Best VA Loan Lenders for Active Military & Veterans 2021

Best VA Loan Lenders for Active Military & Veterans 2021

A VA home loan (backed by the US Veterans Department (VA) and issued by lenders approved by the VA) is one of the many benefits available to service members and their families through the military.

With no downpayment options and easy eligibility criteria, this loan program has successfully helped millions of Veterans who were on the verge of becoming homeless purchase their dream homes.

In this article, we’ll compare the best VA loan lenders side-by-side so you can make a decision that is right for you.

Who Offers VA Mortgages?

We all know that the VA guarantees a part of the loan. However, the loans are not provided by the department. They are issued by VA loan lenders who offer comparatively lower interest rates due to the government guarantee.

How to Choose the Best VA Home Loan Lenders

To choose the best lender for VA mortgages, you must consider the following three factors:

  • Affordability – One of the most important benefits of VA loans is that they are available even if you have a low credit score. When choosing a VA lender, make sure that they can offer you a loan even if your credit score isn’t great.
  • Customer Satisfaction – You can also read online customer reviews to determine if it is the right lender for you.
  • Ethics – Lenders who receive good ratings from the Better Business Bureau may be more trustworthy than others.

What Makes a Good VA Lender?

To choose a reputable lender, you can compare the grades assigned to them by the Better Business Bureau (BBB). The Bureau grades the lenders based on the following factors.


  • Transparency
  • Customer reviews
  • Honesty

A lender with an A+ grade by the BBB can be termed as a trustworthy and reputable lender. 

Things to Keep In Mind About VA Loans

VA loans are hard-earned military benefits that can purchase your dream house without a downpayment or private mortgage insurance (PMI).

Here are a few things you must keep in mind while applying for VA loans:

  • VA loans are mortgage opportunities backed by the VA and issued by private lenders.
  • They come with several benefits like no downpayment requirement, lower interest rates, no PMI requirement, no pre-payment penalties, flexible guidelines, easy eligibility criteria, no credit score requirements, and lower closing fees.
  • It takes around 60 days for VA loans to close.
  • It is recommended to get pre-approved before applying for a loan.
  • While having an outstanding credit score is not mandatory, most lenders expect you to have a minimum credit score of 620 to qualify for a VA loan.
  • You can also receive additional benefits of refinancing loans types like IRRRL and cash-out.
  • You can tap into your home’s equity by refinancing a non-VA loan into a VA loan.
  • You can choose the loan terms as 15-year or 30-year.
  • If you have full entitlement, which means you are using these benefits for the first time or have fully repaid a previous loan, you may not be subject to loan limits.

Using Your VA Loan Benefits

While the most popular loan type is a VA purchase loan, there are many different ways you can use these benefits efficiently.

Did you know that you can even borrow a loan for home improvements?

Here are some VA loan options.

VA Purchase Loans

As the name suggests, you can opt for purchase loans to purchase your dream property. However, these loans are meant for primary residence only. You can’t use the benefits to purchase a vacation house or an investment property.

To qualify for this loan, you must establish your VA loan Certificate of Eligibility (COE) eligibility.

You can qualify if any ONE of the following conditions is true.

  • You are a current/former military member who has worked at least 181 consecutive days during peacetime.
  • You are a current/former military member who has served at least 90 consecutive days during wartime.
  • You are a national guard/reservist with at least six years of experience.
  • You are a veteran’s family member who either went missing in action, was a prisoner of war or died in the line of duty or from a service-related disability/condition.

You can start your loan application by applying for the COE and contacting a VA-approved private lender.

VA Refinancing Options

Besides purchasing a home, you can also use these benefits to refinance a VA or non-VA loan to qualify for even lower interest rates.

The department offers two refinancing VA loan types. 

VA Interest Rate Reduction Refinance Loan / Streamline Refinance

VA IRRRL is a refinancing option that allows you to refinance a VA loan for even lower interest rates. As the name suggests, the application procedure for this loan type is simple. You don’t need to apply for the COE or get appraised again.

VA IRRRL not only helps you qualify for a lower interest rate but also converts your variable rate to a fixed rate, making your monthly payments more predictable.

VA Cash-Out Refinance Loan

Want to convert your non-VA loan into a VA loan? A VA cash-out refinance loan might be the solution.

Using this loan, you can not only refinance your non-VA mortgage into a VA mortgage, but you can also pay any existing debts, tuition fees or use your equity for home renovations.

VA Energy Efficient Mortgage (EEM)

You can also use your EEM benefits with the VA energy-efficient loan to renovate your existing home with a list of renovations that the VA approves. Make sure to check it out before applying for the loan.

These loans are a great choice, especially if you are willing to live in the house for an extended period. 

Today’s Purchase Rates for VA Loans

One of the benefits VA loans have over conventional loans is that they are available at comparatively lower interest rates.

VA loan rates change constantly and sometimes change several times in a day. While every buyer’s situation is different, here are some factors that affect your VA loan interest rates.

  • Market Conditions – Market conditions like inflation, demographics, current mortgage rates, and supply/demand can greatly impact the loan rates.
  • Credit History – An applicant’s credit history can also affect VA interest rates. Make sure to keep your credit history in check to get quotes at the lowest possible rates. Your credit score might also be an essential determining factor of your loan interest rate. For instance, an applicant with a fair credit score can qualify for a lower interest rate than a poor credit score.
  • Downpayment – Though you can qualify for the loan without making a downpayment, paying something upfront can make a huge difference over the life of the loan. Not only can paying a downpayment to decrease your rate, but it can also reduce your monthly payment, which accounts for significant savings.

 

Today’s VA Loan Rates

Loan Type VA Loan Rates APR Monthly Installment
15-year Fixed Purchase Loan 1.75% 1.84% $2,815
30-year Fixed Purchase Loan 2.25% 2.40% $1,703
15-year Fixed Refinance Loan 1.75% 1.78% $2,933
30-year Fixed Refinance Loan 2.25% 2.37% $1,774

 

The Best VA Loan Lenders

We have prepared a list of the best VA loan lenders, so you don’t have to. This will help answer many of the questions you have about obtaining a VA home loan.

Today’s VA Loan Rates

Lenders Ratings Minimum Credit Score Minimum Down Payment
North American Savings Bank (NASB) 5/5 640 0%
NBKC 5/5 660 0%
New American Funding 4.5/5 640 0%
Quicken Loans 4.0/5 640 0%
BNC National Bank 4.5/5 640 0%
Veterans United 4.0/5 640 0%
Fairway Independent Mortgage Corporation 4.0/5 640 0%
Veterans First Mortgage 3.5% 660 0%
Navy Federal 4.5/5 N/A 0%

 

Navy Federal Credit Union

Navy Federal Credit Union was founded in 1933 to provide mortgages, credit cards, and deposit accounts to service members, veterans, and their families.

Located in Virginia, this not-for-profit organization is the largest credit union in terms of assets and branches. It specializes in VA home loans and offers features such as no down payment and no PMI requirements. 

Pros of Navy Federal Credit Union

  • The credit union is best suited to people who have already used their VA loan benefits once and would like to apply for a second time.
  • Applicants can take advantage of no-downpayment options.
  • Paying PMI for most loans is not mandatory.
  • It has been graded as A+ by the BBB.

Cons of Navy Federal Credit Union

  • The Navy Federal benefits are only available to service members and their families, so civilians are not eligible.
  • The credit union does not provide loans to the Federal Housing Administration or the United States Department of Agriculture.
  • The lenders are not BBB-accredited.

Best of Navy Federal Credit Union

The Navy Federal Credit Union offers VA home loans, adjustable-rate home loans, jumbo loans, and conventional fixed mortgages. It also offers Military Choice Loans to eligible service members and Veterans with lower interest rates and no downpayment requirements.

You can also choose the Homebuyers Choice Loan to qualify for loans that require no down payment.

How Navy Federal Credit Union Made It to Our List?

Even though the union does not offer loans to civilians, it is a great choice for veterans and service members. It also works with borrowers who have lower credit scores. 

The credit union has an A+ rating from the Better Business Bureau (BBB), making it a great choice for borrowers looking for experienced lenders.

USAA Federal Savings Bank

With more than 11 million members, USAA offers credit options exclusively to military personnel and their families. This bank’s specialized products and excellent customer service make it a great choice for people looking for no-down mortgages.

To qualify for a mortgage with USAA, an applicant must have a minimum credit score of 620 and a debt-to-income ratio of 50%. It is rated A- by the Better Business Bureau (BBB).

Pros of USAA

  • They are known for their customer service.
  • Their specialization is VA loans.
  • They also provide refinancing options like IRRRL and Cash-Out Refinance loans.

Cons of USAA

  • The bank is exclusively for service members and their families.
  • It doesn’t offer home equity loans, USDA loans, and FHA loans.

Best of USAA Federal Savings Bank

Some of the best offerings from USAA include the following:

  • Conventional loans
  • 5/1 ARM
  • Jumbo loans
  • Refinance loans
  • VA Home loans that do not require any downpayment

The bank also offers online services like loan tracking, account management, online preapproval, and document submission.

How USAA Made It to Our List?

In addition to having excellent customer service, USAA is also well-known for its willingness to work with individuals with poor credit histories for VA loans with no application fees.

Veterans United Home Loans

Founded in 2002 and based in Columbia, Missouri, Veterans United Home Loans is a VA home loan lender with a $0 downpayment. They also offer non-VA loans and several other options.

After getting pre-approved, applicants can track the status of their loan application on MyVeteransUnited. They require applicants to have a minimum credit score of 640 for VA home loans, but 740 is recommended.

Pros of Veterans United Home Loans

  • They offer specialized VA loans with no downpayment requirements.
  • They also have non-VA loan options.
  • There is no minimum loan amount.

Cons of Veterans United Home Loans

  • You must have a minimum credit score of 640.
  • HELOCs are not available.

Best of Veterans United Home Loans

They offer VA mortgages, conventional loans, USDA loans, jumbo loans, refinancing loans, and FHA loans. 

Additionally, according to the Veterans United Home Loans Director of Education, every team member is well-versed in VA loans and knows what’s best for you.

How Veterans United Home Loans Made It to Our List?

Based on more than 7,000 reviews, Veterans United Home Loans have been rated 5/5 for their customer service, 5/5 for affordability, and 3/5 for eligibility.

BNC National Bank

The North Dakota-based BNC National Bank offers mortgages nationwide, including conventional loans and refinancing services.

Their wide range of loans with low fees and consideration of alternative credit makes it extremely easy for first-time borrowers.

Pros of BNC National Bank

  • BNC offers everything from VA mortgages to FHA loans and refinancing options.
  • Their online platform is convenient.

Cons of BNC National Bank

  • They are not transparent about interest rates.
  • They don’t have many physical locations.

Best of BNC National Bank

Besides offering zero-down mortgages to service members and their families, BNC also offers conventional loans with fixed and adjustable rates, jumbo loans, and mortgages for condos, townhouses, and manufactured homes.

How BNC National Bank Made It to Our List?

BNC provides financing for almost every need, and it has a 5-star rating in loan variety. Even though they have a limited physical presence, they make up for it by offering online convenience to their customers.

Online features include loan application, loan tracking, e-sign, and document download.

Movement Mortgage

From jumbo loans to reverse mortgages, Movement Mortgage was established in 2008 and had besides over 100 branch locations.

Movement Mortgage specializes in helping veterans and service members around the country take advantage of VA loans without having to pay PMI or a down payment.

Pros of Movement Mortgage

  • Quotes can be customized for free.
  • They offer services like document e-signing, which can save time during the loan closing.
  • You might want to consider Movement Mortgage if you are looking for fast approvals and closings.

Cons of Movement Mortgage

  • They don’t provide services like lot/land loans and equity credit lines.

Best of Movement Mortgage

With a 4.4 rating in product variety, here’s a list of loan services they offer.

  • Conventional
  • VA
  • Jumbo
  • FHA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Cash-out refinancing
  • Home equity credit line
  • Condo and co-op loans
  • Renovation loans
  • Reverse mortgage

How Movement Mortgage Made It to Our List?

Known for fast approval and closings, Movement Mortgage is the right place for borrowers with lower credit scores. The minimum credit score for conventional loans is 620 and 580 for FHA and VA loans.

NBKC

NBKC, a national mortgage company headquartered in Kansas, offers no-downpayment mortgages. The company offers a broad spectrum of mortgages, from FHA to VA, and has received a 4.6 for customer service and a 4 for eligibility requirements.

Pros of NBKC

  • NBKC offers a streamlined and straightforward application process.
  • Applicants taking out VA loans are not charged lender’s fees.
  • It is a good choice for borrowers with a fair credit score.

Cons of NBKC

  • The fee structure is not transparent.
  • They do not provide home equity loans, cash-out refinancing loans, jumbo loans, or US Department of Agriculture Loans.

Best of NBKC

To qualify for a loan with NBKC, you must have a minimum credit score of 620. Here’s a list of loan services provided by the bank.

  • FHA loans
  • 5/1 adjustable-rate mortgages
  • VA loans
  • 10-, 15-, 20-, 25- and 30-year fixed-rate mortgage
  • Mortgage refinancing
  • VA refinance loans
  • FHA streamline refinance loans

How NBKC Made It to Our List?

NBKC is rated A+ by the Better Business Bureau (BBB) and is also BBB-accredited. Borrowers can also take advantage of online features by completing the full application.

We recommend NBKC for borrowers with a credit score of 620 or higher, looking for VA purchase or refinance loans, and with a low downpayment.

North American Savings Bank

North American Savings Bank (NASB) was established in 1927 and offered services like conventional loans, Federal Housing Administration loans, and Department of Veterans Affairs loans.

Pros of NASB

  • They offer a wide variety of mortgage options.
  • You don’t have to pay lenders’ fees with VA loans.
  • This bank assists self-employed borrowers and applicants who fail to meet the basic loan requirements.

Cons of NASB

  • Their physical office is located only in Missouri.
  • Some of the NASB’s programs are not available nationwide.

Best of NASB

NASB provides a wide variety of loans ranging from fixed- and adjustable-rate loans to FHA and jumbo loans. They also offer additional services like VA loans, refinancing options, and bank statement loans.

As part of the eligibility criteria, the bank offers flex loans that accept assets like retirement accounts and trusts.

How NASB Made It to Our List?

When it comes to conventional fixed-rate mortgages, the bank requires at least 3% downpayment and 10% downpayment for conventional adjustable-rate mortgages. However, the bank does not require a downpayment or charge lender’s fees for VA loans.

In addition, the bank has served at least 80,000 home loan customers since 2010 and has been rated A+ by the Better Business Bureau. The Better Business Bureau also accredits it.

New American Funding

Established in 2003 and headquartered in California, New American Funding is a nationwide mortgage service provider specializing in VA loans with no downpayment and lower interest rates.

Pros of New American Funding

  • New American Funding offers several mortgage options with low or no downpayment.
  • You have the option to choose between fixed and adjustable-rate loans.

Cons of New American Funding

  • They lack fee transparency as it is only disclosed once you have applied for the mortgage.
  • Their services are not available in Hawaii.

Best of New American Funding

New American Fund offers the following mortgage products to those with a maximum debt-to-income ratio of 45%

  • VA loans
  • FHA loans
  • Conventional loans
  • US Department of Agriculture Loans
  • Buy-down loans
  • Reverse mortgage
  • Cash-out refinance loans
  • Jumbo loans
  • 5/1, 7/1, and 10/1 ARM loans
  • Interest-only fixed-rate loans
  • Home equity line of credit

How New American Funding Made It to Our List?

New American Funding is accredited by the Better Business Bureau and is rated as A+. With an overall rating of 4.2/5, the company provides financial assistance for almost every need and offers many online features.

Quicken Loans

With a 5/5 rating in customer service, 4.5/5 eligibility, and 3.9/5 in affordability, Quicken Loans is the largest mortgage provider in the nation.

Since 1985, the company has provided digital features for online home loans via its digital platform, Rocket Mortgage.

Pros of Quicken Loans

  • The company offers a wide variety of mortgage options and customizable loan terms.
  • They are known for their outstanding customer service.
  • Their digital application process is easy and streamlined.
  • You can quickly track your loan status with 100% transparency.

Cons of Quicken Loans

  • They have comparatively higher loan rates.
  • They do not offer Department of Agriculture loans, home equity loans, and home equity credit lines.
  • They do not offer any face-to-face meetings with the loan originator—everything is digital.

Best of Quicken Loans

Quicken Loans offers a special customizable mortgage known as YOURgage. Borrowers can choose a repayment period between 8 and 29 years, permitting them to choose the monthly payment option they prefer.

They also offer additional services like:

  • FHA loans
  • Refinancing
  • Cash-Out Refinance
  • Jumbo loans
  • VA mortgages
  • Fixed- and adjustable-rate mortgages

How Quicken Loans Made It to Our List?

With an overall rating of 4/5, Quicken Loans is also rated as A+ by the Better Business Bureau (BBB) and is BBB-accredited.

One thing that makes the company stand out is its digital presence. They offer a digital application procedure and tracking platform, which makes the mortgage process easier for borrowers.

Veterans First Mortgage

Veteran First Mortgage specializes in VA loans, helping service members and their families buy the house of their dreams. The entire process is almost online, making the application procedure and establishing your eligibility extremely easy for service members stationed overseas.

Pros of Veterans First Mortgage

  • Their team is specialized in working with military loans.
  • They have several low downpayment mortgage options.

Cons of Veterans First Mortgage

  •  They lack transparency when it comes to rates.
  • They don’t offer conventional loans.

Best of Veterans First Mortgage

The company offers VA loans and FHA and agricultural loans, with a fixed rate term range from 15 to 30 years.

As an all-digital lending platform, Veterans First Mortgage offers a way of communicating that is efficient and time-saving. Their site is mobile-friendly and offers an online application, loan tracking, document uploading, and e-sign. 

How Veterans First Mortgage Made it to Our List?

Despite their lack of physical presence, their online services help active military members deployed overseas and cannot meet in-person to apply for mortgages.

PenFed Credit Union

PenFed, or Pentagon Federal Credit Union, was established in 1935 and catered to the needs of about 2 million customers worldwide. Providing everything from jumbo loans to VA loans, PenFed also offers conventional loans with a downpayment as low as 3%.

Pros of PenFed

  • They offer a wide variety of loans, including low downpayment options for first-time buyers.
  • The company offers a lender credit for purchase mortgages.
  • They offer low-interest catered in-person rates as compared to other lenders.

Cons of PenFed

  • They do not provide lender credit for refinancing mortgages.
  • They do not offer FHA loans.

Best of PenFed Credit Union

The company offers several mortgages and refinance options, including jumbo loans, VA loans, home equity lines of credit, adjustable-rate and fixed-rate mortgages.

They also offer conventional loans and the Home ready Program.

How PenFed Credit Union Made It to Our List?

Even though PennFed offers mortgage loans nationwide, its brick-and-mortar locations are mainly in Washington, D.C., and Texas. There are branches in California, Florida, Georgia, Hawaii, Maryland, Nebraska, New Jersey, New Mexico, New York, North Carolina, and Pennsylvania. Additionally, there are branches in Guam, Japan, and Puerto Rico.

This nationwide presence and its online features have helped streamline the process of a loan application.

Lending Tree

Lending Tree is a marketplace where borrowers can learn about and compare different lenders instead of banks or financial institutions.

Pros of Lending Tree

  • It is free to access.
  • You can find multiple lenders in one place.
  • You have the option of choosing the best lender.

Cons of Lending Tree

  • You may receive persistent calls from lenders.
  • Not all lenders have expertise in handling VA loans.

Best of Lending Tree

You will go to their site and choose the loan you want to apply for to get started. After starting with your application, you’ll be required to submit all the documents necessary to establish your eligibility.

Once completed, your request will be listed in the marketplace, and you’ll be able to see the lenders willing to work with you.

How Lending Tree Made It to Our List?

Besides acting as a marketplace for lenders, borrowers can benefit from Lending Tree by choosing from the best lenders available to them. Not only does the site provide the pros and cons of the lenders, but they also make it easy for borrowers to compare the lenders and choose a rate best suited for them.

Freedom Mortgage

Founded in 1990 and operating in all 50 states, Freedom Mortgage has been termed the best for VA loans. They offer a range of services, including everything from FHA to VA loans.

Pros of Freedom Mortgage

  • You can select from a wide variety of mortgage options.
  • You can prequalify for the loan.
  • Borrowers with fair credit can also qualify.

Cons of Freedom Mortgage

  • There is no online option for prequalification or applying for a loan.
  • They do not provide home equity loans.

Best of Freedom Mortgage

Freedom Mortgage offers the following loan types to applicants:

  • FHA
  • VA
  • Conventional
  • Adjustable-rate
  • Jumbo
  • USDA
  • Refinance

How Freedom Mortgage Made It to Our List?

Freedom Mortgage has been rated B+ by the Better Business Bureau and is BBB-accredited.

While they do not provide an online process for loan application and prequalification, they do have lenders who will guide you through every step of the process.

Guild Mortgage Co.

Headquartered in San Deigo and founded in 1960, Guild Mortgage offers everything from VA loans to conventional loans. The company provides loan services for residential purposes in 49 states and the District of Columbia.

Pros of Guild Mortgage

  • The company offers a wide range of mortgage options.
  • They have an online application and preapproval process.
  • They offer special programs for first-time borrowers and those looking for manufactured homes.

Cons of Guild Mortgage

  • Access to some mortgage options is limited.
  • They do not offer home equity loans.

Best of Guild Mortgage

The company offers traditional and special assistance for first-time buyers, including:

  • Conventional loans
  • VA loans
  • US Department of Agriculture Loans
  • FHA loans
  • Jumbo loans
  • Adjustable-rate mortgage

To qualify for a USDA or FHA loan, you need a minimum credit score of 540. However, for conventional loans, you’ll need higher.

How Guild Mortgage Co. Made It to Our List?

Guild Mortgage has been rated as B+ by the Better Business Bureau (BBB) and is BBB-accredited. It has also received an overall rating of 4.6/5, including 4/5 for affordability, 4/5 for eligibility, and 5/5 for customer service.

CrossCountry Mortgage

Known for its fast and efficient services, CrossCountry Mortgage is a nationwide mortgage provider founded in 2003 and based in Ohio. It provides many home loan options to veterans and service members, including fast-track credit approval and preapproval within 24 hours.

Pros of CrossCountry Mortgage

  • Most loans can be closed within 21 days.
  • They provide a wide variety of mortgage services.
  • They have a dedicated team of mortgage officers who help the applicant during each step.

Cons of CrossCountry Mortgage

  • You need to contact the loan officer as they do not provide an online process for approval.

Best of CrossCountry Mortgage

CrossCountry Mortgage is known for its mortgage financing features like an end-to-end digital process and fast loan closing. Here’s a list of what they offer.

  • VA loans
  • Adjustable-rate loan
  • Fixed-rate loans
  • USDA loans
  • Reverse Mortgage
  • Jumbo loans
  • Conventional loans
  • Cash-out and streamline refinancing loans
  • FHA
  • Construction and renovation loans

How CrossCountry Mortgage Made It to Our List?

Since 2016, CrossCountry mortgage has been graded as A by the Better Business Bureau (BBB). In addition, the company has received an overall rating of 3.5 out of 5.

Stearns Lending

Stearns Lending provides a wide variety of mortgage purchase and refinancing loans.

Pros of Stearns Lending

  • They offer conventional and government loans with features like no down payment requirement and lower interest rates.
  • Their mobile app streamlines the entire application process.
  • They also have known programs for dentists and doctors that offer down offers, as low as 5%.

Cons of Stearns Lending

  • They do not provide full transparency when it comes to interest rates.
  • The company does not offer home equity loans.
  • They do not provide mortgage financing in New York.

Best of Stearns Lending

In addition to providing a wide variety of mortgage services, their revolutionary mobile app simplifies every aspect of the loan application process.

How Stearns Lending Made It to Our List?

While the company does not provide much transparency regarding loan rates, they offer a wide variety of services and the convenience of online features.

Bank Of America

Bank of America offers conventional loans, FHA loans, VA loans, jumbo loans, refinancing options, and home equity lines of credit to over 66 million customers in all 50 states.

Pros of Bank of America

  • They offer a wide variety of mortgage products.
  • The lenders offer annual percentage rates and closing cost discounts for some borrowers.
  • HELOCs are not subject to annual, balance transfer, or closing costs.

Cons of Bank of America

  • Bank of America does not offer USDA loans and home equity loans.
  • Except for VA loans, they expect a downpayment for every mortgage.

Best of Bank of America

The Bank of America services the following loan types:

  • VA loans with no down payment
  • Conventional loans
  • ARM
  • Jumbo loans
  • Home equity line of credit
  • Federal housing assistance loans

To qualify for working with them, you must have a minimum score of 600 and a maximum debt-to-income ratio of 55%.

How Bank of America Made It to Our List?

The bank has been rated A+ by the Better Business Bureau. It offers online services like online prequalification, application for loans, and document submission.

Carrington Mortgage Services

Available in all U.S. states except Massachusetts and South Dakota, Carrington Mortgage Services is a California-based company, providing mortgage services since 2007. They also offer specially designed services for applicants who are not eligible for traditional mortgages. 

Pros of Carrington Mortgage Services

  • It is a wise option if you are trying to get a mortgage with a low credit score.

Cons of Carrington Mortgage Services

  • They do not have full transparency when it comes to interest rates.

Best of Carrington Mortgage Services

Carrington Mortgage Services offers a wide variety of loan types, such as:

  • Conventional
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term
  • Cash-out refinance
  • Streamline refinance
  • Non-QM loans.

The minimum credit score requirement for a conventional loan is 620, which offers 504 for FHA loans and 500 for VA loans.

How Carrington Mortgage Services Made It to Our List?

The company has been rated A+ by the Better Business Bureau, and their official website has online calculators that can give borrowers a glimpse at their potential monthly mortgage payment.

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