VA loans are zero-down mortgages for active service members and veterans that are insured by the Department of Veterans Affairs and funded by private lenders.
Created in 1944, the VA loan program has aided more than 24 million families achieve homeownership with flexible qualifications, lower rates, no down payment and no private mortgage insurance.
No big banks were among the top 10 originators of VA loans in 2024, according to CNBC Select analysis of data from the Department of Veteran Affairs.
Veterans United topped the list, while online lenders United Wholesale Mortgage and Rocket Mortgage were a close second and third, respectively. The three combined were responsible for nearly a third of all VA loans issued in 2024.
1. Veterans United
Veterans United
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Annual Percentage Rate (APR)
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Types of loans
Conventional, jumbo, refinance, FHA, USDA, refinance
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Terms
10-, 15-, 20-, 25- and 30-year fixed-rate
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Credit needed
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Minimum down payment
0% for VA loan, 3% for conventional, 3.5% for FHA
Pros
- Available in all 50 states
- Specializes in home loans for veterans
- Largest VA loan lender
- 24/7 customer service line
Cons
- Locations in only 16 states
- No HELOC or home equity loan options
Veterans United was the largest VA loan lender in 2024, with 61,182 mortgages totaling $19.3 billion. Founded in 2002, the Columbia, Missouri-based company issued 14.69% of all VA loans in the U.S. Unlike some military-focused lenders, however, Veterans United issues mortgages to the general public.
Beyond the numbers: What to know about Veterans United
- Low rates for VA loans
- Also offers USDA, FHA, jumbo loans and streamlined (IRRRL) and cash-out refinancing
- No home equity products or renovation loans
2. United Wholesale Mortgage
United Wholesale Mortgage
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, fixed-rate, adjustable-rate, FHA loans, USDA loans, VA loans, jumbo loans non-qualifying mortgages, construction loans, refinancing, construction, bank statement, 1% down mortgages
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Terms
30-year fixed rate and more.
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Credit needed
620 for conventional, 500 for FHA loans, 660 for jumbo, none for some non-qualifying mortgages.
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Minimum down payment
0% for VA, FHA and some conventional loans.
Pros
- Low down payment options
- Non-qualifying mortgages that accept alternative forms of credit
- Virtual closings are available
- Rated above average for mortgage servicing by J.D. Power
Cons
- Must go through a third-party mortgage broker
- Rates are higher than average
- No home equity loans
The largest mortgage lender in the U.S., United Wholesale is also the second largest issuer of VA mortgages, with 36,637Â loans totaling $15.6 billion and earning it 8.79% of the VA loan market.
Beyond the numbers: What to know about United Wholesale Mortgage
- UWM doesn’t lend directly, so borrowers must work with a broker
- Offers grant of 2% down, up to $3,000, for borrowers making 50% of the area median income
- Largest mortgage lender in the U.S. in 2024
3. Rocket Mortgage
Rocket Mortgage
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, FHA, VA, jumbo, HomeReady, Home Possible
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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
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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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Pros
- One of the largest home lenders in the U.S.
- Offers 1% down mortgage
- High scores for customer satisfaction from J.D. Power
- Shorter-than-average closing time
- Rebate of up to $10,000 for buying with Rocket Homes
Cons
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- Higher origination fees than the competition
- No physical branches
Formerly Quicken Loans,  is an e-lending giant that originated 22,626 VA loans in 2024, totaling $8 billion and 5.43% of the VA loan market. Rocket has held the No. 3 spot since slipping from second place in 2022.
Beyond the numbers: What to know about Rocket Mortgage
- No physical branches
- Ranked No. 1 on J.D. Power’s 2024 Mortgage Servicer Satisfaction Study
- Verified approval in as little as two hours
4. Freedom Mortgage Corporation
Freedom Mortgage Corporation
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, fixed-rate, adjustable-rate, FHA loans, USDA loans, VA loans, refinancing
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Terms
30-year fixed rate and more.
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Credit needed
620 for conventional loans, 550 for FHA loans and 580 for VA loans
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Minimum down payment
3% for conventional, 3.5% for FHA and 0% for USDA and VA
Pros
- Provides text notifications to let borrowers know when rates go down
- Says it will provide borrowers $1,000 if it doesn’t close by date in contract
- Among largest providers of VA loans in 2024
Cons
- Rated below-average for customer satisfaction on mortgage origination and servicing by J.D. Power
- Does not provide home equity loans or lines of credit
Freedom Mortgage was the fourth largest VA loan lender in 2024, with 18,161 loans totaling $6.6 billion and earning it a 4.36% market share. Founded in 1990, the Mount Laurel, New Jersey-based company specializes in lending to first-time homebuyers and veterans.
Beyond the numbers: What to know about Freedom Mortgage Corporation
- Scored below average on J.D. Power’s mortgage servicer and origination surveys in 2024.
- Its Eagle Eye program alerts prospective borrowers when rates drop
- Purchase Promise includes closing guarantee and rate match,
- Freedom offers discounts on home security and Lowe’s products
5. Navy Federal Credit UnionÂ
Navy Federal Credit Union provided 15,827 VA loans in 2024, totaling $5.9 billion and accounting for 3.8% of the market. Navy Federal’s Military Choice loan offers a VA-style loan to service members who have exhausted their VA loan benefits.
Beyond the numbers: What to know about Navy Federal
- Consistently ranks among the top lenders on J.D. Power surveys.
- Will lower rate without refinancing for a $250 fee.
- Sellers can pay up to 6% of the down payment on a zero-down Military Choice loan.
- Only available to active duty service members, veterans and their families
6. DHI Mortgage Corporation
DHI Mortgage CompanyÂ
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, fixed-rate, adjustable-rate, FHA loans, USDA loans, VA loans, jumbo loans, affordable housing loans
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Terms
30-year fixed rate and more.
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Credit needed
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Minimum down payment
5% for conventional, 3.5% for FHA and 0% for USDA and VA
Pros
- Provides wide array of government-insured loans
- Among the largest VA lenders in 2024
Cons
- Not much information about rates, fees, requirements or loan types available on website
- Only a B rating from the Better Business Bureau
- Only lends in 34 states
DHI Mortgage is a subsidiary of D.R. Horton, one of the largest home builders in the U.S. In 2024, it took the sixth spot among the VA lenders, with 11,877 loans totaling $4.29 billion or about 2.85% of the market. That’s a significant increase from its placement at No. 16 in 2022 and No. 7 in 2023.
Beyond the numbers: What to know about DHI
- Part of D.R. Horton home builders
- Has a B- rating from the Better Business Bureau
- Not available nationwide
7. Village Capital & Investment
Village Capital and InvestmentsÂ
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
VA and FHA refinance products
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Terms
30-year fixed rate and more.
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Credit needed
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Minimum down payment
Pros
- Among the largest VA lenders in the country
Cons
- Does not provide purchase mortgages of any kind
- Only provides VA and FHA refinance mortgages
- Does not provide home equity loans or lines of credit
- Does not provide much information on its website about these loans
Co-founded by Ross Baird, Sean Foote, and Victoria Fram in 2009, Village Capital only offers VA and FHA refinancing. In 2024, the venture capital firm signed 10,935 VA loans, totaling $3.84 billion and earning it a 2.62% market share.
Beyond the numbers: What to know about Village Capital Investment
- Does not issue purchase mortgages
- Offers VA cash-out refinancing, VA to VA IRRRL refinancing and conventional to VA refinancing
- Has backed over 1,400 startups that have raised over $5 billion in investment capital.
8. Pennymac
Pennymac
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Annual Percentage Rate (APR)
Fixed-rate and adjustable-rate available, apply online for rates.
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Types of loans
Conventional, FHA loans, VA loans, Jumbo loans
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Terms
-
Credit needed
620 for conventional and VA loans, 580 for FHA loans
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Minimum down payment
Pros
- Borrowers can get $1,000 towards closing costs with BuyerReady Certification, Pennymac’s preapproval guide
- Borrowers can earn up to $9,500 if they use an agent through Pennymac Home Connect
- Robust educational first-time homebuyer guide and others on site.Â
- A+ accreditation from the Better Business Bureau
- Available in all 50 states
- Borrowers can their rate for 90 days with Lock & Shop feature
Cons
- No brick-and-mortar locations
- No USDA loans
- Does not offer HELOC loans
Pennymac came in No. 8 on this list, with 8,883 VA loans signed in 2024, totaling $3.07 billion and 2.13% of the market. Since its founding in 2008, it has originated more than 500,000 VA loans.
Beyond the numbers: What to know about Pennymac
- Mixed customer satisfaction reviews from J.D. Power
- $1,000 discount available with preapproval
- Borrowers can get up to $9,000 credit for using partner real estate agent
9. LoanDepot
LoanDepot
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, FHA, VA, jumbo, refinancing, HELOC
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Terms
-
Credit needed
500 for FHA loans with a 10% down payment; 580 for FHA loans with a 3.5% down payment
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Minimum down payment
5% on conforming mortgage, 3.5% for an FHA loan, 0% for VA loan
Pros
- $1,000 on-time close guarantee
- Existing LoanDepot borrowers can refinance with no lender fees
- More than 200 branches nationwide
Cons
- Rates and fees not listed online
- Doesn’t offer USDA loans
- 5% down required on conforming mortgages
Online lender LoanDepot debuted in 2010 and is currently one of the largest mortgage originators in the country. In 2024, it penned 8,028 VA loans worth $3.07 billion, earning it a 1.93% share of the market.
Beyond the numbers: What to know about LoanDepot
- Touts closings in as few as seven days
- Borrowers receive $1,000 if LoanDepot fails to close on time
- Existing borrowers can waive refinance fees
10. CrossCountry MortgageÂ
CrossCountry Mortgage
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Annual Percentage Rate (APR)
Fixed-rate and adjustable-rate mortgages available. Apply online for rates.
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Types of loans
Conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, manufactured home loans
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Terms
-
Credit needed
620 for conventional loans, 500 to 580 for some government-insured loans
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Minimum down payment
Pros
- Down payment grants available
- May be able to close within 10 days
Cons
- Higher-than-average rates
- Rates are not made available online
CrossCountry Mortgage originated 7,817 VA loans totaling $3.2 billion in 2024, earning it 1.88% of the market. Founded in 2003, the Cleveland-based lender has over 700 branches in TK states.
Beyond the numbers: What to know about CrossCountry
- Nontraditional credit accepted for some mortgages
- First-time homebuyers can get a $6,500 down payment grant.
- Has committed more than $15 Million in down payment assistance
Largest VA loan lenders by volume in 2024
| Lender | Total VA loans signed | Total volume of VA loans signed | Market share of VA loans signed |
|---|---|---|---|
| 1. Veterans United | 61,182 | $19.3 billion | 14.69% |
| 2. United Wholesale | 36,637 | $15.6 billion | 8.79% |
| 3. Rocket Mortgage | 22,626 | $8 billion | 5.43% |
| 4. Freedom Mortgage Corporation | 18,161 | $6.6 billion | 4.36% |
| 5. Navy Federal Credit Union | 15,827 | $5.9 billion | 3.80% |
| 6. DHI Mortgage Company | 11,877 | $4.3 billion | 2.85% |
| 7. Village Capital and Investments | 10,935 | $3.8 billion | 2.62% |
| 8. Pennymac | 8,883 | $3.5 billion | 2.13% |
| 9. LoanDepot | 8,028 | $3.1 billion | 1.93% |
| 10. CrossCountry Mortgage | 7,817 | $3.2 billion | 1.88% |
Source: U.S. Department of Veteran Affairs
What is a VA loan?
VA loans are mortgages for active duty service members, veterans and some surviving spouses that require no down payment, have more flexible credit requirements and typically boast lower rates and closing costs than conventional loans.
While borrowers are not required to pay private mortgage insurance, even if they put less than 20% down, there is a funding fee of up to 3.3%. In addition, the appraisal process for a VA mortgage is more stringent.
The VA does not set minimum credit score requirements, but lenders that fund VA loans typically require a 620 credit score. Some, such as Guild Mortgage and Rocket Mortgage, accept lower scores.
How to qualify for a VA loan
Applicants must meet minimum service requirements and not have received a dishonorable discharge: Active-duty service members must serve for at least 90 continuous days but eligibility for the National Guard, Reserves and veterans varies depending on when you served. (The VA website has a list of current requirements.)
If you are active duty, you will likely need a statement of service signed by your commanding officer. Veterans will need a copy of their discharge paperwork. All applicants will need a Certificate of Eligibility to confirm that they have met the service requirements for a VA loan.
A property purchased with a VA loan must be a primary residence and pass a VA appraisal.
There’s no limit on how many times you can use your VA loan benefits, but you need to restore your entitlement by paying off the loan in full. If you do not use your entire allotment, however, you may be able to purchase a second home with a VA loan without restoring your entitlement.
VA loan limits
The Department of Veterans Affairs caps how much it will guarantee without a down payment: In 2025, the limit for a single-family residence in most of the U.S. is $806,500, although some markets have limits as high as $1,209,750.
Buyers can borrow more than that, but that’s the maximum that can be financed for no money down.
The VA loan limit doesn’t apply if this is your first VA loan or if you have completely paid off a previous VA mortgage.
How to apply for a VA loanÂ
Follow these steps to apply for a VA loan:
1. Determine your eligibility:Â In most cases, active duty service members must have served for at least 90 continuous days before applying for a VA loan. Eligibility requirements for veterans, members of the National Guard and Reserves are available on the VA website.)
2. Obtain a Certificate of Eligibility: You can get a COE through the VA eBenefits web portal, by mailing your regional VA loan center or from an approved lender.
3. Find a VA-approved lender: CNBC Select has picked the best VA mortgage originators.
4. Complete the application: Your lender will guide you through the application process and help you gather the necessary documents, which include credit reports, bank statements and statements verifying your income and service history.
5. Wait for approval:Â Once you submit your application, the lender will review it and determine if you meet the credit and income requirements. They will also order an appraisal of the property to determine its value.
VA loan FAQs
What is a VA loan?
backed by the Department of Veteran Affairs, VA loans are mortgage products specifically for active and retired service members. No down payment is required and VA loans usually have more flexible credit requirements and lower rates and closing costs than conventional loans.
Are VA loans assumable?
Yes, VA loans are assumable — which means a non-military buyer can take over the mortgage from the original borrower, keeping the loan’s terms and interest rate. Both the original lender and the VA must assess the creditworthiness of the new borrower. In addition, the VA charges a 0.5% funding fee for VA loan assumptions.Â
Do I have to pay private mortgage insurance on a VA loan?
Private mortgage insurance is not required for a VA loan. However, there is a funding fee that can equal up to 3.3% of the loan total.
How do you qualify for a VA loan?
Active military personnel who have served for more than 90 days, veterans who were honorably discharged and some surviving spouses are eligible for VA loans. You must be able to present a Certificate of Eligibility (COE) to show your lender you qualify based on your service history and duty status.
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