Best VA loan lenders of October 2024 (2024)

CNBC Select reviewed lenders offering VA loans and selected the top providers in a variety of categories. (See ourmethodologyfor more information.)

Who's this for? VA loan rates are lower than for conventional mortgages, but Navy Federal's rates are consistently below the industry average.

Standout benefits: Navy Federal's Military Choice loan is another zero-down mortgage that lets sellers contribute up to 6% of the home's value toward closing costs. For a one-time $250 fee, borrowers can lower their rate without refinancing.

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Who's this for? Guild Mortgage accepts borrowers with a 540 credit score, considerably lower than the 620 most VA lenders want to see. If you have a thin or non-existent credit history, Guild also considers non-traditional credit sources, like rent and utility payments.

Standout benefits: Guild accepts a debt-to-income ratio of up to 45% for VA loans, higher than many lenders.

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Who's this for? The largest VA loan provider in the U.S., Veterans United is an solid option if you prioritize good service: It earned an A+ from the Better Business BureauIt and received the highest score of any lender on J.D. Power's 2023 Mortgage Origination Study, which covers application process through closing day and .

Standout benefits: Veterans United provides free credit counseling if you need to boost your score before applying.

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Who's this for? PenFed Credit Union doesn't charge origination fees, which can equal up to 1% of your VA loan total.

Standout benefits: If you buy your home through PenFed's real estate agent network, you may be eligible for a closing credit of up to $1,500.

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Who's this for?Looking to buy a high-value property? USAA approves VA loans for up to $3 million.

Standout benefits: USAA doesn't charge origination fees on VA loans.

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Who's this for? If like you prefer to do your banking live and in-person, Chase Bank has over 4,000 U.S. branches, more than any other bank.

Standout benefits: Chase offers a $2,000 closing credit for eligible VA loans. It also guarantees on-time closing for qualified borrowers in as little as three weeks or you could get $5,000.

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Who's this for?Rocket Mortgage is a great fit if you want the comfort of applying for a mortgage from home. This online lender combines a first-rate web experience with stellar customer service and offers remote closing where it's allowed.

Standout benefits: If you buy your home through Rocket Homes, you may be able to get 1.25% of the loan amount back as closing credit, up to $10,000

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Founded in 1933, Navy Federal Credit Union initially only served Navy Department employees but has grown into the largest credit union in the U.S., accepting all active duty service members, as well as veterans, Reservists, Department of Defense employees and their immediate family members.

Nationwide availability: Available in all U.S. states and Washington D.C.

Types of mortgages: Conventional, VA, jumbo, refinancing

Minimum credit score: Not disclosed

Minimum down payment: 0% for VA loans

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San Diego-basedGuild Mortgage has more than 200 branches across 32 states. It was rated No. 4 on J.D. Power's 2024 Mortgage Servicer Customer Satisfaction Survey and received an A+ from the Better Business Bureau.

Nationwide availability: Available in all U.S. states except New York

Mortgage types: Conventional, USDA, VA, FHA, jumbo, refinancing, home equity, HELOC, reverse mortgage

Minimum credit score: 540 for VA loans

Minimum down payment: 0% for VA loans

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Veterans Unitedhas been the largest provider of VA loans in the U.S. since 2016. It received the highest score on J.D. Power's 2023 U.S. Mortgage Origination Satisfaction Study and was given an A rating from the Better Business Bureau

Nationwide availability: Available in all U.S. states and Washington D.C.

Types of mortgages Conventional, FHA, VA, USDA, jumbo, refinancing

Minimum credit score: 620 for VA loans

Minimum down payment: 0% for VA loans

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Despite its name, Pentagon Federal Credit Union, or PenFed, is available to any U.S. citizen or permanent resident who makes a $5 minimum deposit. The third largest credit union in the nation it offers a variety of loans, checking and savings accounts, credit cards and other financial services.

Nationwide availability: Available in all U.S. states and Washington D.C.

Types of mortgages: Conventional, FHA, VA, jumbo, refinancing

Minimum credit score: 620 for VA loans

Minimum down payment: 0% for VA loans

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Offering insurance, investing and banking services to current and former military members, USAA (United Services Automobile Association) is one of the largest lenders of VA loans by volume. It received the highest score on J.D. Power's 2022 U.S. Mortgage Origination Satisfaction Study but was not included in the 2023 survey.

Nationwide availability: Available in all U.S. states and Washington D.C.

Types of mortgages: Conventional, VA, jumbo, refinancing

Minimum credit score: 640 for for VA loans

Minimum down payment: 0% for VA loans

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Chase Banktraces its origins to 1799, when Aaron Burr founded the Bank of the Manhattan Company, a progenitor of JPMorgan Chase. Today, Chase is the largest retail bank in the U.S. Its home loan division earns above-average scores on J.D. Power's mortgage satisfaction surveys.

Nationwide availability: Available in all50 states and Washington, D.C.

Types of mortgages: Conventional, FHA, VA, DreaMaker, jumbo, refinancing, home equity loan

Minimum credit score: 620 for conventional, 500 for FHA

Minimum down payment: 0% for VA, 3% for DreaMaker, 3.5% for FHA

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The second largest mortgage lender in the U.S.,Rocket Mortgageoriginated 289,000 home loans in 2023, worth $78 billion. Verified approval is available in as little as two hours and closings with Rocket average 22 days, nearly half the industry average.

Nationwide availability: Available in all50 states and Washington, D.C.

Types of mortgages: Conventional, FHA, VA, HomeReady, Home Possible, Rocket ONE+, jumbo, refinancing, home equity loan

Minimum credit score: 620 for conventional, 500 for FHA

Minimum down payment: 0% for VA, 1% for Rocket ONE+, 3.5% for FHA loan

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VA loans help active and former service members buy homes with no down payment and more favorable rates and credit requirements. These mortgages are guaranteed by the U.S. Department of Veterans Affairs but are issued by private lenders.

Closing costs are limited for VA loans and borrowers cannot be assessed a penalty for prepayment. In lieu of mortgage insurance, VA loans typically require a funding fee.

VA loans can be used to purchase or build a primary residence, to refinance an existing mortgage or to pay for renovations.

U.S. military personnel, veterans, Reserves and National Guard members and some surviving military spouses may qualify for VA loans.

Active-duty service members must serve for at least 90 continuous days but eligibility for the National Guard, Reserves and veterans varies. (You can find current requirements on the VA website.) You will likely also need a statement of service signed by your commanding officer.

While the VA doesn't have specific credit score or debt-to-income ratio requirements for VA loans, lenders typically want to see a 620 score and a DTI of 41% or less.

Other requirements include:

• The home must serve as your primary residence
• It must pass a Department of Veterans Affairs appraisal
• You must have two years of consistent employment

VA loan borrowers are required to pay a funding fee. This fee will depend on two key factors: whether this is your first time using a VA loan and how much your down payment is. Here's what these fees will look like.

• Down payments of less than 5%: For first-time VA loan borrowers, you'll pay a funding fee of 2.15% of the loan total. If you've used a VA loan before, you'll pay a funding fee of 3.3% the loan total.
• Down payments of 5% to 10%: You'll pay a funding fee of 1.50% of the loan total in all cases.
• Down payments 10% or more: You'll pay a funding fee of 1.25% of the loan total in all cases

Follow these steps to get started applying for a VA loan

• Determine your eligibility: See if you meet the requirements for a VA loan.
• Obtain a Certificate of Eligibility: You can get one through the VA eBenefits web portal, by mailing your regional VA loan center or from a VA-approved lender.
• Find a lender who offers VA loans: While a variety of private lenders issue VA loans, not all do.
• Complete the loan application: Your lender will guide you through the application process and help you gather the necessary documents.
• Wait for approval: After you submit your application, your lender will review it to see if you meet their credit and income requirements. You will also need to have a Department of Veterans Affairs appraisal to determine the property's value.

While there's a lot to recommend about VA loans, there are some drawbacks.

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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of home loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. Seeour methodologyfor more information on how we choose the best VA loans.

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To determine the best lenders for VA loans, we analyzed dozens of U.S. mortgage providers, including online lenders and brick-and-mortar banks and credit unions.

When ranking the best VA mortgages, we focused on the following features:

• VA lending history: Not every mortgage lender provides VA loans. We considered each lender's VA loan volume in recent years.
• Closing timeline:The lenders on our list offer closing timelines that vary from as promptly as two weeks after the home purchase agreement has been signed to as long as 45 days after the agreement has been signed.
• Flexible minimum and maximum loan amounts/terms:Each mortgage lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• Streamlined application process:We considered whether lenders offered a convenient, fast online application process and/or an in-person procedure at local branches.
• Customer service:Every mortgage lender on our list provides customer service via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.

After reviewing the above features, we sorted our recommendations by best for customer service, best for low rates, best for borrowers without a credit score, best for no origination fees, best for VA jumbo loans, best for speedy closing, best for in-person experience, and best for online experience.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

The mortgage rates and fee structures cited here may fluctuate with company policy.

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