Welcome to our comprehensive guide on top rated VA loan lenders! If you are a veteran or serving in the military, VA loans are an excellent option to finance your home purchase. Special benefits such as lower interest rates, lenient credit score requirements, and zero down payment make VA loans an attractive option for military service members.
However, with so many VA lenders available, it can be overwhelming to decide which one to choose. That’s why we’ve created this guide to help you find the best VA loan lender that suits your needs.
Why Choose VA Loans?
Benefits of VA Loans
VA loans offer several benefits that are specifically designed for military service members, including:
Benefits |
Description |
|---|---|
Lower interest rates |
VA loans typically have lower interest rates than conventional loans, saving you thousands of dollars in interest over the life of your loan. |
No down payment required |
Veterans and active-duty service members can get a VA loan without a down payment, which is a considerable benefit compared to other types of loans that require significant down payments. |
Lenient credit score requirements |
VA loans have more relaxed credit score requirements than conventional loans, which is beneficial for individuals who may not have stellar credit. |
No private mortgage insurance (PMI) required |
VA loans do not require PMI, saving you thousands of dollars over the life of your loan. |
Who is Eligible for VA Loans?
To be eligible for VA loans, you must meet one or more of the following criteria:
- Served on active duty during wartime for a minimum of 90 days
- Served on active duty during peacetime for a minimum of 181 days
- Served in the National Guard or Reserves for at least 6 years
- Are a surviving spouse of a military service member who died in the line of duty or as a result of a service-related injury or disability
How to Find the Best VA Loan Lenders
Factors to Consider
When choosing a VA lender, there are several factors you should consider, including:
- Interest rates and fees
- Customer service and support
- Loan terms and conditions
- Online platforms and resources
- Loan officer expertise and experience
- Local and national reputation
- Loan processing time
Top Rated VA Loan Lenders
After extensive research and analysis, we have compiled a list of the top-rated VA loan lenders in the market. These lenders offer competitive interest rates, excellent customer service, and a wide range of loan options to suit your needs.
Lender |
Interest Rate Range |
Fees |
Loan Types |
Customer Reviews |
|---|---|---|---|---|
Quicken Loans |
2.5% – 5% |
Origination fee: 0.5% – 1.0% |
Fixed-rate, adjustable-rate, jumbo, VA streamline refinance |
4.7/5 on Trustpilot |
Veterans United Home Loans |
2.25% – 4.5% |
Origination fee: 1% – 2% |
Fixed-rate, adjustable-rate, jumbo, VA streamline refinance |
4.9/5 on Trustpilot |
Navy Federal Credit Union |
2.25% – 4% |
No origination fee |
Fixed-rate, adjustable-rate, jumbo, VA streamline refinance |
4.5/5 on Trustpilot |
Note: Interest rates and fees are subject to change and vary based on several factors such as credit score, loan amount, and location.
FAQs
1. How long does it take to close a VA loan?
The closing process for VA loans typically takes between 30 to 45 days, but it can vary depending on several factors such as the lender, the appraisal process, and the availability of required documentation.
2. Can I use a VA loan to buy a second home?
Yes, as long as you meet the eligibility criteria and intend to use the property as your primary residence.
3. Is there a maximum VA loan amount?
Yes, the maximum VA loan amount varies by county and is determined by the Federal Housing Finance Agency (FHFA). In 2021, the maximum loan amount is $548,250 for most counties in the United States.
4. Can I get a VA loan with bad credit?
VA loans typically have more relaxed credit score requirements than conventional loans, but a credit score of at least 620 is recommended. Lenders may have different credit score requirements, so it’s best to contact them directly to learn more about their guidelines.
5. Do I need to pay closing costs for a VA loan?
Yes, VA loans require closing costs, but they are generally lower than conventional loans. However, some lenders may offer no-closing-cost VA loans that roll the closing costs into the loan amount, which can increase the overall loan cost.
6. Can I refinance my current mortgage with a VA loan?
Yes, VA loans offer a streamline refinance option that allows you to refinance your current VA loan into a new one with lower interest rates and better terms.
7. How do I apply for a VA loan?
To apply for a VA loan, you’ll need to obtain your Certificate of Eligibility (COE) from the VA, which verifies your eligibility for the loan. Next, you’ll need to find a VA-approved lender and complete the loan application process.
Conclusion
Choosing a VA lender can be a daunting task, but by considering factors such as interest rates, loan terms, customer service, and reputation, you can find the best VA loan lender that suits your needs.
As always, we encourage you to do your own research and compare multiple lenders to make an informed decision. By doing so, you can save thousands of dollars in interest and fees while achieving your dream of homeownership.
Closing Disclaimer
The information provided in this article is for educational purposes only and should not be considered as financial or legal advice. We are not responsible for any errors or omissions in the content and do not guarantee the accuracy, completeness, suitability, or validity of any information provided. Please consult with a financial or legal professional before making any financial decisions.