We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more. VA loans are a type of mortgage loan backed by the Department of Veterans Affairs (VA). Through the VA-backed loan program, loans are guraranteed by the VA and issued via private banks, credit unions, and other lenders. This helps military service members and their families buy a home with easier qualification requirements than traditional mortgages and often with no down payment. When choosing a VA loan, it’s important to consider the costs, application process, customer service, and online loan management experience, among other factors. The best VA loan lenders will be competitive in all or most of these categories. Best VA Loan Lenders Best VA Loan Lenders Compare Providers FAQs Methodology Pros Specializes in VA loans High-volume VA lender with low rates and good ratings Program to help low-credit borrowers build their credit to buy a home Cons Relatively low-tech experience Relatively high recommended minimum credit score Why We Chose It Veterans United Home Loans specializes in just one thing: VA loans. That’s one reason why it earned the top spot on our list. Veterans United was the third-largest originator of VA loans in 2020 and 2021, and is currently the largest lender for 2022. It offers excellent interest rates and has garnered solid reviews. However, there is no consumer mobile app, which may irritate some users. And if your credit score is lower than the recommended 620, you may benefit from Veterans United’s credit building program, but you may not qualify for a loan. Pros A high-tech lender with a modern online application and mobile app One of the highest-volume VA loan originators in the U.S. Fast loan disbursem*nt Cons Not specifically dedicated to servicing veterans or VA loans Why We Chose It Quicken Loans, now Rocket Mortgage, was the second-largest VA loan originator in 2020 and 2021 and the largest mortgage originator in the U.S. in 2019. It has several J.D. Power wins, including seven years as the highest-ranked mortgage servicer in J.D. Power’s U.S. Primary Mortgage Servicer Satisfaction Study. The company only recently fell to second place as of 2022. Rocket Mortgage, its online mortgage application platform, is one of the simplest and fastest mortgage applications to use. Due to the efficiency of its online lending platform coupled with competitive loan rates and strong customer service, Rocket Mortgage wins our top ranking for the best online VA loan lender. Rocket requires a minimum 620 credit score for VA loans. Pros Specializes in military households Offers a wide range of financial products Excellent customer satisfaction Cons Strict membership requirements Why We Chose It USAA is a bank built exclusively for military members, veterans, and their families. USAA earns excellent ratings for many of its products (notably insurance) thanks to competitive rates and stellar customer service. It had scores that exceeded the top-ranked companies for overall customer satisfaction in J.D. Power studies of insurance and mortgage lenders. It also features an online VA loan eligibility tool to help you understand your eligibility and how to apply. USAA originates its VA loans using an easy-to-follow online process, including an online preapproval application. USAA was the fifth-largest VA loan originator in 2020 and tenth in 2021. Pros A nonprofit credit union with a military focus Excellent rates and fees Excellent customer service Cons Small branch network Strict membership requirements Why We Chose It It may have “Navy” in the name, but members of any branch of the U.S. military or Department of Defense personnel can join Navy Federal Credit Union. Navy Federal offers VA loans with among the lowest APRs on our list and also received high marks for customer satisfaction in the J.D. Power study. It also has a partnership with RealtyPlus to help you find a local real estate agent. Navy Federal Credit Union could be a good home for all of your finances, including checking, savings, and credit cards. For 2020, Navy Federal was the sixth-largest originator of VA home loans and ninth-largest in 2021. Pros The largest originator of VA loans for 2020 An automated system that may help you save through a loan refinance Best for fair credit borrowers Cons No fully-online application Doesn’t post current rates online Average customer service scores from J.D. Power Why We Picked It According to VA data, Freedom Mortgage was the largest originator of VA loans for 2020 and 2021. It has a major focus on VA loans and is more likely to work with applicants with lower credit scores (as low as 550) than other lenders who made our list. Freedom Mortgage offers several features, including an a low-rate guarantee (for purchase loans), which is nice considering it doesn’t disclose rates on its site. It also gives any web visitor access to a slew of helpful resources, including mortgage calculators and borrower education materials. We chose Veterans United Home Loans as the best overall VA mortgage lender because it specializes in VA home loans and has relatively low interest rates. It's one of the largest VA loan lenders in the country, and if your credit isn't good enough, Veterans United has a credit consultation program to help you qualify in the future. VA loans are issued through private lenders, but a portion of the loan is guaranteed by the VA. This helps veterans qualify for better terms and lower lending requirements than conventional mortgages. Qualifying applicants may be able to get a VA-backed loan with 0% down and no private mortgage insurance (PMI), which can lead to significant savings and remove hurdles that might otherwise prevent some vets from buying a home. To qualify for a VA loan, you will have to meet length-of-service requirements and obtain a valid Certificate of Eligibility (COE). In some cases, spouses or dependents may be eligible. The application process to get your COE differs depending on the nature of your service. Veterans will need a copy of discharge or separation papers (DD214) to get a COE. One of the biggest perks of a VA loan is the option to borrow with no money down. This could help you get a home sooner or afford a more expensive home than you could have purchased with a traditional mortgage. Qualified veterans with their full entitlement no longer have any loan limits on VA mortgages. This means that any loan amount can be guaranteed by the U.S. Department of Veterans Affairs, if you’re eligible. However, although the VA has no maximum loan amount, that doesn’t mean you can borrow as much as you want—the county you reside in may have its own maximum limit, and you still need to qualify with a lender. After receiving your Certificate of Eligibility to apply for a VA home loan, you must apply through a private lender, who will still evaluate your finances, credit history, and other factors (much like a typical loan application). The amount you can borrow from any particular lender will depend on how well you meet its criteria. Borrowers with high credit scores and high incomes will usually be able to borrow more money than those with poor credit and lower incomes. The time it takes to close a VA home loan depends on the lender you’re borrowing from. Most lenders will close in around 50 days, while some may close in as soon as three weeks or even less. Learn about VA home loan closing costs so you’re not surprised when it’s time to wrap up your mortgage. To choose the best VA lenders, we reviewed the top banks, credit unions, and online VA lenders by volume. The most important considerations included interest rates and fees, customer service reviews, the application process (including online and mobile application platforms), minimum recommended credit scores, and category-specific features. Article Sources U.S. Department of Veterans Affairs. "VA Home Loans: Lender Statistics." Consumer Financial Protection Bureau. "Data Point: 2020 Mortgage Market Activity and Trends." J.D. Power. "2022 U.S. Mortgage Servicer Satisfaction Study." J.D. Power. "Mortgage Servicers Score Points with Customers During Pandemic but Threats Loom for Banks, J.D. Power Finds." J.D. Power. "Home Insurers Struggle with Customer Loyalty as Boomers Flock to Rental Market, J.D. Power Finds." USDVA. "VA Home Loan Limits."The Best VA Loan Lenders of 2023
Best Overall : Veterans United Home Loans
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Best Online Lender : Rocket Mortgage
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Best Bank : USAA
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Best Credit Union : Navy Federal Credit Union
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Best for Fair Credit : Freedom Mortgage
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Compare Providers
Lender Why We Picked It Minimum Recommended Credit Score Veterans United Home Loans Best Overall 620 Rocket Mortgage Best Online Lender 620 USAA Best Bank 640 Navy Federal Credit Union Best Credit Union Not disclosed Freedom Mortgage Best for Fair Credit 550 Final Verdict
Frequently Asked Questions
What Is a VA Loan?
Are VA Loans Only for Veterans?
Does a VA Loan Require a Down Payment?
How Much Can You Borrow With a VA Mortgage?
How Long Does It Take To Close a VA Home Loan?
How We Picked the Best VA Loan Lenders
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See Also
How to Qualify for a VA Loan