Being created in 1944 as part of the original Servicemen’s Readjustment Act, VA home loan is a type of mortgage loan that is offered to active and veteran service personnel to help them become homeowners. The surviving spouses of the service personnel are also eligible to get funding for the construction or financing of their houses.
If you meet the above basic criterion to qualify for a VA loan, here we have picked the top 5 VA loan lenders you can count on. By the end of this article, you will get detailed information about all the requirements and ways to get a VA loan in the shortest possible time.
Before getting into the detail, understand the methodology following which the Business Tells team has evaluated the mortgage lenders.
The Methodology
The research team of Business Tells has gathered information about over 30 mortgage lenders from the country that have more than 1% market share and are having a considerable loan volume.
The VA loan lenders were evaluated based on the following factors:
- The VA origination fee of the lender
- How transparent is their rate
- How many ranges of VA loans are they offering
- Ease of application filing process
- The scope of the company’s loan offering.
- How past borrowers have found the lender.
- The share percent are they offering to VA lending from their overall business share
Based on the information we have found, the following is the detail of Best VA Loan Lenders for the year 2022.
Best VA Loan Lenders Of 2022
VA Loan Lender Number One: Veterans United Home Loans
The Veterans United Home Loans company has led the list of best VA loan lenders of the year 2022, following the below reasons:
Veterans United Home Loans provide a variety of loan products including:
Purchase and refinance loans
- VA Loans
- Conventional Loans
- Jumbo Loans
- FHA Loans
- USDA
The company is further a top VA loan originator and has boasted an A+ rating from the Better Business Bureau (BBB). Another reason why Veterans United made it to the top is that the company is available in all 50 states of the country.
It also runs a Lighthouse Program that offers free credit consulting to service members who have had a poor credit history.
As far as the credit score is concerned, you are required to be military personnel or should belong to a military family. Also, you should have a credit score of at least 620, to be eligible for a VA or conventional loan.
The only drawback of this VA lending company is, they do not currently offer home equity loans and you may also not get enough information about the non-VA loans on their website.
VA Loan Lender Number Two: Navy Federal Credit Union
Navy Federal Credit Union has made it to the second spot of our VA loan lenders list following its wide range of loan products and competitive rates. Following is the detail of loan products offered by Navy Federal Credit Union:
- VA Loans
- Military Choice
- Purchase and Refinance
- Conventional Loans
- Jumbo Loans
- Investment property
- Homebuyers Choice
The company is functional in all 50 states of the US and is also present worldwide. It has over 350 branches across the globe.
Another perk that homebuyers can avail of is a cashback of up to $9,000 upon working with a real estate agent who is a member of the Navy Federal RealtyPlus network. It further offers competitive interest rates with a rate match guarantee of $1,000.
The only drawback of this VA lender is their mortgages are only available for their credit union members. They also do not offer some of the worthy Government loans.
VA Loan Lender Number Three: The Rocket Mortgage
Rocket Mortgage is another worthy VA lender you can count on. It offers the following credit products:
- VA loans
- Conventional Loans
- FHA Loans
- Flex-term loans
- Investment property
- Jumbo
- Purchase and refinance
The score you need to maintain in order to be eligible varies from one loan product to another. For conventional loans, you need to have a score of 620, while 680 and 580 for jumbo loans and FHA & VA loans respectively.
The Rocket Mortgage has also secured an A+ rating from the BBB. This credit company is also well-reputed following its quick service. You loan estimates in a few minutes and you can contact the company representatives anytime via their online portal.
The company has remained the top priority of customers from the year 2014 to 2020. Revealed by J.D. Power, it earned the highest rate in customer satisfaction.
Well, you need to consider the drawbacks as well. The only drawbacks we could find were: it doesn’t offer home equity loans, USDA loans, and HELOCs. They also haven’t provided the fee structures and branch locations on their website.
VA Loan Lender Number Four: The Lower Mortgage
From a simple online application process to lower minimum credit requirements, The Lower Mortgage Company offers several unique benefits that helped it to rank number fourth in our list of top VA loan lenders.
If you are borrowing house funding via Lower’s mobile app, you can earn $500. Also, it doesn’t charge a lot of fees. You are only required to pay a $995 flat-rate lender fee and a $1,695 fee for refinances1 which often gets waived off for Lower’s current customers.
The company also doesn’t require any hard credit checks from the homeowners. The credit requirement for conventional loans is 620, while for FHA loans and VA loans you have to present a credit limit of 580.
It also provides enough loan products. These include:
- FHA Loans
- VA Loans
- Conventional Loans
- Jumbo Loans
- Home Equity Loans
- USDA
- HELOC
- Investment Property
- Purchase and Refinance
The only reason why it lags behind is its physical presence. The company is not available in every state of the US.
VA Loan Lender Number Five: The New American Funding
Having a large suite of loan products, the New American Funding Company has taken the fifth spot in our list of top five VA loan lenders. The available loan products of the company include:
- Reverse mortgages
- Investment Property
- Purchase and Refinance
- Flexp-term
- Non-QM
- FHA loans
- VA loans
- Conventional Loans
- Purchase and Refinance
- USDA
According to the available information, the company requires the homeowners to present a credit score of 620 for conventional loans. You also can easily file for the application on their online dashboard.
Several branches of the company are located across the country but it doesn’t provide loans in Hawaii. The company also has not disclosed the lender’s fee on its website. It also has earned an A+ rating from BBB.
The best thing about this VA lender company is, it has plenty of loan options for people who are credit-challenged and are self-employed.
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The Takeaway
While you have got to know all the essential details about leading VA loan lenders, applying for a VA loan is also quite simple. You can apply for one online or by calling any agent belonging to your desired credit company.
It is also important to know that, not all banks or credit companies offer VA loans, to get additional information about whether or not a bank offers VA loans; you can contact your nearest Regional Loan Center.
