Best of

Best Credit Union Mortgage Lenders of 2019

NerdWalletJuly 2, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Credit union mortgages may come with advantages such as lower fees and interest rates. Here are some of the best credit unions for VA loans, home equity products, first-time home buyers and California residents.

Min. Credit Score

600

Min. Down Payment

3%

Pros

  • Offers a range of fixed-rate and adjustable-rate mortgages in all states but Alaska and Hawaii.
  • Customer support is available across a variety of channels despite limited physical locations.
  • May consider alternative credit data.

Cons

  • Does not offer FHA, VA or USDA loans.
  • Just 13 branch locations in four states (Minnesota, New Hampshire, Ohio and Wisconsin).
Read full review
National / Regional

National

Min. Down Payment

0%

Pros

  • First-time home buyers may put zero down and pay no mortgage insurance.
  • Repeat homeowners may put down as little as 5% with no mortgage insurance.
  • Mortgages are available for non-warrantable condominiums.

Cons

  • No government-insured loans, such as FHA, VA or USDA.
  • Brick-and-mortar locations in five states, so most borrowers' applications must be handled online or by phone.
  • As it's a credit union, membership is limited.
Read full review
National / Regional

National

Min. Down Payment

0%

Pros

  • Wide range of affordable mortgage products designed for military members.
  • Willing to look at nontraditional credit data, such as rent payments, as part of its credit evaluation for certain products.
  • Lower minimum loan amounts than many other lenders.
  • Online application for preapproval with quick decision.
  • $1,000 mortgage rate match program.
  • Operates nationwide.

Cons

  • Charges application and underwriting fees.
  • Origination charge on a typical conventional loan is 1% of the loan amount.
Read full review
National / Regional

National

Max LTV

90%

Pros

  • A wide variety of home equity options, including an interest-only HELOC.
  • A 5/5 HELOC allows you to lock in a low rate for five years.
  • A PenFed home equity loan allows you to tap your home's value in a lump sum.

Cons

  • Membership required, but it's easier to obtain these days than in years past.
  • Online technology leaves a bit to be desired for tech-savvy borrowers.
  • Branch offices are in limited locations, following a major military base footprint.
  • Max LTV in Texas is 80%
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Has a wide range of purchase and refinance loans, including FHA.
  • Offers jumbo loans up to $2 million.
  • Preferred Realtor program saves on commissions.
  • Considers alternative credit data.

Cons

  • Charges $850 origination fee.
  • Does not offer VA or USDA loans.
Read full review
Min. Down Payment

5%

National / Regional

Regional

Pros

  • Online loan application and rate tracking.
  • Customized rates available without personal info.
  • Down payments as low as 5%.
  • Offers partial rebates on real estate agent commissions.

Cons

  • No FHA, VA or USDA home loans.
  • Can't digitally sign loan documents.
  • Online preapproval not available for all loan products.
Read full review

Summary of Best Credit Union Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Connexus

Connexus

first-time home buyers & home equity borrowing

600

3%

Read review
Alliant

Alliant

first-time home buyers

N/A

0%

Read review
Navy Federal

Navy Federal

VA home loans

N/A

0%

Read review
PenFed

PenFed

home equity borrowing

N/AN/ARead review
Golden 1 Credit Union

Golden 1 Credit Union

California borrowers

620

3%

Read review
San Diego Country Credit Union

San Diego Country Credit Union

California borrowers

N/A

5%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Connexus

Connexus

first-time home buyers & home equity borrowing

600

3%

Read review
Alliant

Alliant

first-time home buyers

N/A

0%

Read review
Navy Federal

Navy Federal

VA home loans

N/A

0%

Read review
PenFed

PenFed

home equity borrowing

N/AN/ARead review
Golden 1 Credit Union

Golden 1 Credit Union

California borrowers

620

3%

Read review
San Diego Country Credit Union

San Diego Country Credit Union

California borrowers

N/A

5%

Read review

Last updated on July 2, 2019

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Credit Union Mortgage Lenders of 2019