Are you a veteran or a current servicemember looking to buy a home? There are plenty of options out there for you, but it can be tough to know where to start. That’s why we’ve put together this guide to the best VA loan companies out there, so you can make an informed decision and get started on the path to homeownership.
What is a VA Loan?
Before we dive into the best VA loan companies, let’s start with the basics. A VA loan is a type of mortgage that’s exclusively available to veterans, active-duty servicemembers, and eligible surviving spouses. These loans are backed by the Department of Veterans Affairs (VA) and offer a variety of benefits, including:
- No down payment required
- No private mortgage insurance (PMI) required
- Lower interest rates
- Flexible credit requirements
All of these benefits make VA loans an excellent choice for those who qualify. Plus, since they’re backed by the VA, they’re often easier to obtain than traditional mortgages.
How We Chose the Best VA Loan Companies
When researching the best VA loan companies, we looked at a variety of factors:
Factor |
What We Looked For |
|---|---|
Experience |
We looked for companies that have been in business for at least a few years and have a track record of success. |
Customer Service |
We read customer reviews and looked for companies that have a solid reputation for excellent customer service. |
Loan Options |
We looked for companies that offer a variety of loan options, such as fixed-rate, adjustable-rate, and jumbo loans. |
Technology |
We looked for companies that have easy-to-use online portals and other digital tools to help you manage your loan. |
Interest Rates |
We compared interest rates from each company to ensure you’re getting the best deal possible. |
The Best VA Loan Companies
1. Veterans United Home Loans
Veterans United Home Loans is our top choice for the best VA loan company. They have an A+ rating with the Better Business Bureau and a great track record for customer service.
They offer a wide variety of loan options, competitive interest rates, and a user-friendly online portal that makes managing your loan a breeze.
Plus, they have a team of VA loan specialists who are dedicated to helping veterans and servicemembers navigate the home buying process from start to finish.
2. Quicken Loans
Quicken Loans is another excellent option for VA loans. They have an A+ rating with the Better Business Bureau and offer a variety of loan options, including jumbo loans.
They also have a robust online portal that allows you to manage your loan, track your progress, and upload documents all in one place. Plus, they offer competitive interest rates and have a reputation for excellent customer service.
If you’re looking for a credit union option, Navy Federal is a great choice. They offer a variety of VA loan options, including fixed-rate, adjustable-rate, and jumbo loans.
They also have excellent customer service and a user-friendly online portal. Plus, since they’re a credit union, they can offer lower interest rates and fees than traditional banks.
FAQs
1. Can I get a VA loan if I’ve already used one before?
Yes, you can use your VA loan benefits more than once, as long as you meet the eligibility requirements.
2. Do I have to pay closing costs on a VA loan?
Yes, but the VA has a cap on the amount you can be charged for closing costs, and some fees are not allowed to be charged to the borrower.
3. Can I use a VA loan to buy a second home?
Yes, as long as you intend to live in the home as your primary residence for a significant portion of the year.
4. Can I use a VA loan to buy a rental property?
No, VA loans are only available for primary residences.
5. Do VA loans have adjustable interest rates?
Yes, VA loans offer both fixed-rate and adjustable-rate options.
6. Can I use a VA loan to buy a manufactured home?
Yes, but the home must meet certain VA requirements and be affixed to a permanent foundation.
7. Can I get a VA loan if I have bad credit?
VA loans have more flexible credit requirements than traditional mortgages, but you still need to meet certain minimum standards to qualify.
8. How long does it take to close on a VA loan?
The closing process for a VA loan is similar to that of a traditional mortgage, but it can take slightly longer due to additional paperwork and requirements.
9. Can I get a VA loan if I’m self-employed?
Yes, but you’ll need to provide additional documentation to prove your income and stability.
10. Are there any income limits for VA loans?
No, there are no official income limits for VA loans, but you do need to have sufficient income to cover your mortgage payments.
11. Can I refinance my VA loan?
Yes, you can refinance your VA loan with a VA streamline refinance or a traditional refinance, depending on your goals and financial situation.
12. Can I use a VA loan to buy a condo?
Yes, as long as the condo is on the VA’s approved list of eligible properties.
13. Can I use a VA loan to build a home?
Yes, VA loans can be used for construction loans as well as traditional mortgages.
Conclusion
Now that you know the ins and outs of VA loans and have a list of the best VA loan companies, you’re ready to start your home buying journey with confidence.
Remember to shop around and compare rates and fees from multiple lenders to ensure you’re getting the best deal possible. And don’t forget to take advantage of all the benefits that come with a VA loan, such as no down payment and no PMI.
We hope this guide has been helpful, and we wish you the best of luck in your home buying journey!
Closing Disclaimer
This article is for informational purposes only and should not be construed as legal, financial, or tax advice. Always consult with a qualified professional before making any decisions regarding your finances or home buying process.