BEST OF

7 Best Credit Union Mortgage Lenders of 2022

Credit union mortgages may come with advantages such as lower fees and interest rates. Here are some of the best credit unions for VA loan borrowers, first-time home buyers, those wanting to apply for a mortgage online and others.

NerdWallet
Aug 1, 2022

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You may have heard good things about credit union mortgages. Credit unions are member-owned nonprofit organizations that use their profits to reduce costs and fees, and to offer higher savings rates.

Credit unions can excel at financial education and customer service, making them a good place to shop for a mortgage. And credit union mortgage rates may be more competitive than rates from banks or other lenders.

These credit unions rise to the top of the heap for first-time home buyers, VA loans, digital convenience and other factors.

Best Credit Union Mortgage Lenders

Bethpage Federal Credit Union
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at Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104

4.5

NerdWallet rating 
Bethpage Federal Credit Union

Min. credit score

620

Min. down payment

3%
Learn more

at Bethpage Federal Credit Union

Why we like it

Bethpage has a good selection of loan options but no USDA mortgages or renovation loans. And while it offers multiple online conveniences, you have to contact the lender for customized rates.

Pros

  • Offers a full array of online conveniences, including loan process updates.

  • Offers financing for cooperatives, a type of home that’s common on the East Coast.

  • Sample mortgage rates available for a variety of loan products.

Cons

  • In-person service available only on Long Island, New York.

  • USDA and renovation loans are not available.

  • Customized rates not available online.

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PenFed
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PenFed: NMLS#401822

4.5

NerdWallet rating 
PenFed

Min. credit score

620

Min. down payment

3%
Read review

Why we like it

Good for: borrowers looking for online convenience, a wide selection of mortgages and the competitive rates of a member-owned credit union.

Pros

  • Offers a broad selection of home loan products, including low-down-payment options for first-time home buyers and home buyers of limited means.

  • Offers a lender credit, based on loan amount, for purchase mortgages.

  • Mortgage rates and fees are low compared to other lenders, according to the latest data.

Cons

  • Lender credit isn't available for refinance mortgages.

  • Doesn't offer home improvement loans.

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State Employees Credit Union
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State Employees Credit Union: NMLS#430055

4.5

NerdWallet rating 
State Employees Credit Union

Min. credit score

N/A

Min. down payment

0%
Read review

Why we like it

Good for: North Carolina government employees and other eligible borrowers interested in conventional loans with low down payment options.

Pros

  • No private mortgage insurance required, even with a down payment less than 20%.

  • First-time home buyers may borrow up to $400,000 with no down payment required.

  • No fees for applications or credit reports.

  • Offers mortgage credit certificate and down payment assistance programs.

Cons

  • Does not have government-backed loan options.

  • Membership eligibility is highly limited, and loans are available only for properties located in Georgia, North Carolina, South Carolina, Tennessee and Virginia.

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San Diego County Credit Union
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San Diego County Credit Union: NMLS#580585

5.0

NerdWallet rating 
San Diego County Credit Union

Min. down payment

5%

National / regional

Regional
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Why we like it

Good for: Californians who are looking for a conventional or jumbo mortgage and who want to shop rates online.

Pros

  • Offers purchase, refinance, home equity and jumbo mortgages, plus loans for second homes.

  • Provides customized rate and fee quotes without requiring contact information.

Cons

  • No FHA, VA, USDA or home improvement mortgages.

  • Loans are available only in California.

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Alliant
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Alliant: NMLS#197185

4.5

NerdWallet rating 
Alliant

National / regional

National

Min. down payment

3%
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Why we like it

Good for: first-time home buyers who want to avoid mortgage insurance and prefer a digital application process.

Pros

  • Low- or no-down-payment options with no mortgage insurance.

  • Mortgages are available for non-warrantable condominiums.

Cons

  • Does not offer government-backed mortgages, like FHA and VA loans.

  • Does not offer renovation mortgages.

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Golden 1 Credit Union
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Golden 1 Credit Union: NMLS#669333

5.0

NerdWallet rating 
Golden 1 Credit Union

Min. credit score

620

Min. down payment

3%
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Why we like it

Golden 1 offers a cost-saving real estate agent program, plus a range of loan types, including jumbos.

Pros

  • Offers a variety of purchase and refinance loans, including jumbo mortgages.

  • Has a preferred real estate agent program that can save a borrower some money on closing costs.

  • Offers some flexibility on guidelines for loan qualification.

Cons

  • Does not offer VA or USDA loans.

  • Products available only to California residents.

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Navy Federal
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Navy Federal: NMLS#399807

4.5

NerdWallet rating 
Navy Federal

National / regional

National

Min. down payment

0%
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Why we like it

Good for: military members and their families looking for low-down-payment mortgages.

Pros

  • Offers a wide range of affordable mortgage products designed for military members.

  • Has an online application for preapproval.

  • Offers low rates compared with most lenders, according to the latest data.

Cons

  • Website does not provide customized mortgage rates based on credit score or other factors before you apply.

  • Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.

Read Full Review

Last updated on August 1, 2022

Methodology

The star ratings on this page reflect each lender's overall star ratings. Read more about how we determine those ratings.

The lenders on this page are chosen using this methodology:

NerdWallet reviewed nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.

For inclusion on this roundup, credit union lenders must score a 4.5 or above according to our overall methodology.

NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data.

To recap our selections...

NerdWallet's Best Credit Union Mortgage Lenders of 2022