12 Best VA Mortgage Lenders of May 2022

at Veterans United

4.0

Best for loan variety

620

at Veterans United

Rocket Mortgage, LLC: NMLS#3030

at Rocket Mortgage, LLC

4.0

Best for loan variety

620

at Rocket Mortgage, LLC

NASB: NMLS#400039

at NASB

4.5

Best for VA mortgage experience overall

640

at NASB

NBKC: NMLS#409631

at NBKC

4.0

Best for ease of application

640

at NBKC

Pennymac: NMLS#35953

at Pennymac

4.0

Best for loan variety

620

at Pennymac

BNC National Bank: NMLS#418467

at BNC National Bank

4.0

Best for traditional lending experience

640

at BNC National Bank

New American Funding: NMLS#6606

at New American Funding

3.5

Best for borrowers with weaker credit

580

at New American Funding

Guaranteed Rate: NMLS#2611

at Guaranteed Rate

3.5

Best for digital convenience

600

at Guaranteed Rate

Network Capital: NMLS#11712

at Network Capital

4.0

Best for low rates

640

at Network Capital

PenFed: NMLS#401822

3.5

Best for low rates and fees

N/A

Carrington: NMLS#2600

3.5

Best for rate transparency

500

Flagstar: NMLS#417490

3.5

Best for digital convenience

660

at Veterans United

Veterans United: NMLS#1907

4.0

Min. credit score

620

Min. down payment

at Veterans United

Why we like it

Good for: veterans, active-duty service members and eligible reservists looking for VA or non-VA loans.

Pros

Offers 24/7 customer service over the phone.
Has online application and pre-qualification.
Offers a free credit counseling service.
Employs advisors from each branch of the armed forces.

Cons

Doesn’t offer home equity loans or HELOCs.
Veterans United has physical branch offices in only 17 states.
Information on FHA, USDA and conventional loans is harder to find on its website.

at Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

4.0

Min. credit score

620

Min. down payment

at Rocket Mortgage, LLC

Why we like it

Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service.

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.
Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.

Cons

Getting a customized interest rate requires a credit check, which can affect your credit score.
Doesn't offer home equity loans or lines of credit.
Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.

at NASB

NASB: NMLS#400039

4.5

Min. credit score

640

Min. down payment

at NASB

Why we like it

NASB couples competitive mortgage rates and reasonable fees with a good assortment of loan options.

Pros

Devotes much of its business to serving military families with VA loans.
Considers nontraditional income sources, in some cases.
Offers competitive rates and origination fees.

Cons

Does not offer home improvement mortgages.
Doesn't offer home equity loans and lines of credit.

at NBKC

NBKC: NMLS#409631

4.0

Min. credit score

640

Min. down payment

at NBKC

Why we like it

Good for: borrowers with solid credit who want to pay low rates and get an online experience with phone support. VA loans are an emphasis.

Pros

Extends full online capabilities, from application to loan tracking.
Displays customized rates, with fee estimates, without requiring contact information.

Cons

Equity lines and construction loans are available only in the Kansas City metro area.
Doesn’t offer renovation loans.

at Pennymac

Pennymac: NMLS#35953

4.0

Min. credit score

620

Min. down payment

at Pennymac

Why we like it

Pennymac excels in online capabilities and makes it easy to shop rates online. Average origination fees are higher than other lenders, and home equity lines of credit and jumbo mortgages were suspended due to the COVID-19 pandemic.

Pros

Offers a full range of online capabilities, including e-signatures and online loan process tracking.
Displays custom rate quotes based on home value, down payment or equity, ZIP code and credit score range.

Cons

Origination fees are on the higher end, according to the latest federal data.
Doesn't offer jumbo mortgages or home equity lines of credit.

at BNC National Bank

BNC National Bank: NMLS#418467

4.0

Min. credit score

640

Min. down payment

at BNC National Bank

Why we like it

BNC National Bank offers a robust variety of loans, but you have to reach out to a loan officer to get customized interest rates.

Pros

Wide variety of loan types and products.
Improved online capabilities, and robust iOS and Android apps.
Considers alternative credit data, like cell phone payments.

Cons

Limited number of physical mortgage offices.
Limited rate information is available without starting an application or speaking with a loan officer.

at New American Funding

New American Funding: NMLS#6606

3.5

Min. credit score

580

Min. down payment

at New American Funding

Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

Uses manual underwriting to evaluate creditworthiness, in some cases.
Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

Mortgage origination fees tend to be on the high end, according to the latest federal data.

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

3.5

Min. credit score

600

Min. down payment

at Guaranteed Rate

Why we like it

Good for: borrowers seeking conventional or government-backed loans, and a totally online experience.

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 Network Capital

Network Capital: NMLS#11712

4.0

Min. credit score

640

Min. down payment

at Network Capital

Why we like it

Good for: borrowers looking for a lender with online convenience and mortgage banker assistance.

Pros

A mobile app supports the loan process.
A good selection of loan products, including all government-backed mortgages.
Offers jumbo loans up to $30 million.

Cons

Doesn't lend in all states.
Website doesn’t provide customized mortgage rates.

PenFed: NMLS#401822

3.5

Min. credit score

N/A

Min. down payment

Why we like it

PenFed Credit Union has a digital mortgage application and offers a wide selection of mortgages, including low-down-payment home loans. But it doesn't offer FHA mortgages.

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 FHA or home improvement loans.

Carrington: NMLS#2600

3.5

Min. credit score

500

Min. down payment

Why we like it

Good for: first-time home buyers or credit-challenged borrowers interested in government loan products.

Pros

Offers multiple low-down-payment loan programs.
May consider alternative credit data, such as bank statements and rent payments.
You can view customized rates for purchasing a home and apply online.

Cons

Doesn't offer home equity loans, HELOCs or renovation mortgages.
Lender fees and mortgage rates are on the high side, according to the latest data.

Flagstar: NMLS#417490

3.5

Min. credit score

660

Min. down payment

Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

Offers a wide range of loan types and products, including FHA, VA and USDA.
Has a full suite of online conveniences.
Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

Home equity lending is geographically limited.