Best Mortgage Companies For Veterans

Best Mortgage Companies For Veterans – Thousands of lenders can process VA loans. However, few specialize in helping military members and veterans acquire homes. We list the top VA loan providers including Veterans United, Navy Federal, USAA and more.

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Best Mortgage Companies For Veterans

Best Mortgage Companies For Veterans

Between banks, credit unions, and full-service lenders, VA loan borrowers have no shortage of mortgage options. However, some VA lenders are better than others.

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You probably don’t have time to explore all the options to find the best lender. That’s why we’ve put together this list of the best VA loan companies and lenders on the market.

We have not ranked these lenders in any particular order. However, we have assigned the top three spots to lenders specializing in VA loans and other financial services for military members, veterans and their families.

VA loans offer unique benefits for military and veteran homebuyers. VA loans make homeownership more achievable because they don’t require a down payment. The Department of Veterans Affairs supports VA loans, but lenders ultimately fund them.

This means VA insures VA loans to protect lenders from borrower defaults. It also means that private mortgage insurance (PMI) is unnecessary.

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Veterans United’s primary benefit is that the mortgage lender began in 2002 with a unique mission to provide VA loans to veterans with high standards of customer care.

Veterans United is headquartered in Columbia, Missouri, but employs more than 5,200 people in more than 60 offices across the country.

The lender works with ex-senior servicemen from all branches of the armed forces to provide seasoned borrowers with the best possible experience.

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These military advisors are dedicated to educating veterans about home ownership and the benefits of VA loans, including:

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Veterans United offers in-house processing, underwriting and closing teams to homebuyers and existing homeowners seeking refinance for a VA loan. This means borrowers work with a team that guides them through the entire process.

The lender offers fixed rate mortgages as well as variable rate VA mortgages. It also offers 24/7 customer service, which is unusual in the mortgage industry.

The Veterans United website is comprehensive and contains many resources to guide homebuyers through the entire VA mortgage process. The lender also offers related services such as: B. Veterans United Insurance and Veterans United Realty, representing its network of experienced insurers and real estate agents.

In addition, Veterans United offers a free credit counseling program to help homebuyers improve their credit score before they start buying a home.

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Based in Detroit, Michigan, Rocket Companies, Inc., along with its arm Rocket Mortgage, is the nation’s largest private mortgage lender.

The lender operates in all 50 states and employs more than 26,000 people across the United States and Canada. However, Rocket Mortgage works entirely online, which has some advantages.

Rocket offers VA mortgages and works directly with the Veterans Administration to obtain your certificate of eligibility and other documentation that will allow you to qualify for your loan.

Best Mortgage Companies For Veterans

Rocket Mortgage services almost all of its loans in-house. This means the lender is unlikely to sell your loan to another service company, which is a common lending practice.

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Rocket Mortgage offers $1.5 million in fixed rate, 5/1 variable rate VA loans and jumbo VA loans with terms ranging from 15 to 30 years with a minimum credit rating of 580.

The company also offers conventional and FHA mortgages if you want to save your VA loan eligibility for another property.

In its 30 years of existence, UWM has grown to become one of the largest wholesale lenders in the United States. UWM does not issue mortgages directly to borrowers, but finances them through banks, brokers and other financial institutions.

The lender has experienced significant growth in recent years and has become the leading wholesale lender in lending volume.

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UWM offers up to $2 million in VA loans to service members and veterans with a FICO credit score of at least 620.

They also offer a “VA Elite” loan option for veterans and service members with high FICO scores. These loans offer more competitive rates and rates.

Founded in 1990, Freedom Mortgage has grown to become one of the nation’s leading VA lenders, with a focus on VA Reduced Rate Refinance Loans (IRRRLs).

Best Mortgage Companies For Veterans

In addition to VA loans, Freedom Mortgage offers conventional, FHA, and USDA loans at competitive interest rates. And also offers jumbo loans – although they don’t display their interest rates online, making it difficult to do comparison trades.

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For borrowers who prefer an in-person experience, Freedom Mortgage is one of the few major lenders with brick and mortar branches as well as virtual appointment options.

PennyMac offers a variety of online tools and features, including e-signatures for loan documents and easy online loan process tracking.

The lender offers 10- to 30-year fixed-rate mortgages, adjustable-rate mortgages, FHA, USDA, and VA loans.

PennyMac services each and every loan made rather than selling it to third parties. That means you continue to make your mortgage payments to the company that originally helped you with your loan.

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However, if you are looking for a personal lender, PennyMac might not be the best for you. Process loans online or over the phone.

Applying for a VA loan with PennyMac is straightforward, you can start with their mortgage rate quote tool.

Established in 1933, the Navy Federal Credit Union worked exclusively with Navy personnel. It has since expanded to cover all service members in all branches, including National Guard and Reserve service members, Delayed Enrollment Program (DEP) participants, cadets, ROTC cadets, veterans, retirees, and vintages.

Best Mortgage Companies For Veterans

Navy Federal is the country’s largest credit union by asset size and membership. According to its 2022 fact sheet, it has more than 11 million members and assets of more than $153.5 billion.

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Navy Federal’s VA loans are available in 15- and 30-year fixed-rate terms, but no variable-rate loans are offered. For existing homeowners, Navy Federal offers VA Streamline Refinance, which allows you to take out an reduced-interest refinance loan (IRRRL) on an existing VA mortgage to lower your interest rate. (VA Streamline Refinance does not require a home appraisal or inspection).

Navy Federal also offers complete banking services, IRAs, credit cards, auto loans, personal loans, and student loans. The credit union has 3,500 branches and around 30,000 ATMs nationwide. They also maintain 24/7 customer service through their call centers.

LoanDepot is one of the nation’s largest mortgage lenders, employing more than 11,000 people in more than 200 credit bureaus across the country.

As a full-service mortgage lender, LoanDepot offers a range of mortgage products including conventional and FHA mortgages and home equity lines of credit (HELOC).

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For veterans, military members and their families, LoanDepot offers VA home purchase loans, pay-out refinance loans, and interest-reducing refinance loans.

One of the disadvantages of LoanDepot is the limited availability of customer service. They are only available Monday through Friday from 5:00 am to 7:00 pm and Saturday from 8:00 am to 3:00 pm, always Pacific time. They are not available on Sundays.

USAA is another financial services company designed specifically for the military. 25 Army officers formed the USAA in 1922 to provide mutual auto insurance for motor vehicles. Now, USAA offers a variety of other financial services, including traditional mortgages and VA fixed-rate mortgages with terms ranging from 10 to 30 years. They also offer VA 5/1 adjustable rate mortgages.

Best Mortgage Companies For Veterans

A major benefit of a VA loan through USAA is the wide range of other financial services they offer. You can start with a mortgage and then add services like bank, home, or auto insurance as needed.

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Fairway has an extensive network of over 500 offices nationwide employing over 10,000 people. This network gives Fairway expertise in its local markets and allows the company to work with government housing agencies to provide down payment and closing cost support on its mortgages.

In 2021, Fairway closed 12,360 VA procurement loans, approximately 5% of all VA procurement loan deals nationwide, making it the fourth largest VA procurement lender.

However, Fairway doesn’t post its mortgage rates online, so comparison shopping is difficult. Additionally, according to Home Mortgage Disclosure Act data, Fairway’s issuance fees can be high and not offset by lower rates.

But the lender’s local knowledge, broad footprint, and overall ease of use can make it a great VA loan option.

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Caliber Home Loans is a high-volume lender with accessible lending options for first-time home buyers, veterans, and borrowers with credit problems.

Caliber offers traditional and government-backed home loans, extensive educational resources, and a variety of digital tools to streamline your loan application process.

Like Fairway, Caliber participates in government down payment assistance and programs for first-time home buyers that veterans and service members can benefit from.

Best Mortgage Companies For Veterans

Take the guesswork out of finding a VA loan provider. We’ll help you find the right VA lender so you can buy the home of your dreams.

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USAA Disclosure: Use of the term “Member” or “Membership” refers to membership in USAA Membership Services and does not confer any title or ownership rights on USAA. Restrictions apply and are subject to change. USAA To join, separated military personnel must receive an “honorable” discharge. Eligible Former Relatives

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