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USAA Bank's emphasis is firmly on military service members, veterans, and their families. Their offerings include home loans to all membership eligible first-time buyers, repeat buyers, and to existing homeowners who want to refinance their home. USAA Bank provides a full range of home purchase and refinance loans, including IRRRL, VA jumbo loans, VA cash-out, and fixed rate VA loans with terms that range from 10 to 30 years. For non-VA eligible members, USAA Bank offers a unique product for first-time homebuyers called the Conventional 97 or "Low down payment loan" which requires only 3% down, along with a full range of conventional mortgages for all types of borrowers with terms ranging from 10-30 years.
Most homes, other than condos and manufacture homes, are eligible for USAA Bank loans
No lender origination fees for some loans
Down payment as little as 0%
Although USAA Bank also offers conventional loans, their expertise serving members of the US military makes them ideal for active personnel and veterans from all branches of the military. Military borrowers can find most types of home purchase and refinance loans including jumbo VA and Cash-out loans, making it easier to buy a new home or refinance an existing one across the country. The focus on lending to military, veterans, and their eligible family members, along with the speed and ease of using an online mortgage platform makes USAA Bank a good choice for military homeowners and would-be homeowners.
USAA Bank offers a range of VA loans, backed by the US Department of Veterans Affairs including jumbo VA loans of up to $3 million so that military members can purchase their dream home. VA loans come with no PMI or down payment required. USAA Bank also offers conventional loans with no VA funding fee and with the option to finance up to 97% of the loan amount. For VA Interest Rate Reduction Refinance Loans (IRRRL) loans, USAA Bank has a highly competitive offer and doesn’t charge any title fee, VA funding fee or appraisal fee and there’s no lender origination fee either¹. Currently USAA Bank is offering to waive the lender origination fee for all VA loans as an added bonus. USAA Bank Loan Officers are professionals in helping military homeowners and would-be homeowners find the right deal for them across their unique options. The online direct lending platform speeds up the loan approval process with the initial pre-approval taking just minutes.
Highlights:
No PMI or down payment if the sales price isn't higher than the appraised value of the home, for VA loans
Conventional loan options with a minimum of 3% down payment for first time homebuyers
USAA Bank pays the title, VA funding fee, and appraisal fee for VA IRRRL loans¹
VA Jumbo loans up to $3 million
No lender origination fees for VA loans
Fast pre-approval process
Membership is limited to US service members, eligible veterans, and their families. You can open a membership online or by phone and then apply for a loan immediately, or if you are already a member of USAA Bank you can use your existing account information to automatically complete the application.
USAA Bank's online pre-approval takes just a few minutes once you’ve answered some questions about the purpose of your loan, how much you want to borrow, and your service history. Loan applications are completed over the phone with one dedicated loan officer and borrowers can upload documents online and can even use e-sign to sign some loan documents. For refinances, USAA Bank offers a mobile closing service in most states where a notary can meet you at your home, office, or other place of your choosing, even outside of business hours.
The biggest pro to taking out a home loan through USAA Bank is that the company is fully focused on supporting US military, veterans and their families. VA-backed loans make up a majority of the loans funded by USAA and come with great rates and features like no PMI and no down payment. For some loan types, USAA Bank charges only a 1% lender origination fee, and no underwriting or other hidden lender fees. USAA Bank currently has a highly competitive offer to waive the origination fee as well as to cover the appraisal, title, and VA funding fee for its VA IRRRL product¹. Added to this is the huge range of loans that members can access, including VA jumbo loans. The fast phone or online streamlined pre-approval process is another pro, making it quicker to get started and easier to submit and sign documents.
On the flip side, USAA Bank's loans aren’t open to anyone who isn’t a USAA member. While USAA Bank does offer many home loans, there is no HELOC or home equity loan available and no FHA or USDA loans. USAA does have low down payment options, as a great alternative to an FHA loan. The website has a very thin FAQ section, making it hard to find answers to specific questions without getting in touch with a person. Most people who want to have a face-to-face consultation will be disappointed, since USAA Bank only takes applications over the phone or online.
USAA Bank offers VA-backed home loans and jumbo home loans of up to $3 million. A VA loan doesn’t require any down payment or PMI. USAA Bank also offers first-time homebuyer loans with its low down payment option. The Conventional 97 home purchase loan requires only a 3% down payment and doesn’t require the VA funding fee that VA loans do. USAA Bank’s refinance loans are highly popular, especially the VA-backed IRRRL loan for which USAA covers most of the lender fees.
To borrow through USAA Bank you need to be a USAA member and have a minimum credit score of 620 for most loan types. It is recommended to speak with a loan officer to review options specific to your needs.
Speak to a loan officer to review credit options
Borrow up to $3 million for VA Jumbo loans
Buying or refinancing a residential, owner-occupied home or 2nd/investor home
USAA Bank’s online FAQ section isn’t very extensive or helpful and there is no live chat. However, USAA Bank customer representatives are available by phone and email and it's easy to find the right customer support number for your issue.
All of USAA Bank’s customer service numbers can be found online. To request USAA to connect you to a loan officer, you can visit the .
Overall, USAA Bank is a formidable lender for active and former US service members and their families. The range of VA-backed and conventional loans they offer is impressive, even though there is no HELOC or home equity option, and the low fees make their loans very attractive. The online and telephone application process can be faster than in-person alternatives. USAA Bank is a great choice for military homeowners.
9800 Fredericksburg Road
San Antonio, TX 78288
USAA FSB NMLS 401058
¹ USAA Bank covers the appraisal, title, and VA funding fee on a VA IRRRL. Payment of discount points, taxes, and insurance and HOA fees are the responsibility of the borrower.
USAA Bank Mortgage offers mortgage products to members where the property is located within the continental United States, AK, HI, and DC. Excludes properties within U.S. territories.
Minimum loan amount requirements may apply.
VA loan require an up-front, one-time payment called a VA Funding Fee collected at closing, and is non-refundable. The fee is determined by the loan amount, your service history, and other factors. A down payment on your VA loan may be required in certain circumstances and maximum loan amounts vary by county.
A home loan refinance may be useful for many customers who want to lower their monthly debt payments. However, a refinance is secured by your home, has closing costs, and may ultimately require paying more in interest over time.
VA IRRRL: All VA rules, guidelines and additional program requirements will apply. Except as provided by applicable VA guidelines, the same parties obligated on the original loan must be the parties on the title and obligated on the new loan. Proceeds from the new loan will only be used toward payment of the original loan amount. No cash back can be received from the new loan. Payment of discount points, taxes, insurance and HOA fees are the responsibility of the borrower. Other exclusions apply. Refinancing either to lower the monthly payment or change from a variable-rate to a fixed-rate loan could result in an increase in the total number of monthly payments and interest charges paid over the full term of the new loan.
Membership eligibility and product restrictions apply and are subject to change.