Best of

Best Virginia Mortgage Lenders in 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.

Looking for a mortgage lender in Virginia? We've researched the state's top lenders, selecting the best in five different categories.

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
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Offers a complete online suite of mortgage application tools and loan tracking.
  • Has plenty of loan options to choose from and competitive interest rates.
  • Provides customer service in its physical locations, online, via chat and by phone.
  • Has a Doctor Loan Program for medical professionals who have high earning potential but little cash for down payments.

Cons

  • Has a limited number of physical branch locations in 11 states and Washington, D.C.
  • Does not consider alternative scoring data, such as rent or utility payments, in standard underwriting.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Allows borrowers to apply entirely online.
  • Offers down payment and closing cost assistance programs.
  • Accepts alternative credit data for some loan types.
  • May give existing customers a discount on mortgage lender origination fees.

Cons

  • Charges an application fee of $1,170, on average.
  • Has a high volume of consumer complaints, even for a big national bank.
Read full review
loanDepot

at loanDepot

at loanDepot

Min. Credit Score

620

Min. Down Payment

3.5%

Pros

  • Offers digital income, asset and employment verification.
  • Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
  • One of the nation’s most active lenders of FHA and VA loans.

Cons

  • Published mortgage rates include up to three points of prepaid interest and fees.
  • Does not offer home equity loans or lines of credit.
Read full review
Rocket Mortgage

at Rocket Mortgage

at Rocket Mortgage

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
  • With your authorization, accesses asset statements from 98% of U.S. financial institutions.
  • Tells you the loan amount you’ll qualify for within minutes.
  • Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • If you’re a “look me in the eye” type of customer, you’re out of luck.
  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Works with most borrowers as long as they have good credit scores and incomes.
  • Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
  • Has a 95% customer satisfaction rate, according to company data.

Cons

  • Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.
  • Offers many products, which might confuse or overwhelm borrowers.
  • Several click-throughs required for personalized rates.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Considers alternative credit history on certain loans.
  • Offers construction loans to build a home or make significant renovations to an existing home.
  • Flexible borrowing and payment options for home equity loans and lines of credit.
  • Full suite of online capabilities.

Cons

  • Available mostly in the Southeast; not available nationwide.
  • Creating an account is mandatory if you want to apply online.
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
New American Funding

at New American

at New American

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

  • Services not available in all 50 states.
Read full review
Vylla

at Vylla

at Vylla

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Low minimum credit score.
  • Online application, loan tracking and document upload.
  • Free rate locks.

Cons

  • No online preapproval.
  • No presence in Massachusetts or North Dakota.
Read full review

Summary of Best Virginia Mortgage Lenders in 2019

LenderBest ForNational/RegionalMinimum Down PaymentLearn More
Navy Federal

Navy Federal

first-time home buyers + face-to-face service

National

0%

Read review
SunTrust

SunTrust

first-time home buyers

National

3%

Read review
Bank of America

Bank of America

refinancing

National

3%

Read review
loanDepot

loanDepot

at loanDepot

refinancing

National

3.5%

at loanDepot

Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online lenders

National

3%

at Rocket Mortgage

Guaranteed Rate

Guaranteed Rate

online lenders

National

3%

Read review
BB&T

BB&T

face-to-face service

Regional

3%

Read review
New American Funding

New American Funding

at New American

lower credit

National

3%

at New American

Vylla

Vylla

at Vylla

lower credit

N/A

3%

at Vylla

LenderBest ForNational/RegionalMinimum Down PaymentLearn More
Navy Federal

Navy Federal

first-time home buyers + face-to-face service

National

0%

Read review
SunTrust

SunTrust

first-time home buyers

National

3%

Read review
Bank of America

Bank of America

refinancing

National

3%

Read review
loanDepot

loanDepot

at loanDepot

refinancing

National

3.5%

at loanDepot

Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online lenders

National

3%

at Rocket Mortgage

Guaranteed Rate

Guaranteed Rate

online lenders

National

3%

Read review
BB&T

BB&T

face-to-face service

Regional

3%

Read review
New American Funding

New American Funding

at New American

lower credit

National

3%

at New American

Vylla

Vylla

at Vylla

lower credit

N/A

3%

at Vylla

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 Virginia Mortgage Lenders in 2019