Business Insider's personal finance team compared USAA to the best mortgage lenders and found it to be a standard VA loan lender with limited options for non-VA borrowers. USAA earns a 3.5 out of 5-star rating from Business Insider based on its loan options, affordability, customer satisfaction, and trustworthiness.
USAA Mortgage's VA loans are its most popular offerings, and the lender doesn't charge an origination fee on these loans. It also offers conventional loans. You'll need to become a USAA member to get a mortgage from this lender.
USAA Mortgage Pros and Cons
Pros
- Doesn't charge an origination fee on VA loans, which can help you save money at closing
- Has non-VA mortgage options, including low-down-payment conventional loans
Cons
- Loan options are extremely limited. USAA has no FHA or USDA mortgages, and no home equity loans or HELOCs.
- No customized interest rates online, so you'll have to talk to a loan officer or submit an application to get a rate quote
Get Mortgage Rates
640
Conforming, VA, VA jumbo, VA refinance
Pros
Cons
USAA is one of the best VA mortgage lenders available. USAA offers a variety of different types of VA loans, and it also has conforming loans that allow down payments of just 3%. But otherwise, it's offerings are fairly limited. You'll also need to become a USAA member to get a mortgage from this lender.
USAA Mortgage- Offers mortgages in all 50 US states and Washington, DC
- Minimum credit score displayed is for VA mortgages
USAA Mortgages Overview
Membership Required
USAA mortgages are only available to USAA members. To become a USAA member, you'll need to be a U.S. military member or veteran, a pre-commissioned officer, or a spouse or child of a current USAA member.
Availability
USAA mortgages are available in all 50 states and Washington, D.C.
Mortgage Options
Here are the types of mortgages you can get with USAA:
- Conforming loan
- VA loan
- VA jumbo loan
- VA interest rate reduction refinance loan (IRRRL)
- VA cash-out refinance
Eligibility Requirements
To get a VA mortgage with this lender, you'll need a credit score of at least 640. If you're looking for a conforming mortgage, USAA has options that allow down payments as low as 3%. You'll need at least a 620 credit score to qualify for a conforming mortgage with this lender.
USAA Mortgage Interest Rates and Fees
Based on our review of Home Mortgage Disclosure Act data, USAA's mortgage rates on its conventional mortgages are around average compared to other lenders.
USAA shows sample mortgage rates online for both new purchases and refinances. But there's no way to customize your rate online based on your own credit score, ZIP code, or down payment. You'll need to start an application or talk to a loan officer to get a personalized quote.
In 2023, the average borrower getting a VA mortgage from this lender paid $3,085 in origination charges, according to HMDA data (many of these fees included discount points, which are an optional cost borrowers can pay to lower their mortgage rate). Conventional borrowers paid $3,534. This is around average compared to other lenders.
Is USAA a Trustworthy Mortgage Lender?
Overall, we think USAA is a trustworthy place to get a mortgage. The lender has an A+ rating from the Better Business Bureau.
However, in 2022, the Financial Crimes Enforcement Network fined USAA $140 million for "willfully fail[ing]" to bring its anti-money laundering program up to federal standards.
What Borrowers Are Saying About USAA Mortgages
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about USAA's mortgage offerings.
Some Borrowers Have Had Issues in the Past
Previous borrowers have sometimes had poor experiences with this lender, complaining of errors and poor communication. However, there aren't a lot of recent customer reviews of USAA's mortgage services, so it's difficult to gauge how widespread these issues currently are.
How USAA Mortgages Compare
USAA vs. Navy Federal Credit Union
Navy Federal Credit Union Mortgage is a great choice for borrowers affiliated with the military, particularly if you're looking to get a mortgage with no down payment. In addition to VA loans, Navy Federal has a Military Choice Loan and a Homebuyers Choice Loan that both allow zero down.
Navy Federal also offers a wider range of mortgage and home equity products, and is one of the best HELOC lenders.
Navy Federal Credit Union Mortgage Review
USAA vs. Veterans United Mortgages
Veterans United earned the top spot in our list of the best VA mortgage lenders, and it was the largest lender of VA mortgages in 2024, according to data from the Department of Veterans Affairs. USAA was the eleventh-largest VA lender.
Veterans United ranks extremely high in customer satisfaction, and if you don't currently qualify for a mortgage with this lender, it offers free credit counseling to help you get your finances to a place where you can qualify.
USAA Mortgage FAQs
Is USAA a legit mortgage lender?
USAA is a legitimate mortgage lender and financial services company that's been around since 1922.
What credit score do you need to get a mortgage with USAA?
You need a minimum 640 credit score to get a VA mortgage with USAA. To get a conventional loan with this lender, you'll need a score of at least 620.
Why is USAA selling my mortgage?
Sometimes, lenders will sell the servicing rights to the mortgages they originate. This means that after closing, you may end up making your monthly mortgage payments to a different lender than the one you originally got your loan with. This is a common practice, and borrowers should generally expect their mortgages to be sold after closing.
How do USAA's mortgage rates compare to others?
We found USAA's mortgage rates to be around average compared to other lenders, according to HMDA data.
How do I become a USAA member?
To become a USAA member, you'll need to be a U.S. military member or veteran, a pre-commissioned officer, or a spouse or child of a current USAA member.
Why You Should Trust Us: How We Reviewed USAA Mortgages
To review USAA's mortgage offerings, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Our Overall Lender Rating
Loan Types: 3 out of 5
USAA doesn't offer a huge range of mortgages to choose from; you'll be limited to a conforming or VA loan.
Affordability: 3.5 out of 5
If you're getting a VA loan, you may find this lender to be relatively affordable since it charges no origination fees on these loans. But its rates and fees are just average, and you'll need a decent credit score to qualify.
Customer Satisfaction: 3.5 out of 5
On USAA's WalletHub profile, the bank has 3.5 out of 5 stars from over 9,000 customer reviews.
Trustworthiness: 4 out of 5
The BBB gives USAA an A+ rating. A good BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
In 2022, USAA was fined by FinCEN for violating the Bank Secrecy Act, which requires banks to take certain actions to prevent money laundering.
