BEST OF
9 Best Virginia Mortgage Lenders of 2021
Looking for a mortgage lender in Virginia? We've researched the state's top lenders, selecting the best in five different categories.
Buying a home in Virginia, or refinancing your current mortgage, means shopping for the best mortgage lender you can find. And that can depend on your situation. Some lenders cater to first-time home buyers; others are focused on helping borrowers with bad credit.
NerdWallet has considered leading lenders in Virginia and sorted some of the best we've found according to individual loan needs.
Buying a home in Virginia, or refinancing your current mortgage, means shopping for the best mortgage lender you can find. And that can depend on your situation. Some lenders cater to first-time home buyers; others are focused on helping borrowers with bad credit.
NerdWallet has considered leading lenders in Virginia and sorted some of the best we've found according to individual loan needs.
Summary of Best Virginia Mortgage Lenders of 2021
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for online lenders | 620 | 3% | at Rocket Mortgage by Quicken Loans | |
Best for lower credit | 620 | 3% | at New American Funding | |
Best for online lenders | 620 | 3% | at Guaranteed Rate | |
Best for refinancing | 620 | 5% | at loanDepot | |
Best for first-time home buyers + face-to-face service | N/A | 0% | Read review | |
Best for first-time home buyers | 620 | 3% | Read review | |
Best for refinancing | 620 | 3% | Read review | |
Best for face-to-face service | 620 | 3% | Read review | |
Best for lower credit | 620 | 3% | Read review |
at Rocket Mortgage by Quicken Loans
at Rocket Mortgage by Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
- Estimates the loan amount you’ll qualify for within minutes.
- Offers document and asset retrieval capabilities.
Cons
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.
at New American Funding
at New American Funding
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers the ability to securely upload and digitally sign loan documents.
- Displays detailed sample rates for many of its loan products.
Cons
- Doesn't offer home equity loans or lines of credit.
at loanDepot
at loanDepot
Min. Credit Score
620
National / Regional
National
Pros
- Offers digital income, asset and employment verification.
- Offers multiple renovation loan options.
- Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.
Cons
- Mortgage rates aren't available online; you'll need to contact a loan officer.
- Does not offer home equity loans or lines of credit.
National / Regional
National
Min. Down Payment
0%
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.
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.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a wide variety of loan options, including special programs for doctors, entrepreneurs and other professionals.
- Offers a complete suite of online mortgage application tools and loan tracking.
- Sample rates and fees are easy to find on the website.
Cons
- Customized rates aren't available online without starting an application.
- Branches are limited mostly to the Southeast.
Min. Credit Score
620
National / Regional
National
Pros
- Offers refinance mortgages with fixed and adjustable rates.
- Allows borrowers to apply entirely online.
- May give existing customers a discount on mortgage lender origination fees.
Cons
- Does not offer renovation loans.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a variety of low-down-payment mortgages as well as construction mortgages.
- Website lets users estimate rates online by loan and property type, amount and location.
- Has an online mortgage application.
Cons
- Branches limited to mostly the Southeast region.
- Does not offer FHA loans.
National / Regional
National
Min. Down Payment
0%
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.
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.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers multiple low-down-payment loan programs.
- May consider alternative credit data, like bank statements and rent payments.
Cons
- To get sample rates, you'll have to speak with a loan officer.
- Doesn't offer home equity loans or HELOC.
Last updated on February 25, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's Best Virginia Mortgage Lenders of 2021
- Rocket Mortgage by Quicken Loans: Best for online lenders
- New American Funding: Best for lower credit
- Guaranteed Rate: Best for online lenders
- loanDepot: Best for refinancing
- Navy Federal: Best for first-time home buyers + face-to-face service
- SunTrust (Truist): Best for first-time home buyers
- Bank of America: Best for refinancing
- BB&T (Truist): Best for face-to-face service
- Carrington: Best for lower credit
