The 30-year fixed-rate for VA loans is 6.28% as of today, according to data released by Optimal Blue. That’s slightly higher than Thursday, when it was 6.25%
The Optimal Blue Mortgage Market Indices is an average of locked rates during the weekday prior across a third of all mortgage providers in the U.S.
VA loans — mortgages backed by the U.S. Department of Veterans Affairs — are designed to help veterans and active service members become homeowners. These loans require no down payment, have lower interest rates than conventional loans and don’t need private mortgage insurance if you put less than 20% down.
It’s a great option for anyone who has served and especially those who haven’t saved much up for a down payment. Below, CNBC Select highlights the best VA loan lenders based on a homebuyer’s priorities.
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Best VA loan lenders
If you want the best customer service: Veterans United
Why we love it: Veterans United consistently receives top ratings from J.D. Power and the Better Business Bureau. It also has a 24/7 phone line.
We also like that Veterans United goes beyond the loan process to help members of the military and their families. It offers free credit counseling to help you boost your credit before you apply for a mortgage — which can help you get a better rate. Additionally, it has a sister foundation, Veterans United Foundation, which raises money for organizations that support military families.
Veterans United
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Types of loans
Conventional, FHA, VA, USDA, jumbo, refinancing, HELOC, home equity loan
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Terms
10-, 15-, 20-, 25- and 30-year fixed-rate
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Minimum credit score
620 for conventional, 500 for FHA
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Minimum down payment
0% for VA loan, 3% for conventional, 3.5% for FHA
If you want the lowest rates: Navy Federal Credit Union
Why we love it: Navy Federal offers VA loan rates that are consistently below the industry average — often even better than competitors with lower-than-average rates.
Navy Federal also has another 0% down payment option for military members. Plus, for a $250 fee, borrowers can lower their mortgage rate without refinancing, a huge bonus for anyone who bought when rates were high.
If you want to apply and manage your loan online: Rocket Mortgage
Why we love it: Rocket has great customer service ratings, plus an excellent website and easy-to-use app. You can also do a portion of your closing remotely, a perk not all lenders offer.
Rocket also offers closing credits — or cash you can put toward closing costs — for those who use their partner real estate agents at Redfin.
Rocket Mortgage
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Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages are available.
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Types of loans
Conventional loans, FHA loans, VA loans, Jumbo loans, low-down-payment mortgages
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Terms
10-, 15- and 30-year fixed-term conventional loans, 30-year VA and FHA loans, custom mortgages with fixed-rate terms from 8 to 29 years.
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Credit needed
620 for conventional loans
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Minimum down payment
0% for VA, 1% for RocketONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo
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