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Last updatedOctober 2021

Best VA Mortgage Lenders of 2021

Reliable funding at your fingertips

If you or your spouse have served in the military, you can qualify for a loan guaranteed by the Department of Veteran Affairs. Compare and choose today.

Which VA lender is right for you?

Loan Purpose
Credit Score
  • Excellent (720-850)
  • Good (690-719)
  • Fair (630-689)
  • Poor (350-629)
Loan Amount
  • Up to $100K
  • $100K-$250K
  • $250K-$400K
  • $400K and up
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BestMoney Total Score

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Click Trend

BestMoney measures user engagement based on the number of clicks each listed brand received in the past 7 days. The number of clicks to each brand will be measured against other brands listed on the same page and device (desktop, mobile, or tablet). Therefore, the higher the share of clicks a brand receives, the higher the Click Trend Score. BestMoney accepts advertising compensation from companies, which impacts their (and/or their products’) position, and in some cases, may also affect their Click Trend Score.

Products & Features

BestMoney’s editorial team researches and reviews financial products based on factors such as: range of products and services offered, ease-of-use, online accessibility, customer service, special awards, and more. Each brand is then given a score based on the offerings in each parameter. The specific parameters which we use to evaluate the score of each product can be found on its review page, which is updated every 3 months. If the editorial team cannot locate information relevant to a brand's Products & Services Score, it will not be included in its calculation.

Editorial Reviews

Quicken Loans

Quicken Loans

Read review
Veterans United Home Loans

Veterans United Home Loans

Read review
AmeriSave Mortgage

AmeriSave Mortgage

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Read review

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Read all reviews
Refinancing your Mortgage?These are the top 3 choices:
Most Popular on This Website
AmeriSave Mortgage
AmeriSave Mortgage
Get a customized rate quote in 3 minutes
30-Year fixed APR: 2.876% NMLS #1168. Rates Effective 10/22/2021. See site for details.
  • No SSN needed for pre-qualification
  • Pre-qualify without a hard credit pull
  • Low refinance rates
  • Find a quote easily
Quicken Loans
Quicken Loans
America's largest online mortgage lender
  • Get a Verified Approval Letter (VAL)
  • Flexible payment available
  • Borrow up to $2 million
  • Wide range of loan options
Top-rated lender with no fees or commissions
  • Secure, no-hassle applications
  • 100% online, with phone support available
  • Average customer saves $3,557
  • Close up to 2X faster

Current Mortgage Rates for October 2021

Mortgage Type

Today's Average Rate

3 Months Ago

Purchase - 30-year fixed 
Purchase - 15-year fixed2.327%2.471%
Refinance - 30-year fixed3.085%3.334%
Refinance - 15-year fixed2.438%2.686%

What is a VA loan?

VA home loans help active service members, veterans of the armed forces, and eligible family members, including surviving spouses, become homeowners. The VA (the Department of Veterans Affairs) does not offer mortgages directly but rather guarantees the loans are issued through private lenders. 

How do I know if I qualify for VA rates?

VA loans are available to current service members and, in some cases, their spouses:

  • Those currently serving in the military or veterans who were honorably discharged.
  • This service must include at least 90 consecutive days of active service during wartime or at least 181 consecutive days of active service during peacetime. 
  • Those having more than six years of National Guard or reservist service.
  • The surviving spouse of a service member killed in the line of active duty might also be eligible. 

To obtain a VA loan, borrowers must present a VA certificate of eligibility (COE).

The Mortgage Industry and VA mortgage rates in 2021

The COVID-19 pandemic has impacted the home buying process in 2020 in several ways. 

  • Interest rates are low, making the cost of borrowing for those who qualify for the best rates more affordable. This is partly due to the Federal Reserve’s actions to keep rates low and stimulate the economy.
  • Many home sellers have taken their homes off the market for a variety of reasons. This, combined with slow growth in new homes, served to reduce the supply of available homes in some hot areas. 
  • Even though interest rates are low, qualifying for a mortgage is more stringent for many borrowers due to the fact that several lenders have implemented more stringent borrower requirements as a reaction to the economic slowdown in the wake of the pandemic. 

How to choose the right VA lender with low rates?

Private lenders offer VA loans with the backing of a VA guarantee. That said, all lenders are not the same; some may be better than others for your situation. You will need to do your homework to find the best VA lender for your situation.

Different lenders may be best for borrowers with different situations or offer some specific benefits. Some lenders may be better for borrowers in certain conditions or offer a better experience for some borrowers. This might include:

  • Veterans who might not qualify for a conventional loan due to blemished credit histories or other factors.
  • Borrowers who prefer to do everything online. It’s vital to assess the level of customer service offered by the lender how the process works.

As with any type of loan, you will want to know:

  • Since there is no down payment required with a VA loan, will the lender finance the loan amount you are looking for based on your overall borrower profile?
  • The overall loan APR including any loan fees by the lender. These fees will vary based upon factors such as whether you make a down payment and the nature of your service in the military.
  • Technically there is no minimum credit score for a VA loan, but lenders may charge a higher rate for borrowers with poor credit scores, generally below 620. This will vary by lender, and you will want to understand how each lender you are considering handles this.
  • The loan terms. A shorter-term loan will result in less interest paid over the loan’s life but will also result in higher monthly payments. You will want to see what best fits your budget and your overall situation. 

Overall, are VA loans a focus and priority of the lender? Do they seem to welcome borrowers looking for VA loans? 

VA Loan FAQs

What does it cost?

While VA loans don’t require private mortgage insurance, if you put less than 20% down, you will need to pay a VA funding fee. This fee is a percentage of the amount borrowed and will vary based upon:

  • The amount of your down payment, if any.
  • Whether this is your first time obtaining a VA loan or if this is a subsequent application.

Additionally, your lender might charge for things like a credit check, VA appraisal fees, and any discount points you decide to pay on the mortgage, insurance, and other closing costs. This will vary by lender in some cases these costs can be rolled into the loan.

What do I need?

To apply for a VA loan, you will need to apply for a certificate of eligibility. There may be forms to complete, and active veterans will need a statement of service. Requirements may vary a bit for surviving spouses, National Guard, or Reservists. 

You will also need to prove that you will be living in the home you are trying to finance through a VA loan. These loans cannot be used to finance investment property.

Does my credit score matter?

The VA does not have a minimum credit score requirement. However, the private lenders through whom the loan will be made might have their own minimums. Borrowers with a credit score lower than 620 will want to look for a lender who will still make the loan and from whom that can still get a decent interest with a lower credit score. 

Can I use a co-signer?

If the active military or veteran is legally married, then their spouse can co-sign the loan. Two unmarried military members can also co-sign together with no adverse ramifications. A military member can also bring an unrelated non-military co-signer with one caveat. The VA guarantee on the loan is limited to the amount of the military member or veteran’s interest in the property. Note that not all lenders will allow this type of arrangement at all. 

Can I use a VA loan to finance investment property?

The rules prohibit the use of a VA loan to finance the purchase of an investment property. You also may not use a VA loan to finance a vacation home. 

Can I still qualify if I am active in the armed forces?

Borrowers who are still active military members, active in the National Guard, or active reservists can still qualify for a VA loan. 

A VA loan can be a good alternative for those who qualify. Eligible borrowers should consider going this route, especially if their financial profile is less than stellar.