BEST OF

Best VA Mortgage Lenders of December 2022

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 2022.

Dec 2, 2022

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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

Veterans United
Learn more

at Veterans United

Veterans United: NMLS#1907

4.0

NerdWallet rating 
Veterans United

Min. credit score

620

Min. down payment

0%
Learn more

at Veterans United


Why we like it

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

Pros

  • Offers 24/7 customer service over the phone.

  • Offers a free credit counseling service.

  • Mortgage rates are on the low side, according to the latest federal data.

Cons

  • Doesn’t offer home equity loans or HELOCs.

  • Veterans United has physical branch offices in only 17 states.

  • Focus on VA loans, so may not be the strongest choice for those seeking other loan types.

Read Full Review
NASB
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at NASB

NASB: NMLS#400039

4.0

NerdWallet rating 
NASB

Min. credit score

580

Min. down payment

0%
Learn more

at NASB


Why we like it

Good for: active military members and veterans and first-time home buyers.

Pros

  • Devotes much of its business to serving military families with VA loans.

  • Offers a mortgage tailored to self-employed borrowers.

  • Offers low rates and fees compared with other lenders, according to the latest federal data.

Cons

  • Doesn’t offer home improvement mortgages.

  • Doesn't offer home equity loans or lines of credit.

Read Full Review
NBKC
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at NBKC

NBKC: NMLS#409631

4.0

NerdWallet rating 
NBKC

Min. credit score

580

Min. down payment

0%
Learn more

at NBKC


Why we like it

Good for: borrowers who want low rates and fees and an online experience with phone support. VA loans are an emphasis.

Pros

  • Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.

  • Offers low rates and fees compared with other lenders, according to the latest Federal data.

  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.

Read Full Review
BNC National Bank
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at BNC National Bank

BNC National Bank: NMLS#418467

3.5

NerdWallet rating 
BNC National Bank

Min. credit score

620

Min. down payment

0%
Learn more

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

  • Offers a wide variety of loan types and products.

  • Has robust online capabilities, and an app for iOS and Android.

  • Mortgage interest rates are lower than typical, according to the latest data.

Cons

  • Has a limited number of physical mortgage offices.

  • No rate information is available without starting an application or speaking with a loan officer.

  • Does not offer home equity loans or lines of credit.

Read Full Review

Carrington: NMLS#2600

3.5

NerdWallet rating 
Carrington

Min. credit score

500

Min. down payment

0%

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.

  • You can view customized rates for purchasing a home and apply online.

Cons

  • Doesn't offer home equity lines of credit.

  • Lender fees are on the high side, according to the latest Federal data.

Read Full Review

Flagstar: NMLS#417490

3.5

NerdWallet rating 
Flagstar

Min. credit score

660

Min. down payment

0%

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.

  • Borrowers can apply and track loan status online.

  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

  • Home equity loans are geographically limited.

  • Origination fees are on the high side compared with other lenders, according to the latest federal data.

Read Full Review

Navy Federal: NMLS#399807

4.0

NerdWallet rating 
Navy Federal

National / regional

National

Min. down payment

0%

Why we like it

Good for: military members and their families looking for low-down-payment mortgages.

Pros

  • Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members.

  • Offers HELOCs and home equity loans.

  • Offers low rates compared with most lenders, according to the latest federal data.

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.

Read Full Review

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.

More from NerdWallet

Last updated on December 2, 2022

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 (lenders had to have 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 December 2022

Frequently asked questions