VA loans are easy to come by, right? After all, everyone supports our veterans.
There is a lot of love for our veterans out there, but unfortunately, there are also people out to make a quick buck from anyone. Offering VA loans becomes a gimmick for these people to exploit.
That means that you can’t just accept that you’re getting the best deal possible from everywhere. VA loans require a keen understanding of the process, or they can be particularly frustrating.
We’ve identified the top ten companies that offer VA mortgages so you can find the best deal.
We evaluated the companies based on:
- How well-established they are
- The range of services they offer
- How good their loan rates are
- And how well they perform in terms of service.
10 Best VA Loan Lenders
Veterans United Home Loans
Veterans United Home Loans is no fly-by-night operation. It was founded with the sole purpose of providing veterans loans are decent rates. It’s been in operation since 2002 and has 25 offices nationwide with 2,400 employees.
This company has its own in-house team for all the underwriting, closing and processing. They also work with veterans from all branches of the armed forces to better understand the needs of their clients.
The company goes a step beyond just providing a loan. They also aim to teach veterans more about owning their own homes. The company offers its Lighthouse Program free of charge to help veterans improve their credit to get a better deal on financing.
This company was founded by army officers back in 1922. The idea was to create a mutual insurance company that could help the enlisted with auto insurance. Since then they’ve grown a lot and now also offer VA loans and mortgages.
Currently, with 12 million members on the books, USAA is a force to be reckoned with in the industry. They offer both conventional mortgages and VA mortgages. This becomes important if the client would prefer to hold onto their VA eligibility to fund a different purchase.
The primary advantage of dealing with this company is that they offer one of the most complete bouquet of services. You can bank with them, invest with them, take out insurance, and even get them to help with financial planning.
The name is in reference to the original mandate of the company. When it began in 1933, the idea was to focus only on members serving in the Navy. Since then, though, it has extended its services to any branch of the armed forces. It also assists those in the ROTC, annuitants, and reservists.
The big advantage here is that this is a credit union, and it’s also the biggest of its type in the United States. Navy Federal Credit Union has more than proven it’s staying power.
It offers banking services, student loans, personal loans, vehicle financing, credit cards, long-term loans, and IRAs. So basically any type of loan you could need.
Another useful service they provide is streamline refinancing of existing mortgages. Streamline refinancing is a much easier way to secure refinancing, as the home does not need to be reappraised.
The one downside is that they will not offer variable rate mortgages, but at least you know your installment will never change. There are 300 branches nationally and close on 600 ATMs. You also have access to service 24/7 through a dedicated call center.
This company started in Detroit fairly humbly. Since then it, and it’s subsidiary, Rocket Mortgage, takes the top spot when it comes to retail mortgage financing. Impressively, the company financed over $400 billion worth of mortgages from 2013 to 2017.
It operates solely online but will service members in each of the fifty states. It has over 24,000 employees at this stage.
Sometimes it is nice to be able to walk into an office and get advice, but most of the time, you want a quick and easy solution that fits into your schedule. The advantage of online applications is that you get a decision in seconds.
Quicken Loans will deal with the VA to obtain any paperwork that you might need to prove that you’re eligible for the loan.
Just about all loans are serviced in-house, so you always know who you are dealing with. You can opt for a conventional mortgage if you prefer.
Your credit must be reasonable to get a loan here. You’ll need a minimum score of 620. We’d advise checking what your credit score is whenever you are considering buying a home.
If it’s low, work on improving it before you make your application.
This company is no spring chicken, but it’s young compared to some of the other companies on the list. That said, it is firmly established and was started in 1992 with a simple principle in mind—the customer should always come first.
JG Wentworth takes pains to ensure that lenders understand every stage of the process and never feel overwhelmed. They have received a top rating with the Better Business Bureau. They’ve been an accredited member since 1996.
The advantage of dealing with this company is that they offer some of the best rates in town. They can offer different types of financing and will help you refinance your property.
They will help you get a better rate on your mortgage, or help you refinance to free up extra cash. There are twenty branches nationwide.
No, we didn’t make a typo. We guess that the company wanted to stand out and so they chose this rather strange setup with the capitalization. It seems to have worked for them – they’re counted as one of the biggest mortgage lenders nationwide.
The company has 180 offices and boasts a staff of around 6,500. They’ve financed loans to the tune of $100 billion. Around 70 percent of these were refinanced mortgages.
They offer a range of different mortgage types and can help you establish a line of credit based on the equity in your home. Their refinancing options include straight cash-out options or refinancing for a better interest rate.
We’d prefer it if they had a 24/7 call center. Unfortunately, you’re limited to the office hours of 5:00 am to 7:00 pm on weekdays and 8:00 am to 3:00 pm on Saturdays.
This bank is based in Michigan and is well-represented in the Midwest. If you’re from another state, don’t let that put you off, they do offer financing in all 50 states.
You can choose from a full range of financial services. These include:
- Checking and savings accounts
- Medical savings accounts
- Credit cards
- Vehicle financing
- Personal loans
- Mobile and online banking services
They offer full-service mortgage lending and count amongst the most successful lenders nationwide.
You can opt for straight finance to fund a house purchase, refinancing, or even renovation loans. Your options are conventional or VA loans.
We don’t really need to say too much about this US mega-bank, but considering that they have 8,300 branches nationwide, and around 13,000 ATMs, you’d be hard-pressed to find yourself too far from Wells Fargo.
They offer full-service banking including:
- Savings and checking accounts
- Credit cards
- Vehicle financing
- Lines of credit based on home equity
If you prefer dealing with a human being rather than a computer, this might be the best option for you.
This company could be a dark horse on our list. PrimeLending is not the best-known brand name. Don’t be fooled, though, this rates as one of the top lenders in the United States. The Better Business Bureau has awarded it an A rating.
Its headquarters are in Dallas, and there are around 1,500 staffers ready to handle your application. The downside, perhaps, is that it only offers mortgage services.
That said, you can purchase for up to a million dollars if you qualify, so it’s a solid organization.
This may seem like a strange addition to this list considering that Lending Tree is a lending exchange. In other words, it puts together those who want to borrow money with those who want better returns on their investments.
There is a wide range of options available, and the company has processed over 30 million loan applications. You can access almost every kind of financing, from equity loans through to credit cards.
The company has been in operation since 1998 and so is well-established. The advantage of this kind of lending is that there is more competition between lenders. You apply and then are matched with suitable lenders. You get to choose the one that has the best deals.
Do Some Homework First
Naturally, we do advise you to do some research on your own before settling on a particular company. The rates between the different companies do offer some wriggle room and, with mortgage financing, even a half a percent can make a big difference over the long term.
We’d also advise that you start planning for when you’d like to buy. Save as much of a deposit as possible and take steps to improve your credit rating if necessary. Your credit rating can be improved in as little as six months by:
- Making sure that your bills are paid on time every month
- Paying down some of your debt
- Ensuring that you use as little of your credit facilities as you can manage. Ideally, you should be using no more than half of the limit on your revolving credit accounts.
It may take some sacrificing, but you’ll be happy you did so when you secure a better rate and save a ton of interest on your mortgage.
VA Loans Bottom Line
You could ask ten different people about the best companies for VA loans, and you could get ten different answers. One thing for sure, though, is that these companies will come up time and time again.
These lenders understand the intricacies of VA financing and have honed the process to a fine art. Some lenders on the list employ veterans or currently enlisted members as consultants. This helps them to understand the needs of military personnel more fully.
When it comes to VA loans, it’s best to stick with trusted names and well-established companies. Those geared towards providing the best levels of services to the enlisted and veterans are the best place to start.