9 best Virginia mortgage lenders April 2021 | finder.com

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9 best mortgage lenders in Virginia

One of these lenders is likely to be your best bet if you’re hoping to buy a home in Virginia.

From the Chesapeake Bay to the foothills of Appalachia, the best mortgage lenders in Virginia can help you buy a home you’ll love.

What are the best mortgage lenders in Virginia?

How we pick mortgage lenders

We chose these mortgage lenders based on their rates, fees, requirements and website features. We also considered customer reviews from Zillow, Trustpilot and the Better Business Bureau (BBB), among other sites. Learn more about our rating methodology.

Best online experience

Better

Better logo
Go to site
at Better's secure site
Read review
620
Min. credit score
3%
Min. down payment
There are hundreds of mortgage lenders in Virginia, but few have a website as user-friendly as the one developed by Better. Better’s website ranks as the best in terms of both features and usability. Whether you pull up the website on a laptop, tablet or smartphone, you’ll likely find it easy to navigate, and the application process is equally intuitive. Plus, Better can price-match other mortgage providers, and this lender waives origination fees in many instances.
  • User experience. Better’s website is clean and responsive on any size screen, and the application process is ideal for inexperienced buyers.
  • Price-matches other lenders. If a competing mortgage company offers you more affordable terms, Better will match that offer or give you $100.
  • No application fee. This lender doesn’t charge application fees, and in some cases, it waives origination fees.
  • Limited loan types. Better doesn’t offer VA loans, USDA loans or home-equity loans.
  • No app. Better has a mobile-friendly website, but it doesn’t provide a smartphone app.
  • No branches. Better doesn’t have any brick-and-mortar branches, so you can’t meet with a loan offer in person.
Loan types Conventional, Jumbo, FHA, Refinance
Minimum credit score Refinance: 680
All other loans: 620
Minimum down payment (Conventional) 3%
States available Not available in: HI, MA, MN, NV, NH, VT, VA

Best marketplace

LendingTree

LendingTree logo
Go to site
at LendingTree's secure site
Read review
620
Min. credit score
3%
Min. down payment

Unlike the other mortgage providers on this list, which are all direct lenders, LendingTree is a mortgage marketplace that lets you compare rates from various lenders throughout Virginia. Simply answer a few questions about the type of loan you’re in the market for, and LendingTree will present you with a list of lenders and their rates.

LendingTree can save you a ton of time when comparing lenders, but the company shares your contact information with third parties, which is a major turn-off for many of its customers.

  • Vast portfolio. LendingTree showcases rates and terms from hundreds of mortgage lenders.
  • Free to use. LendingTree doesn’t charge a fee to use its platform.
  • Helpful alerts. LendingTree can notify you when mortgage rates in Virginia drop.
  • Calls and emails from third-parties. As soon as you sign up for LendingTree, the company shares your contact details with numerous companies that may contact you.
  • May hurt your credit. According to numerous complaints on the BBB’s website, lenders associated with LendingTree performed hard credit inquiries on customers without their consent.
Loan types Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Minimum credit score Conventional: 620
FHA: 500
VA: 620
USDA: 640
Jumbo: 800
Minimum down payment (Conventional) 3%
States available Available in all states

Most popular lender

Rocket Mortgage

Rocket Mortgage logo
Go to site
at Rocket Mortgage's secure site
Read review
620
Min. credit score
3%
Min. down payment

There are many well-liked mortgage lenders in Virginia, but Rocket Mortgage by Quicken Loans ranks as the most popular of the pack. This lender has a strong presence in the state, partially because it makes the borrowing process simple.

When you apply for a loan from Rocket Mortgage, you could qualify for a conditional prequalification in mere minutes. Plus, Rocket Mortgage offers more home loan programs than many other Virginia lenders, and you may even get approved if you have a low credit score.

  • Fast service. In a best-case scenario, Rocket Mortgage could grant you a conditional prequalification in less than ten minutes, and your home loan could close in less than a week.
  • Increased flexibility. Rocket Mortgage gives you more control over your loan terms, making it easier to modify the size of your monthly payment.
  • Prepayment is permitted. Many Virginia lenders will penalize you if you pay off your mortgage early, but Rocket Mortgage won’t.
  • Application fee. Rocket Mortgage will charge $400 to $750 to process your loan application.
  • Not all loans are available. Rocket Mortgage doesn’t issue loans for new constructions or mobile homes.
  • No branches. Rocket Mortgage doesn’t have any brick-and-mortar locations, so you can’t meet with a loan officer face to face.
Loan types Conventional, Jumbo, FHA, VA, Refinance
Minimum credit score Conventional: 620
FHA: 580
VA: 620
Jumbo: 700
Minimum down payment (Conventional) 3%
States available Available in all states

Best for customer service

Veterans United

640
Min. credit score
3.5%
Min. down payment

Getting a great mortgage rate is a priority for many hopeful homebuyers, but customer service can be even more important. And compared to other lenders in Virginia, Veterans United has the best customer service in the state. As of December 2020, this lender has an excellent rating of 4.9 out of 5 based on more than 5,800 reviews on Trustpilot. And on Zillow, it has a score of 4.8 out of 5 based on nearly 4,000 reviews.

It's also worth noting that you aren't required to be a service member to get a mortgage with Veterans United, but vets generally get more attractive rates and terms than civilians do.

  • 24/7 live support. You can speak with a live support representative over the phone at any time.
  • Service members on staff. Many of this lender's 3,500 employees are current or former members of the military.
  • Rates aren't great. This lender's conventional loans aren't competitive compared to other mortgage providers in Virginia.
  • Only one Virginia branch. Veterans United only has one office in the state, and that's in Hampton Roads.
  • No home equity options. Veterans United doesn't provide home equity loans or lines of credit.
Loan types Conventional, FHA, VA, USDA, Jumbo, Refinance
Minimum credit score Conventional: 640
Jumbo: 640
VA: 640
Minimum down payment (Conventional) 3.5%
States available Available in all states

Best for first-time homebuyers

Freedom Mortgage

620
Min. credit score
3%
Min. down payment
Buying your first home can feel overwhelming if you’re not sure where to begin. But Freedom Mortgage might put your mind at ease. This lender offers FHA loans for first-time homebuyers, which tend to be more affordable than other programs. And even borrowers with bad credit or low-to-moderate income levels may still get approved.
  • Ideal for first-time buyers. This lender’s FHA loans for first-time buyers have relaxed requirements that may make homeownership more affordable.
  • Bad credit isn’t a deal-breaker. Even if your credit score is as low as 540, Freedom Mortgage may still approve you for a home loan.
  • Good for unsteady income. If your income fluctuates from month to month, you can still qualify for a loan from Freedom Mortgage.
  • No online application. You must work with a loan officer to apply for a mortgage from this lender.
  • No premium support. Freedom Mortgage doesn’t offer support via online chat or a 24/7 phone number.
  • No home-equity program. Unlike other lenders in Virginia, Freedom Mortgage doesn’t offer home equity loans or lines of credit.
Loan types Conventional, Jumbo, FHA, VA, USDA, Refinance
Minimum credit score Conventional: 620
FHA: 540
VA: 580
USDA: 640
Minimum down payment (Conventional) 3%
States available Available in all states

Best for refinancing

BNC National Bank

620
Min. credit score
3%
Min. down payment
Perhaps you already own a home in Virginia, but you’re looking to get a better rate by refinancing. Many lenders in the state can help you, but BNC National Bank tends to be the best all-around choice. This full-service bank offers quality customer service and some of the most competitive refinancing rates in Virginia, plus it’s a top provider of government-backed VA loans.
  • Competitive refinancing rates. BNC National Bank offers some of the lowest refinancing rates in Virginia.
  • Good for vets. This bank is among the state’s top lenders for government-backed VA loans.
  • Customer service. As of December 2020, BNC National Bank only has two complaints in the past three years, according to the BBB, and it has a rating of 4.69 out of 5 on Zillow.
  • Must work with a loan officer. You can prequalify for a mortgage on BNC National Bank’s website, but you can’t earn preapproval until a loan officer manually reviews your application.
  • No branches in Virginia. BNC National Bank doesn’t have any branches in VA, so you can’t meet without leaving the state.
  • Rates aren’t disclosed online. Unlike many other lenders, BNC National Bank doesn’t post its mortgage rates online.
Loan types Conventional, Jumbo, FHA, VA, USDA, Refinance
Minimum credit score 620
Minimum down payment (Conventional) 3%
States available Available in all states

Best for a wide range of credit scores

PennyMac

620
Min. credit score
3%
Min. down payment
It’s no secret that your credit score plays a critical role when it comes to getting a home loan. And although many lenders in Virginia require you to have a high score to get approved, PennyMac is more lenient in this area. Even if your credit score is as low as 580, this lender may still approve you for a mortgage.
  • Bad credit and low income are OK. Even if you have a below-average credit score or low level of income, PennyMac may still approve you for a home loan.
  • Low rates. PennyMac has some of the most affordable mortgage rates in Virginia.
  • Accessible rates. Unlike many other lenders, PennyMac publishes its current mortgage rates on its website.
  • Higher fees. Compared to many other lenders in Virginia, PennyMac charges higher fees.
  • Bad customer service. PennyMac has more than 600 complaints on the BBB’s website and more than 300 one-star reviews on Trustpilot as of December 2020.
  • Application fee required. PennyMac charges a mortgage application fee, while many other lenders in the state don’t.
Loan types Conventional, Refinance, FHA, VA, USDA, Jumbo, HELOC
Minimum credit score 620 for Conventional and VA loans
580 for FHA loans
700 for Jumbo loans
Minimum down payment (Conventional) 3%
States available Not available in: NY

Best rates

Bank-Fund Staff Federal Credit Union

Bank-Fund Staff Federal Credit Union logo
620
Min. credit score
3%
Min. down payment

For many homebuyers, choosing a lender comes down to finding the one that offers the most competitive mortgage rates. And in Virginia, that lender is usually Bank-Fund Staff Federal Credit Union (BFSFCU).

Unfortunately, not everyone is eligible to join this financial cooperative, so BFSFCU might not be an option for you. But if you work for the World Bank Group, the International Monetary Fund or a select few other companies, you’re likely to find unbeatable rates with this lender.

  • HomeAdvantage. BFSFCU’s mortgage services are offered by this provider that offers cash rewards when you work with an approved agent.
  • Good for new US residents. BFSFCU has financing options for members who recently relocated to the US and don’t have an established credit score.
  • Home equity options. Not all lenders on this list offer home equity loans or lines of credit, but BFSFCU does.
  • No online application. If you want to apply for a mortgage, you’ll need to do so at a branch or over the phone.
  • Eligibility requirements. Most Virginians aren’t eligible to join this credit union.
  • Limited loan types. BFSFCU offers fewer mortgage programs than other lenders on this list.
Loan types Conventional, Jumbo, Home Equity, HELOC, Refinance
Minimum credit score Conventional: 620
Minimum down payment (Conventional) 3%
States available Available in all states

Best regional lender

Freedom Bank

Freedom Bank logo
620
Min. credit score
3%
Min. down payment
While there's certainly no shortage of mortgage providers in Virginia, most of the lenders that operate in the state are headquartered hundreds — or thousands — of miles away. While that's certainly not a deal-breaker for everyone, some hopeful homeowners want to work with a lender that has longstanding ties to Virginia. And among all the lenders based in the state, Freedom Bank is the best. This Chantilly-based bank focuses on helping first-time homebuyers and those seeking affordable loans. This lender also offers a streamlined application process that many customers appreciate.
  • HELOCs. Unlike many Virginia mortgage lenders, Freedom Bank offers home-equity lines of credit.
  • Affordability programs. Freedom Bank participates in first-time homebuyer and Virginia Housing Development Authority (VHDA) programs to make buying more affordable.
  • Supports veterans. For every VA loan closed by Freedom Bank, the lender donates $200 to Veterans Moving Forward, a program that provides service dogs to disabled veterans.
  • No online application. Freedom Bank doesn't let you apply for a home loan over the Internet.
  • Lackluster website. Freedom Bank's website is light on details and resources regarding its mortgage program.
  • No premium support. Freedom Bank doesn't provide support via chat or a 24/7 phone number.
Loan types Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Reverse, Refinance
Minimum credit score 620
Minimum down payment (Conventional) 3%
States available Only available in: DC, MD, VA, WA

How do I choose the best lender for me?

Choosing the best Virginia mortgage lender for your needs can be a challenging task, but you’ll be more likely to have a positive experience by keeping these tips in mind:
  • Peruse all reviews. Before applying for a mortgage from a particular lender, read customer reviews on sites such as Zillow, Trustpilot and the BBB.
  • Collect multiple preapprovals. By having more than one preapproval from competing lenders, you’ll be more likely to get the best rate and terms possible.
  • It never hurts to negotiate. Instead of accepting the first rate you’re offered, ask the loan officer if there’s room to reduce it by a few tenths of a point.
  • Don’t sign anything you haven’t read. Remember, your finances are on the line, so read every word of a loan agreement before signing it.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
620
No hidden fees, multiple loan terms, and member discounts available.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Compare up to 4 providers

Average rates and fees in Virginia

As of December 10, 2020, the average 30-year fixed-mortgage rate in the US is 2.92%, but it’s currently slightly lower in Virginia. According to the Consumer Financial Protection Bureau (CFPB), rates on 30-year fixed-rate mortgages in Virginia average 2.875%. And according to 2019 data from ClosingCorp, Virginia closing costs averaged 1.8% of the sales price, which is marginally lower than 2% to 5% it costs in several other states.

What about brokers?

Depending on how much time you’re willing to invest in finding the best mortgage lender for your needs, identifying the best one can take several hours, if not days or weeks. For that reason, many Virginians opt to work with mortgage brokers. Working with a broker can save you a substantial amount of time — and money — but not all brokers are trustworthy. If you’re interested in working with a broker, spend some time reading as many recent reviews as you can before doing business with them.

Bottom line

Each of the best mortgage lenders in Virginia has its advantages and drawbacks, but not all of them are likely to be right for you. Compare what they each have to offer, and apply for a home loan from the provider best suited to your situation. Start the application process now, or compare other mortgage lenders in Virginia.

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.

Read the full methodology of how we rate home loan providers.

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