BEST OF

Best VA Mortgage Lenders of February 2023

VA loans for current and veteran military members don't require a down payment or mortgage insurance. Compare our picks for best VA mortgage lenders of 2023.

By Taylor Getler 

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VA mortgage lenders vary in the products and services they offer and their financial requirements for borrowers, so it's important to shop around for a VA loan lender that meets your needs.

NerdWallet picked some of the best VA mortgage lenders in a variety of categories to give you a head start.

Best VA Mortgage Lenders

Qualifying for a VA loan

VA home loans are backed by the U.S. Department of Veterans Affairs and provided by private lenders. VA loans require no down payment or mortgage insurance and have competitive mortgage rates compared to other types of home loans.

Active-duty military members and veterans who meet length-of-service requirements may apply for a VA loan. Some surviving spouses may also be eligible for a VA loan.

Special fees associated with VA loans

Borrowers are required to pay a “funding fee,” which could be compared to a one-time mortgage insurance payment since it protects the VA’s interest in case you default. This fee will amount to a certain percentage of your mortgage, which is calculated based on factors like your down payment and whether or not you’ve used your VA entitlement before.

Alternatives to VA loans

You may be denied a VA home loan if you don't meet the basic VA loan eligibility requirements or don't meet a lender's financial requirements. An FHA loan, insured by the Federal Housing Administration, might be an alternative if you have a lower credit score.

Some lenders may also have their own proprietary loan programs that fit the needs of service members. For example, Navy Federal Credit Union has a Military Choice Home Loan option for borrowers who have exhausted their VA loan benefit.

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Last updated on January 3, 2023

Methodology

The star ratings on this page reflect each lender's performance in NerdWallet’s VA loans category. We scored the category and chose lenders for this page using the following methodology:

NerdWallet reviewed more than 50 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.

All reviewed mortgage lenders that offer VA loans were evaluated based on (1) their VA purchase and refinancing options (2) the portion of their business dedicated to VA lending, (3) their VA origination fees, (4) their rate transparency, and (5) the ease of their online application. The highest scoring lenders appear on this page.

NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2021 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.

To recap our selections...

NerdWallet's Best VA Mortgage Lenders of February 2023

Frequently asked questions