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The Best VA Mortgage Lenders in 2021
The Best VA Mortgage Lenders in 2021
April 27, 2021 / Nadav Shemer
The Best VA Mortgage Lenders in 2021
April 27, 2021 / Nadav Shemer

More than 25 million VA loans have been issued since the program was established in 1944, including more than one million in 2020. If you’re a service member, veteran, or surviving spouse who meets the VA’s eligibility rules, then the VA loan program could be the mortgage for you. A VA loan requires no down payment and no private mortgage insurance, giving it a clear advantage over alternatives like conventional loans and FHA loans.

Here’s everything you need to know about VA loans, including our list of the top 3 VA mortgage lenders in 2021.

What is a VA Home Loan?

A VA home loan is a mortgage loan backed by the federal government’s Department of Veteran Affairs (the VA) and provided by VA-authorized mortgage lenders. A VA loan may be used buy, build, repair, retain, or refurbish a primary residence. There are five types of VA loan: VA purchase loan, VA jumbo loan, VA cash-out refinance loan, VA Interest Rate Reduction Refinance Loan (IRRRL), and Native American Direct Loan (NADL).

The VA guarantees a quarter of the loan up to the limit set by the Federal Housing Finance Agency (FHFA). In 2021 the FHFA set the conforming limit at $548,250 in most of the country (except in a small number of high-priced areas such as New York and San Francisco, where the limit is higher). Therefore, in most of the country, the limit for a VA loan is $548,250, of which the VA guarantees $137,063.

How to Apply for a VA Loan

The following people may be eligible for a VA home loan:

  • Veterans who have served at least 90 consecutive days of active service in wartime or 181 days of active service in peacetime;
  • Members of the National Guard and Reserve who have served at least 6 years; and
  • Spouses of veterans who died in the line of duty or as a consequence of a service-related injury.

Before applying for a VA home loan, you must first obtain a Certificate of Eligibility (COE) from the VA. A COE can be obtained from the VA e-Benefits website, by mail, or by filling out VA Form 26-1880. Some lenders offer free assistance with obtaining a COE.

A VA loan has no down payment requirement and no private mortgage insurance requirement. However, there is a VA funding fee of 1.4%-3.6% of the loan amount, with the exact amount determined by the type of VA loan and size of the down payment (if you choose to put money down). Some borrowers are exempt from the VA funding fee, such as surviving spouses and veterans receiving VA disability compensation.

Bottom Line

It’s not for nothing that most service members, veterans, and surviving spouses take up the offer of a VA loan when buying or refinancing: VA loans have fewer upfront fees than conventional mortgages and FHA loans, and the VA promises assistance for borrowers struggling to pay back their loan. More than one thousand authorized lenders offer VA loans, so always compare your options.

Top 3 Mortgage Lenders

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  • Offers Fannie Mae 3% down conventional loans
  • Loan experts are on hand to assist at any time
  • Full suite of non-conventional loans
  • No weekend phone hours
  • Not licensed in NY
AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC. Since 2002, it has financed more than 400,000 homes to the tune of $105 billion in funding. It is known for its competitive rates and streamlined application, with approvals in as quickly as 25 days. It offers a wide range of loans, making it a good choice for anyone looking to purchase a home or refinance their mortgage.
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  • Digital-only mortgage platform
  • Loans customized to your needs
  • Millions of satisfied borrowers
  • Only cash-out refinance option is available
One thing makes Rocket Mortgage stand out from all other mortgage lenders: speed. Some lenders might be able to offer you better rates, others might offer great customer service, but few come close to matching Rocket for speed. This might seem like a small thing, but speed is important in the mortgage industry. Getting stuck with a time-consuming mortgage application and not even knowing whether you’ll get approved can be costly in terms of both time and energy. With Rocket, you know where you stand within a few minutes of applying and you can save time by having all your documentation verified automatically.
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  • 100% online application (in most cases)
  • Quick pre-approval and closing times
  • Flexible repayment terms (8-29 years)
  • Lack of support for self-employed borrowers
If you’re looking for an easy and comfortable loan, QuickLoans can help. Not only do QuickenLoans help ensure you get a mortgage that’s right for you to save time, but the platform ensures you are aware of your loans status 24/7 so you can keep track of what is required of you and what has already been done to avoid repeating steps that have already been completed, saving you time and confusion.

By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.
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