Veterans First Mortgage stands out for its online loan accessibility. Minimum Credit Score 660 Minimum Down Payment 0% Why we chose it: We chose PenFed Credit Union for its competitive mortgage rates, no lender fees and member discounts of up to $2,500. Its assistance and resources are accessible to active-duty service members, veterans, and Wounded Warriors. We especially liked the educational efforts of the PenFed Foundation, a non-profit focused on financial literacy, short-term financial assistance, credit-building, and homeownership. PenFed also has several conventional financing options for customers who aren't eligible for VA loans or military members looking to purchase a second home. However, though PenFed has low rates and no lender fees, some additional charges apply, including the VA funding fee, title, appraisal, and tax services fees.Īnyone that opens a savings account can apply for a VA loan, since PenFed has an open national membership charter. Minimum Credit Score 620 Minimum Down Payment $0 on VA loansĪs a credit union, PenFed has the autonomy to offer lower, more competitive rates for its VA loans. Why we chose it: We chose Quicken Loans by Rocket Mortgage for its online convenience, high customer satisfaction and custom fixed-rate loan terms. Primary Mortgage Origination Satisfaction Study. For eleven years running, Quicken has also been the highest-ranked lender in the J.D.
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However, it does offer a full selection of custom fixed-rate VA home loans through its YOURgage loan program, where you can pick any term from 8 to 29 years. Quicken doesn’t offer home equity loans or home equity lines of credit because they’re a non-depository lender. Quicken’s website also lists common interest rates and loans
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It’s worth noting that if you choose to talk to a loan officer, you will speak to the same person throughout the loan process. Applying for a mortgage can start with either a phone call or by filling out a fully online loan application. Quicken Loans by Rocket Mortgage has over 3,000 mortgage brokers available to help. Minimum Credit Score 620 Minimum Down Payment 0% on VA loans