Best VA mortgage lenders of July 2024

Bank of America’s national presence and full-service bank offerings make it a convenient mortgage lender, especially if you’re looking to handle all your banking in one place. The lender received an above-average score of 731 out of 1,000 in the J.D. Power 2022 U.S. Mortgage Origination Satisfaction Study.

It also earned the highest spot on our list because it offers several programs to make homeownership more affordable—even when using a VA loan. Through America’s Home Grant program, eligible borrowers may buy down their interest rate or receive a lender credit of up to $7,500 that can be used toward certain closing costs. The funds don’t have to be repaid. Additionally, eligible Preferred Rewards members can receive an interest rate reduction or a discount on lender origination fees.

• Rates: Below the national average.
• DTI ratio: Does not disclose.
• Perks: Eligible borrowers may receive a lender credit of up to $7,500 for closing costs, and existing Bank of America customers may qualify for a lender origination fee discount or a reduced interest rate.
• Preapproval: The process takes about five minutes once you’ve submitted your documents.
• Time to close: Closing a VA loan with Bank of America takes about 45 days on average.

Better is a one-stop shop for everything you’ll need during and after a home purchase. The lender can connect you with local real estate agents, home inspection companies, homeowners insurance and car insurance bundling deals, title insurance, and even personal loans for things like moving costs and new furniture.

These services could be helpful for busy military members who need to manage the details of a home purchase all in one place and won’t know much about their new neighborhood.

There are ways to save with Better, too. You won’t pay lender origination fees, and you can shave $2,000 off your closing costs by partnering with a real estate agent in the lender’s network. And if rates drop within three years after closing, Better will provide a lender credit toward the costs of refinancing.

• Rates: Below the national average.
• DTI ratio: The maximum DTI ratio is 41%.
• Perks: Better doesn’t charge lender origination fees and can help you find just about everything you need for the home purchase and the moving process.
• Preapproval: The company says the preapproval process takes just three minutes.
• Time to close: Closing typically takes about 21 to 30 days after locking the rate, though it could take up to six weeks in some cases.

Veterans United is a mortgage lender that specializes in home loans for current and retired service members. Its veteran-focused menu includes the standard VA purchase loan, VA Interest Rate Reduction Refinance Loan (known as IRRRL or the “streamline” refinance) and VA cash-out refinance loan.

But the lender also offers jumbo VA loans with no down payment along with VA energy-efficient mortgages, which are VA loans that provide an extra $6,000 to cover the cost of qualified improvements. This broader selection can be helpful to borrowers who want more choices.

Veterans United’s customer service is also top-notch, with an above-average score of 760 out of 1,000 in the J.D. Power mortgage origination study. Some of the lender’s services include a “homebuying concierge” through the Veterans United Realty program, bonus cash if you work with an affiliated real estate agent, and a credit-building consultation if your finances need improvement before the home purchase. And all borrowers can call the lender anytime of the day or night, which is crucial for busy families and troops stationed overseas.

• Rates: Below the national average.
• Debt-to-income (DTI) ratio: The max DTI ratio depends on the borrower’s financial situation.
• Perks: Through the Veterans United Realty program, borrowers may receive bonus cash to use on closing costs or mortgage discount points.
• Preapproval: The preapproval process takes about 10 to 15 minutes.
• Time to close: Veterans United closes VA purchase loans within 30 to 45 days.

We picked Navy Federal Credit Union as one of the best VA mortgage lenders because it has branches all over the world, provides full banking services, offers loan assistance programs, and lets you float down your interest rate after you lock. The credit union also received an above-average score in J.D. Power’s mortgage origination study.

But Navy Federal’s standout feature is its broad selection of mortgages, which includes the “Military Choice” home loan. Military Choice isn’t a VA loan but comes with some of the same benefits, like a 0% down payment. This may come in handy when a service member or veteran is buying a new home but is using their loan entitlement elsewhere.

The credit union also offers cash incentive programs, such as up to $9,000 cash back for using the credit union’s network of local real estate agents.

• Rates: Below the national average.
• DTI ratio: Does not disclose.
• Perks: No-down-payment mortgages if you’ve exhausted your VA loan entitlement, cash-back program when you partner with a participating real estate agent, float down your rate after locking, and hundreds of branches worldwide.
• Preapproval: The lender says you can get preapproved in seconds.
• Time to close: Closing with Navy Federal Credit Union typically takes 30 days.

While some borrowers want in-person help when getting a mortgage, others prefer the convenience of a fully online experience. Rocket Mortgage offers a completely digital process from mortgage application to closing, and it has earned the top spot in J.D. Power’s customer satisfaction survey for 12 years.

You can submit a mortgage application, upload documents and track the progress of your loan from the lender’s website or mobile app. When you need help, you can talk with a live representative or use the lender’s online chat feature.

The lender also has a good lineup of VA loans—purchase loans, streamline refinance loans, cash-out refinance loans, and jumbo loans—and is currently offering a rate-buydown program for free. Borrowers can lower their interest rate by 1 percentage point for the first year of the home loan term without paying any upfront fees. So if you qualify for an interest rate of 6.5%, for instance, then you’ll only pay a 5.5% interest rate during the first year of your loan.

• Rates: Below national average.
• DTI ratio: Does not disclose.
• Perks: Interest rate buydown of 1% for the first year of the loan at no additional cost.
• Preapproval: Getting preapproved with Rocket Mortgage takes about 15 minutes.
• Time to close: Borrowers usually close on VA loans within 30 days.

PNC Bank offers VA loans in all 50 states, provides a full lineup of banking services, and received an above-average score in the J.D. Power mortgage origination study. The bank also works with the Military Warriors Support Foundation to help service members transition back to civilian life. This benefit may come in handy for any service member who banks at PNC.

But PNC’s standout feature is its lineup of homebuyer education articles and tools. Its Home Insight program helps buyers figure out what they can afford and start shopping for homes with real-time rate quotes. After submitting a mortgage application, borrowers can upload their supporting documents and track loan progress in real time.

VA loan borrowers also receive a $300 reward and may qualify for a grant of up to $5,000 to use toward closing costs, prepaid costs, or a down payment.

• Rates: Below national average.
• DTI ratio: Does not disclose.
• Perks: $5,000 grant to qualified borrowers, $300 reward for opening a VA loan.
• Preapproval: Preapproval takes about 15 minutes with PNC Bank.
• Time to close: PNC Bank closes home loans in about 30 to 60 days.