A VA loan is a benefit provided to veterans, military personnel, and their spouses, wherein they can become homeowners. They are exempted from paying the down payment or any mortgage insurance. Private banks and mortgage companies provide these loans. A large number of options makes it challenging to select the right provider. Therefore, we have put together a list of the five best VA loan lenders of 2021.
Here are some of the best VA loan lenders:
Guaranteed Rate operates in all 50 states with over 300 branches nationwide. One can apply online and even undergo paperless document verification and approval. However, the pre-approval process is slower when compared to other providers. The company has a minimum credit score requirement of 600. Guaranteed Rate offers a variety of solutions, such as jumbo mortgages, FHA, and VA loans. However, it does not provide equity loans.
Flagstar Bank offers various home loan lending solutions to help buy, build, or refinance veterans’ homes. The company operates in all 50 states online and is available in 70+ branches across 29 states. It takes less than three days to pre-approve loans, and its closing time is approximately 30 days. Flagstar Bank offers low mortgage rates and has a lower-than-average credit score requirement.
Veterans United Home Loans
This organization offers a variety of loans, such as FHA, USDA, and jumbo loans. It allows fixed and adjustable-rate mortgages too. However, the company does not offer home equity loans. It charges higher rates than the other providers and provides in-person services in only 18 states. Nonetheless, Veterans United Home Loans’s online application and pre-qualification process are efficient, and it offers free credit counseling services through certain programs.
PenFed Credit Union
PenFed has a limited number of options. It offers fixed jumbo, VA mortgage loans, and home equity loans. The company has a higher credit requirement and does not charge any lender fees. It offers its services in all 50 states and has a few locations outside the country. At PenFed, pre-approval happens within three days, and the closing time is 35 days.
Quicken Loans is one of the largest loan providers in the country and provides a completely online and paperless experience. It has various pre-approval processes set up and takes up to 40 days for closing. The company requires a minimum credit score of 620 and offers various loans, such as Conventional, FHA, and VA.