Best of
Best Virginia Mortgage Lenders in 2019
NerdWalletJuly 2, 2019
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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%
Ideal for military members and their families. Navy Federal Credit Union offers a wide range of mortgage products, an online application and considers alternative credit data for certain loan types.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, including those with little money saved for a down payment. SunTrust's online portal offers information and tools in English and in Spanish.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.
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.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.
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.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Ideal for anyone who appreciates smartphone app service, support and time savings. A fully digital home loan experience with a large variety of mortgage products.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who are well-qualified.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers in the Southeast who want face-to-face service at one of more than 2,000 financial centers.
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.
National / Regional
National
Min. Down Payment
0%
Ideal for military members and their families. Navy Federal Credit Union offers a wide range of mortgage products, an online application and considers alternative credit data for certain loan types.
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.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and seeks borrowers whose credit histories don't fit the mold of traditional banking.
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.
at Vylla
at Vylla
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers or credit-challenged borrowers who may have trouble qualifying for a mortgage.
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.
Summary of Best Virginia Mortgage Lenders in 2019
| Lender | Best For | National/Regional | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Navy Federal | first-time home buyers + face-to-face service | National | 0% | Read review |
 SunTrust | first-time home buyers | National | 3% | Read review |
 Bank of America | refinancing | National | 3% | Read review |
loanDepot at loanDepot | refinancing | National | 3.5% | at loanDepot |
Rocket Mortgage at Rocket Mortgage | online lenders | National | 3% | at Rocket Mortgage |
 Guaranteed Rate | online lenders | National | 3% | Read review |
 BB&T | face-to-face service | Regional | 3% | Read review |
New American Funding at New American | lower credit | National | 3% | at New American |
Vylla at Vylla | lower credit | N/A | 3% | at Vylla |
| Lender | Best For | National/Regional | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Navy Federal | first-time home buyers + face-to-face service | National | 0% | Read review |
SunTrust | first-time home buyers | National | 3% | Read review |
Bank of America | refinancing | National | 3% | Read review |
loanDepot at loanDepot | refinancing | National | 3.5% | at loanDepot |
Rocket Mortgage at Rocket Mortgage | online lenders | National | 3% | at Rocket Mortgage |
Guaranteed Rate | online lenders | National | 3% | Read review |
BB&T | face-to-face service | Regional | 3% | Read review |
New American Funding at New American | lower credit | National | 3% | at New American |
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
- Navy Federal: Best for first-time home buyers + face-to-face service
- SunTrust: Best for first-time home buyers
- Bank of America: Best for refinancing
- loanDepot: Best for refinancing
- Rocket Mortgage: Best for online lenders
- Guaranteed Rate: Best for online lenders
- BB&T: Best for face-to-face service
- New American Funding: Best for lower credit
- Vylla: Best for lower credit
