance loan (IRRRLs), cash-out refinance loan, and Native American direct loan — each with its own set of requirements and limitations. Evaluate all loan options before deciding which VA mortgage lender suits your needs.

Purchase loan

Purchase loans finance the purchase of a primary residence, energy-efficient upgrades to an existing home, or the purchase of property to build a new home. They cannot be used to buy investment properties, vacation homes, rental properties, or fixer-uppers that need significant repairs.

To learn more, read our guide on VA purchase loans.

Interest Rate Reduction Refinance Loan (IRRRL)

Designed to refinance an existing VA mortgage, a streamlined refinance can get you a lower interest rate, reduce the loan term, or go from a variable rate to a fixed-rate mortgage.

Cash-out refinance loan

A VA cash-out refinance allows you to access the equity you’ve built up in your home by applying for a new mortgage with a higher balance. The proceeds of the new loan will pay off your old mortgage and you’ll receive the excess amount in the form of a lump sum payment. There are no VA-guaranteed home equity loan or line of credit options.

Learn more about how to tap into your home equity with a VA cash-out refinance or read our guide on how to refinance a VA loan to get more information on refinancing.

Native American Direct Loan (NADL)

NADL is the only loan managed and funded directly by the government entity. Veterans who are Native American (or whose spouses are Native American) are eligible for this loan. Borrowers can use this loan to buy, build, or improve a home on federal trust land.

As of this writing, the amount of money that can be borrowed with this program is unlimited, except for the limitations imposed by creditworthiness, DTI, and general Fannie Mae/Freddie Mac conforming loan limits. Borrowers can access higher limits if they choose to make a down payment.

Additional VA-backed loan programs

VA energy efficient mortgage (EEM)

Finance energy-efficient home improvements, such as a solar water heater, solar panels, storm doors on windows, and furnace efficiency modifications, through an EEM. Ineligible home upgrades include A/C units, vinyl siding and new roofing or shingles.

VA renovation loan

Also called a VA rehab loan or a reno loan, a VA renovation loan is a way to include the cost of home repairs and improvements in your VA home loan amount. No luxury upgrades are allowed. This loan is intended for repairs such as heating and cooling system replacement, upgrades to make the home more accessible for people with disabilities and the replacement of old appliances.

VA loans for manufactured homes

You can get financing for a manufactured home, also known as a mobile home or a modular home. However, there is a 25-year maximum loan term on larger units and a 20-year loan term limit on smaller units. Lender credit requirements for VA mobile home loans may also be higher than loans for conventional homes. The mobile home must also have a permanent foundation and comply with safety standards set by the U.S. Department of Housing and Urban Development (HUD).

Our page of the best mobile home loans is an excellent place to start exploring other home loan options or checking out current mortgage rates.

You must meet specific requirements to qualify for this type of loan.

What is the VA funding fee?

Although VA mortgages don't have PMI, they do involve funding fees, a one-time cost that you pay for a VA loan. If you're using a VA loan to buy, build, renovate or refinance a mortgage, you'll have to pay the fee. You can pay the full fee upfront at closing, or you can roll the fee into your loan amount and pay it off over time.

The amount of your fee depends on your down payment amount, the total amount of your loan and whether it's your first time using a VA loan. Based on those factors, your fee can be anywhere from 1.25% to 3.3% of the loan amount. In general, you'll pay a higher funding fee if you opt for a smaller down payment; those putting down 10% or more will qualify for the lowest funding fees.

Consider this example: you buy a new home for $300,000 using a VA loan, and your down payment is $15,000 — 5% of the purchase price. Assuming this is the first time you're using a VA loan, that down payment amount would allow you to qualify for a 1.5% funding fee. At that rate, your fee would be $4,275 — 1.5% of $285,000, the amount you're financing with your mortgage.

Fee exemptions

In some situations, you may be eligible for a funding fee exemption. The fee will be waived if you meet one of the following criteria:

• You receive VA compensation for a service-related disability

• You're eligible for VA compensation for a service-related disability, but you're receiving retirement or active-duty pay instead

• You receive Dependency and Indemnity Compensation (DIC) as the surviving spouse of a Veteran

• You receive a proposed or memorandum rating before the loan closing date stating you're eligible for compensation because of a pre-discharge claim

• You're an active duty service member who provides evidence of receiving the Purple Heart before or on the loan closing date

Other costs to expect with VA loans

VA loans tend to be lower-cost options than conventional mortgages, but there are several fees and expenses to keep in mind. Besides the funding fee, which is typically the largest expense, you'll also have to pay the following:

• Origination fee

• Credit report fee

• Appraisal fee

• Hazard insurance and real estate taxes

• State and local taxes

• Title insurance

• Recording fee

In general, closing costs on a VA loan are between 1% and 5% of the total loan amount.

How to qualify for a VA Loan

There are specific requirements you must meet to qualify for a VA home loan. The VA home loan program and its military benefits are available for:

• Active-duty military members
• Veterans
• Past and present members of the National Guard
• Surviving spouses of military personnel who died in combat

A VA home loan does not have a minimum credit score requirement, but most participating VA loan lenders require a minimum credit score of 620. Our advice? Always check your credit report and debt-to-income ratio before applying for a loan and improve it if you can. (Be sure to read our guide on how to dispute your credit report.)

Service requirements

VA loan eligibility depends on the length of service of the applicant. These are the requirements as set by the VA:

• Veterans and active-duty service members must have served at least 90 days during wartime or 181 days during peacetime.

• National Guard members must have served at least 90 days of active-duty service during wartime or six years of creditable service in the Select Reserves or Guard.

• Two kinds of discharges from military service may affect eligibility determination: Other Than Honorable (OTH) and Bad Conduct.

• The specific circumstances of a veteran’s discharge will be considered, which could take Veterans Affairs (VA) months to evaluate.

In all cases, once deemed eligible, you must apply for a Certificate of Eligibility (COE). The COE proves to the VA mortgage lender that you meet the VA’s eligibility requirements.

How to apply for a VA home loan

After confirming your eligibility, take the following steps to apply:

• Gather the information you need to apply for your Certificate of Eligibility (COE). You can apply online through your lender using a WebLGY system or by downloading a VA Form 26-1880 and mailing it in.

• Shop around for a lender and compare rate quotes, lender fees and other borrowing costs before settling on the one that best suits your needs.

• Submit your loan application. The lender will request a VA appraisal of the house. The lender will then review the appraisal, your credit history, and income and decide whether to accept your loan application.

• Apply for your COE and contact your state’s regional VA loan center to start the process directly with the government, in the case of Native American Direct Loans.

Once your lender accepts your application, they'll work with you to select a title company (or entity) to close on the house.

If you have any questions that your lender can’t answer, please call your VA regional loan center at 877-827-3702. You can also watch a video on the official U.S. Dept. of Veteran Affairs’ YouTube page to learn more about VA home loans and how to apply.

How to get a VA loan with bad credit

Some lenders will issue a VA loan to veterans and service members with credit scores as low as 580 or lower. Freedom Mortgage, for example, will accept a credit score as low as 550. However, most lenders will require a minimum credit score of 620.

If you don’t meet the minimum credit score required, you should work on improving your personal finances. Paying the bills on time, paying off any debt you currently have and contacting the reporting agency to fix any errors are some steps that can help improve your score.

More about VA mortgage loans

• VA Loans vs Conventional Home Loans
• How to Refinance a VA Loan
• 8 Expert Tips for Getting Approved for a VA Loan
• How Much House Can I Afford?
• 6 Tips for Active Duty Military Buying Homes While Overseas

How we chose the best VA loan lenders

Given that many mortgage lenders offer similar products, we narrowed our methodology to focus on three factors: rates, experience and customer service.

• Rates — We chose VA loan lenders with the lowest rates to ensure your mortgage payments align with your budget.

• Experience in VA Loans — We prioritized VA mortgage lenders who process many VA loans. Having a VA mortgage lender who is familiar with this process ensures that every step of your home purchase is taken care of on time.

• Customer Service — We highlighted VA mortgage lenders that excel in customer satisfaction and provide first-time homeowners step-by-step guidance throughout the pre-approval, application and loan closing.

We also made sure that our picks are registered with the Nationwide Multistate Licensing System and Registry (NMLS) and meet the minimum certification requirements for mortgage lending.

Though we always try to include accurate and up-to-date information on regulatory and legal actions, we don’t claim this information is complete or fully up to date. Interest rates and annual percentage rates are subject to change. As always, we recommend you do your own research as well.

Summary of Money’s Best VA Home Loan Lenders of 2024

• Fairway Independent Mortgage: Best for In-Person Service
• LendingTree: Best for Comparing VA Loan Rates
• NASB: Runner-Up for Best for Competitive Rates
• Navy Federal: Best Overall
• New American Funding: Best for Low Credit Scores
• PenFed: Best for Competitive Rates
• Rocket Mortgage: Best Online Loan Lender
• USAA: Best for VA Loan Refinance
• Veterans United Home Loans: Best for Loan Variety