Best VA Mortgage Lenders of 2020

ByTop10.com StaffFeb. 26, 2020

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The Best VA Loan Lenders
VA loans make purchasing a first home or getting a second mortgage easier for those currently serving in the armed forces, reservists, veterans, and their spouses. If you are one of those individuals, a VA backed mortgage may be your best option. These top lenders can make your VA loan easy.

What is a VA Loan?

VA home loans are mortgages backed by the U.S. Department of Veterans Affairs, with down payments as low as 0%. These loans are a benefit offered to those serving in the armed forces, reservists, veterans and qualifying military family members, and are serviced through private lenders with special rates and terms for military personnel.

Top 5 Mortgage Lenders for Getting a VA Loan:

Lender Loan Type Credit Score Get an Offer
Veterans United VA
620+
LendingTree FHA, VA, USDA, Conventional
620+
View Rates
USAA VA, jumbo, conventional

620+

Visit Site
Quicken Loans FHA, HARP, VA, USDA, Conventional
620+
Paramount Bank FHA, VA, 203k loans
Not published

If you think you might qualify for a VA home loan, it is in your best interest to apply. That’s because VA loans can be more advantageous than regular mortgages. One of the benefits of applying for a VA loan is that most lenders approve applicants with a less than perfect credit report. Typically, veterans, etc. have a lower credit score, a higher debt to income ratio, and short or no credit history. As such, clemencies are granted to these individuals when they apply for their loans. Additionally, VA loans generally come with a lower interest rate than you’ll find with other types of mortgages. 

So, VA loans are easier to be approved for and will cost you less overall than a private mortgage. Whether you are applying for a single family home, condominium unit, or co-op units, the right lender can give you the financial backing you need to purchase your own living quarters with ease.

A Closer Look at the Best VA Mortgage Lenders of Today:

1. Veterans United Home Loans

Veterans United

Best for: Getting a VA loan from an expert VA lender

Minimum credit score: 620+

Maximum debt-to-income (DTI) ratio: Not specified

Minimum Down Payment: 0%

  • Dedicated VA lender
  • 24/7 customer service
  • Licensed in all 50 states

Veterans United Home Loans isn’t just dedicated to veterans in name—it’s dedicated to veterans in its actions. Veterans United is one of the largest VA lenders in the country, having issued $10.5 billion worth of VA loans in 2018. Its agents are exclusively focused on VA loans. More than 1,400 lenders issue VA loans, but Veterans United is among the biggest and most well-known.

Veterans United Home Loans Veterans United Home Loans View Rates

2. LendingTree 

LendingTree

Best for: Veterans who wouldn't qualify for a conventional loan

Maximum debt-to-income ratio: Typically 41%

Minimum down payment: 0%

  • Loan amounts ranging from $36,000-$721,050
  • No service fees
  • A+ BBB rating
  • Quick and easy online application and comparison tool

LendingTree is not a direct lender. Rather, it is a lender aggregator that gives borrowers access to a larger pool of lenders at one time. The advantage of this system is that you can fill out a single application form and instantly apply to tens or hundreds of lenders at once. It saves you the time and headache of filling out multiple application forms that are asking the same questions. It also helps borrowers get the best rates because you can instantly compare offers from different lenders to find the best one with the lowest interest rates and longest terms. LendingTree is an excellent choice for your VA loan needs for several reasons. In addition to opening you up to several options simultaneously, LendingTree charges no service fees, requires no mortgage insurance, and even has a convenient loan calculator to help you see exactly how much you’ll pay over time with your loan. LendingTree lenders cover the spectrum of VA loans including purchase loans, rate & term refinancing, streamline refinancing, interest rate reduction refinancing loans (IRRRL), cash-out refinancing, cash-in refinancing, and jumbo loans. So, you can find whatever type of loan you are looking for here.

View Rates

3. USAA

USAA

Best for: Exclusive membership benefits

Minimum credit score: Not specified

Maximum debt-to-income (DTI) ratio: Not specified

Minimum Down Payment: 0%

  • A proven expert in VA loans 
  • Low fees

USAA has built up a special expertise in serving members of the US military, and has proven to be a reliable way for veterans of all branches of the military to secure a mortgage or refinance loan. 

You won’t need a down payment or private mortgage insurance with these VA loans and your pre-approval should only take a few minutes. You will need to have a credit score of at least 620 though, and borrow at least $50,000. 

Visit Site

4. Quicken Loans 

Quicken Loans

Best for: Online or over-the-phone customer service

Minimum credit score: 650

Maximum debt-to-income (DTI) ratio: 50%

Minimum Down Payment: 0%

  • Personalized customer service based on your communication preferences
  • Rate quotes within 1 minute

Quicken Loans is another option for getting a VA loan. It offers a range of loan types including government-backed loans like FHA, HARP, VA, and USDA loans. You'll find the information you need online for your VA loan, but if you're more comfortable with one-on-one human interaction, Quicken Loans has experts waiting for your phone call. Fill in a short form, and they'll contact you with the information you need. There are also Jumbo VA loans available, a unique offer, as well as refinance and cash-out home loans. Quicken Loans has an "Excellent" rating from Trustpilot and calculators to assist you in finding the rates and terms that are best for your VA home loan. Learn about the approval process at the Quicken Loans website.

Quicken Loans Quicken Loans View Rates

5. Paramount Bank

Paramount Bank

Best for: Families looking to buy or refinance homes

Minimum credit score: Not published

Maximum debt-to-income (DTI) ratio: Not specified

Minimum Down Payment: 0% for VA loans, 3%-20% for conventional

  • Pre-approval
  • Lots of educational info available online
  • Strong financial institution

Paramount Bank has been providing banking services for half a century. Today, the company is also an HUD-approved lender with Fannie Mae/Freddie Mac agency products aplenty. Paramount Bank is also delegated FHA/VA, FHA 203K, and USDA-approved. In short, this is a company that you can trust.

Paramount Bank offers a simple process: apply, upload documents, review loan details, and close. It’s simple, it’s fast, and it’s understandable.

Paramount Bank Paramount Bank View Rates