Best VA Loan Lenders

Veterans United offers VA loans exclusively, so it’s very familiar with the program. Homebuyers can get status updates on loans, submit documents and service payments through an online portal, MyVeteransUnited.

Veterans United offers both a cash-out and IRRRL refinance, or Interest Rate Reduction Refinance Loan, which is a streamlined VA refinance option for borrowers who already have a VA loan.

For those who prefer in-person services, the company has a network of local branches across the country. Realty, insurance and credit counseling services are also available.

Highlights of Veterans United include:

• Specializes in VA loan programs
• Available nationwide
• User-friendly and highly informative website

You’ll want to consider the following before choosing Veterans United:

• No other types of loans available
• No online application

Veterans United receives an overwhelmingly positive response from ConsumerAffairs readers. Most reviews praise how easy the Veterans United team made the loan process from start to finish, such as Anthony from Tennessee, who said: “Veterans United made the process bearable. They really coached me along. When things got confusing or stressful they went above and beyond to talk me through the process and answered every one of my questions no matter how silly they sounded.”

There are also plenty of reviews commenting on the great customer service experience. Teresa from Kansas commented: “Veterans United was always available via phone or text. Would definitely recommend and go through them again if I had to! They made the home buying process easy to complete and get into my new home before the closing date. Loving my new home!”

With NewDay USA, you can refinance up to 100% of a home's value through the NewDay 100 program. It says that, on average, borrowers take out $53,812 in loan proceeds. You can start the process by requesting information about its loans online or by contacting one of NewDay USA’s loan officers; it doesn’t currently offer an online application option.

The website has a wide variety of educational articles and other resources to guide you through the loan application process. The lender also has a strong reputation for giving back — it partners with organizations dedicated to assisting veterans and children of veterans.

Some highlights for NewDay USA include:

• Flexible loan terms
• Offers both new home purchase and cash-out refinancing services
• Connects veterans with veterans

Keep the following in mind when considering NewDay USA:

• Only available in 43 states
• No online application

There is a wide assortment of positive reviews among ConsumerAffairs readers, many of which highlight a great experience with refinancing. For example, William from Florida stated: “Brandon ** made the entire process so easy. He kept us updated regularly and was always available when we had a question. We definitely recommend your company to anyone and especially veterans that need a home loan. We were pleasantly surprised to learn our home was worth so much more than we imagined so we could get the money to do more remodeling than we initially intended. Now we can bring our home to a more comfortable level than we've had these 29 years.”

Another reviewer from Mississippi commented after going through a cash-out refinancing:  “My wife and I were provided outstanding service! Your staff were outstanding! You have a top-notch organization! Every step of my journey was absolutely seamless. We've traveled this road before with other companies, but none of them can hold a candle to NewDay USA. We would definitely recommend NewDay USA to all of our friends.”

New American Funding is a California-based, technology-driven mortgage company specializing in borrowers with a diverse financial background — including veterans seeking VA loans. The company offers multiple VA loan options, including a 30-year fixed VA home purchase loan, an IRRRL and a cash-out refinance (although not all VA loan products are available in every state).

You can complete the entire application online, and preapproval may only take a day or two, further streamlining the process. Although restrictions apply, the company even offers a 14-day close guarantee.

Some highlights for New American Funding include:

• Close-on-time guarantee
• Multiple VA loan options for purchasing and refinancing
• Loan officers specializing in VA funding

Consider the following if you choose New American Funding:

• Few physical branches
• Not all VA loan products available in all states

New American Funding receives high customer satisfaction ratings, and there is an abundance of positive reviews on ConsumerAffairs. Reviews highlight overall satisfaction with both the handling of loans and customer service. Bob in Idaho commented, “People need to think out of the box, and I'm grateful for companies like New American that go above and beyond to make sure the customer doesn't leave feeling disgruntled.”

David in New Mexico also remarked on the overall positive experience, stating: “We used New American Funding to refinance our home and everything was fine with them. They're out of California and we're in New Mexico. Everything was done by phone, and everything was done right and quick. If they or we needed anything, we didn't have to miss a phone call or wait for them. Everything was really good service. The rates that we got were good as well and we were pleased.”

Network Capital Funding offers numerous loan types, including VA loans. An online application process can get you started with a quick-closing loan, and the lender touts most mortgages can close within 15 to 30 days.

Network Capital requires a minimum 580 credit score for a VA home loan for purchase and a minimum in the low 600s for a VA refinance option. There are no origination, application or underwriting fees through Network Capital, but you should expect a funding fee charged by the VA.

Network Capital offers loans to borrowers in 43 states but isn’t available in Connecticut, Georgia, Massachusetts, Missouri, New Hampshire, Nevada or Utah. You can close on a home loan in as few as 15 business days (from “intent to proceed” to signing the closing documents), although VA loans may take longer for processing.

Things we like about Network Capital include:

• No lender fees
• Quick closing times
• Limited VA loan or refinance options

Consider the following if choosing Network Capital:

• Minimum 580 credit score required for home purchase
• Minimum low- to mid-600 credit score required for refinance

Multiple positive reviews remark on the satisfactory experiences borrowers have had when using Network Capital. For example, Carl in New York offered these positive comments: “Network Capital Funding Corporation was very courteous. They checked out the situation. And it was interesting how far the loan officer went to try to help me.”

Joseph in California also offered a positive response from working with the lender: “Network Capital Funding is a good company. I like the way they approached the situation. They explained the various steps that were gonna happen all the way to the end.”

Carrington Mortgage Services offers a VA home loan purchase, cash-out refinance and IRRRL refinance option. The California-based company offers loans in 48 states and has several options for managing your preapproval, application and mortgage, including online, through its mobile app or with a customer service agent.

Carrington Mortgage Services works with a variety of borrowers but specifically states the VA home loan program allows for credit scores as low as 500. It has a user-friendly website so you can check VA mortgage rates and get a preapproval within minutes.

Things we like about Carrington Mortgage Services include:

• Minimum 500 credit score needed for qualification
• Easily check rates and start application online
• User-friendly loan management online dashboard

Consider the following if choosing Carrington Mortgage Services:

• No customer service options on the weekends
• No physical branches

ConsumerAffairs reviews include a mix of both positive and negative reviews. Some borrowers highlight their fantastic experience with Carrington Mortgage Services, such as one reviewer from Tennessee who stated: “Matthew was very courteous, helpful, informative and polite during the whole refinancing process!! He called and suggested ways to help save us some money monthly and we are very grateful!!! He helped us save $700 a month.”

Other reviews expressed frustration with working with this lender and their customer service experience, such as one reviewer from Louisiana who said: “They [Carrington Mortgage Services] have been a nightmare since our loan originated. Customer service is terrible.”

PenFed Mortgages are available through the PenFed credit union and offer some of the most competitive interest rates compared to other VA lenders on our list. You don’t even have to be a member of the PenFed credit union to apply. PenFed offers a VA loan home purchase and refinance option and possibly even a VA refinance option for secondary homes.

PenFed also features an online preapproval and application process, which can make the VA loan process even quicker. While PenFed does have a higher credit score requirement for VA loan borrowers (minimum of 620), eligible borrowers may appreciate the lower closing costs and lower fees.

A few factors that stood out for us for PenFed include:

• Full online application process
• No origination fees and lender credits
• Highly competitive interest rates

Before choosing PenFed for your mortgage, consider the following:

• Higher credit score of 620 required for VA loans
• Physical branches only available in 12 states and on some military bases

There are a limited number of PenFed Mortgage reviews with ConsumerAffairs readers, but there are a couple of reviews only offering a negative experience overall and issues with customer service.

One example is from a reviewer in Maryland who said: "PenFed has been worse to deal with than the Federal Government. All impersonal communication and phone robotics. All "sir" and no service.”

Navy Federal Credit Union (NFCU) tailors its membership exclusively to veterans, military service members, their families and other qualified members — and unlike some credit unions, you do have to be an NFCU member for a mortgage application.

NFCU offers multiple benefits for a VA home purchase or refinance, including competitive interest rates. If you’re refinancing, you may be able to take advantage of NFCU’s no-refi rate drop program, where you refinance now and get a lower rate later on.

Another major benefit for your home purchase is the chance to earn up to $9,000 by using a preferred real estate agent in your area with the RealtyPlus program through PenFed. Plus, PenFed offers a lightning-quick online preapproval process and an online mortgage application, so you can get approval in hours, not days.

Some highlights of Navy Federal include:

• Specializes in VA loans
• Earn up to $9,000 cash back with RealtyPlus program
• Online preapproval and application process

Before choosing Navy Federal, consider the following:

• Must be a member to apply

There are limited reviews for Navy Federal Mortgages on ConsumerAffairs, with most reviews highlighting negative experiences — such as one reviewer from Washington, D.C., who stated: "I really wished I viewed this site before applying with NFCU. At first, I had only positive experiences. Until I decided to do my mortgage through them. Received preapproval, went under contract, my loan was denied — claiming insufficient income.”