USAA offers conventional, VA jumbo, and VA mortgages and refinance loans. In order to qualify for a USAA loan, you must be a military member or veteran, or the spouse or child of one. You can be pre-approved online for a loan in minutes and a USAA loan officer is there to help with the rest of the application process. VA loans through USAA require no down payment and no private mortgage insurance, and in many cases you can roll the VA funding fee into your loan.
Loan types: Purchase, refinance
Loan products: Conventional, VA Jumbo, VA
Minimum credit score: 620 (this may vary by loan product)
Repayment terms: 10, 15, 20, 30 years
USAA specializes in VA loans, which makes sense since many USAA members qualify for these types of loans. Veterans and active duty military members can get a VA home loan with no down payment and no private mortgage insurance. They can also refinance their current VA mortgage to help reduce their interest rate, shorten their term or get cash out from the equity of the home. USAA offers online pre-approval for loans and is available in all 50 states.
You must be a USAA member in order to apply for a loan. Only current military members and veterans plus their spouses and children qualify for membership. USAA does not offer FHA or USDA loans. However, USAA has other low down payment options starting at 3% down such as the Conventional 97 and HomeReady® as well as regular Conventional starting at 5% down as an option for members who may not be eligible for a VA loan
You must be a USAA member in order to be pre-approved or apply for a loan. If you’re a veteran, an active duty service member, or a spouse or child of a veteran or active duty service member, you can apply for membership online.
Once your USAA membership is approved, you can create a USAA online account and apply for a loan pre-approval. This process only takes a few minutes and involves telling USAA about the home you’re looking to buy. USAA runs a credit check, which can impact your credit score, and issues a pre-approval letter that you can use when house shopping.
Once you’re ready to complete your loan application, you can speak with your dedicated USAA loan officer over the phone. You will then be asked to provide proof of income, bank statements, plus other needed documentation such as a Certificate of Eligibility from the Department of Veterans Affairs when applying for a VA loan.
USAA offers conventional, VA jumbo, and VA mortgages and refinance loans. The company specializes in VA loans with zero-down payment and no private mortgage insurance options. You may also consider including the cost of the VA funding fee, which is required for all VA loans, in your loan.
Conventional and VA mortgages are available in 10, 15, 20, or 30-year repayment terms. VA Jumbo mortgages are available in a 30-year term.
Conventional and VA refinance loans are available as either traditional or cash-out refinances. VA cash-out refinances allow you to refinance up to 90% of the value of your home and take out up to $500,000 in cash. Traditional refinance loans—what USAA refers to as VA Interest Rate Reduction Refinance Loans—offer slightly lower interest rates and allow you to refinance up to 100% of the value of your home.
Range of home loans . From conventional to VA home loan purchase and refinance options.
Zero down payment . VA home loans are available with zero down payment and no private mortgage insurance.
Finance the funding fee . You can choose to pay for the VA loan funding fee by rolling it into your VA loan.
10-30 year terms . Conventional and VA home loans are available in 10, 15, 20, or 30-year repayment terms.
Available in all states . USAA loans are available to USAA members in all 50 states.
Borrowers can choose a term of 10, 15, 20, or 30 years for a conventional or VA loan, 30 years for a VA jumbo loan.
USAA is a members-only lender that specializes in VA mortgages and refinance loans and is available in all 50 states. You can qualify for USAA membership if you are a current military member or veteran, or the spouse or child of one. USAA’s VA home loans are available with zero down payment and no private mortgage insurance, and you can even roll the VA funding fee into your loan. If eligible, VA cash-out refinance loans enable you to take out up to $500,000 in cash at closing.
USAA has an A- rating with the Better Business Bureau.
You can contact USAA by phone. We called and were able to speak to a representative within minutes.