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The Yahoo view: A USAA mortgage may be a wise choice if you’re eyeing a VA or conventional loan and qualify for USAA membership. It's one of the best VA mortgage lenders out there — it charges no origination fees on VA products and focuses primarily on military members and their families.
USAA is a long-standing financial institution that serves military members, veterans, and their family members. It offers banking, insurance, retirement, and investment services to these consumers, as well as VA and conventional mortgage loans.
To use any of USAA’s products or services, you must become a member. Only U.S. military members and veterans, pre-commissioned officers, and spouses or children of these are eligible.
Key benefits
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USAA offers a variety of VA loan products, including purchase loans, jumbo loans, streamline refinances, and cash-out refinances.
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USAA also offers a low-down-payment loan for first-time home buyers and several conventional loan options.
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The lender charges no origination fees on VA loan products.
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The company’s Home Resource Library can help you better understand the buying and financing process.
Need to know
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Only U.S. military members, veterans, precommissioned officers, or spouses/children of these parties are eligible for USAA products.
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USAA offers only VA and conventional loan products. It does not have USDA loan or FHA loan programs.
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USAA’s physical locations are limited to four states: Colo., N.Y., Md., and Texas. It still offers mortgages nationwide, though, and you can apply online.
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USAA doesn’t offer conventional loans or refinancing in Hawaii or any cash-out refinancing in Texas.
Visit USAA's mortgage website to get started.
USAA mortgage home loan product offerings
USAA mortgage offers the following types of home loans:
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Conventional loans
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VA loans
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Purchase mortgages
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Refinance loans
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Cash-out refinance loans
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Fixed-rate mortgages
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Jumbo loans
USAA mortgage does not offer the following types of home loans:
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FHA loans
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USDA loans
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Adjustable-rate home loans
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Interest-only mortgages
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Lot loans
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Construction loans
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Guest house loans
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Second home loans
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Nonqualified mortgages
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Investment property loans
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Energy efficient mortgages
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Renovation loans
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1%-down payment mortgages
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Buydown loans
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Bridge loans
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Manufactured home mortgages
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Piggyback loans
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ITIN mortgages
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Medical professional loans
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Reverse mortgages
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HELOCs
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Home equity loans
Read more: How do jumbo loans work?
USAA for VA loan home buyers
USAA offers insurance, banking, retirement, and investment services for military members, veterans, and their families, so it’s no surprise that the VA loan — for those who are in or have served in the U.S. military — is its primary lending product. In fact, according to Home Mortgage Disclosure Act (HMDA) data, VA loans accounted for over 64% of USAA’s purchase mortgage originations in 2023.
The lender offers a variety of VA products, including VA purchase loans, VA jumbo loans, VA streamline refinances (IRRRLS), VA jumbo Streamline Refinances, and VA cash-out refinances. USAA requires no down payment or origination fee on any of these loans.
USAA for home equity lending
USAA doesn’t offer home equity loans or home equity lines of credit (HELOCs), but it does provide cash-out refinancing — another strategy for borrowing from your home equity. The lender has VA cash-out options, including traditional and jumbo, as well as conventional cash-out refinances.
With cash-out refinancing, you’ll take out a new mortgage larger than your current one. The new loan pays off the old one and replaces it entirely. You’ll then be paid the difference between those two balances and can use the cash however you see fit.
Learn more: How a VA cash-out refinance works
USAA home mortgage loan rates 2025
USAA is pretty upfront about its mortgage rates and makes them easy to find on its website. You’ll see sample rates on the “Home Loans” page and the “Mortgage Rates” and individual loan pages. Sample rates are available for all loan programs that the lender currently offers. For example, you can find USAA VA mortgage rates on its “VA Loan” page.
On the “Mortgage Rates” page, you’ll find the numbers broken down into interest, APR, and discount points — giving you insight into how USAA came up with its sample rates. USAA doesn’t go into its assumptions for these rates, but it disclaims that they “are not available to every borrower.” The lender also doesn’t give you the option to see a sample rate without discount points. You’ll need to fill out USAA’s online application for a more accurate rate quote.
Dig deeper: APR versus interest rate — What you need to know when mortgage shopping
How USAA scores on mortgage rates and loan costs
Yahoo Finance uses 2023 Home Mortgage Disclosure Act data comprised of 10 million home loan applications to score mortgage lenders on issued mortgage rates and total loan costs. We score each lender on a scale of 1 (lowest) to 5 (highest).
For example, regarding mortgage rates, a lender with a lower score charged a higher-than-median mortgage interest rate for loans issued in 2023. A higher score would indicate that a lender granted lower-than-median home loan interest rates to borrowers in 2023.
With total home loan costs, a lower score would indicate that a lender charged higher-than-median total home loan costs in 2023. A high rating would mean that a mortgage lender offered lower-than-median all-in home loan costs in 2023.
USAA home loan rates score: 5 out of 5 stars
USAA total loan costs score: 3 out of 5 stars
What this means: USAA offered a much-lower-than-median mortgage rate of 6.25% and a near-median total loan cost of $6,277.71 to borrowers in 2023.
USAA mortgage application
You must be a USAA member before you can start an application, so when you click on an "Apply now" button, that is the first step.
USAA says it only takes a few minutes to join, however, membership is limited to "open to current and former military, officers of NOAA and USPHS, employees of certain Federal agencies, current staff and faculty of the Merchant Marine Academy, and eligible family members."
USAA mortgage preapproval
USAA outlines the steps to getting a mortgage, mentioning prequalifying but not preapproval. Getting prequalified is merely informational for you — it's not a loan commitment.
You can jump into loan approval by completing an online application. You may also contact a USAA loan officer by phone to start your application or visit one of the lender’s five financial centers. These are located in Colorado Springs, Colo.; West Point, N.Y.; Highland Falls, N.Y.; Annapolis, Md.; and San Antonio, Texas.
Dig deeper: How to get a mortgage in 2025
USAA mortgage calculators and home-buyer tools
There is a USAA mortgage calculator that you can use to determine what your monthly payment may be based on your home price, interest rate, down payment, and loan term. You can also add in taxes, insurance, and homeowners’ association dues for a more accurate number.
This is the lender's only mortgage-related calculator, though it does have a relatively comprehensive home-buying resource library you can browse for more guidance.
Dig deeper: Try the free Yahoo Finance mortgage calculator
USAA mortgage pros and cons
Pros
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USAA earns its stripes with our highest score in the Interest Rates category. That's 5 stars for well-below-average interest rates given to borrowers in 2023, the latest data available.
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All-in loan costs earn an average 3-star rating, but combined with such low interest rates, you'll likely get a good overall loan deal.
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Affordability, Yahoo Finance's measure of the availability of a wide range of loan products, earns USAA only 3 stars. That's a little misleading because USAA is super-serving military-related borrowers, and VA loans are the go-to solution.
Cons
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We score USAA a lowly 2 stars in the Mortgage Rate Transparency category. That's because of the sample interest rate limitations mentioned above, especially the lack of information on how the rates are calculated.
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USAA also earns only 2 stars for its fairly limited supply of online educational resources.
How USAA compares to other mortgage lenders
USAA mortgages vs. Navy Federal mortgages
USAA and Navy Federal are membership-based institutions that are only open to certain military and government personnel (and their loved ones). But at the mortgage level, Navy Federal outshines its counterpart. The company offers a wider array of home loan options, including home equity loans and HELOCs.
Navy Federal also has more calculator tools, special offerings (like a no-refinance rate drop), and live chat help, which USAA does not.
USAA mortgages vs. Veterans United Home Loans
Veterans United Home Loans is similar to USAA in that it only lends to a select group of military and government personnel. The big difference is that Veterans United offers just one product — the VA loan. The company is the nation’s No. 1 lender by volume in the space, and in 2023, originated over 58,000 VA loans totaling more than $144.5 billion, according to the Department of Veterans Affairs. Veterans United also offers a 24/7 helpline, as well as credit counseling and Realtor services, which USAA does not.
If you want a conventional loan or investment, banking, or insurance services, USAA is your only choice between the two.
USAA mortgage FAQs
What credit score do you need for a USAA mortgage?
The credit score you’ll need to buy a home depends on the USAA loan program you choose. With VA loans, the government doesn’t set a hard minimum, but USAA prefers a minimum 640 credit score. For conventional loans, you’ll usually need at least a 620 score to qualify.
Does USAA pay closing costs?
USAA doesn’t cover closing costs, but it also doesn’t charge one of the most common ones — the origination fee (at least on VA loans). This could save you quite a bit on your up-front mortgage costs.
Who qualifies for a USAA mortgage?
To get a USAA mortgage, you’ll first have to become a USAA member. Only U.S. military members, veterans, precommissioned officers, and the spouses/children of these parties are eligible.
Does USAA have an origination fee for mortgages?
USAA does not charge origination fees on its VA mortgages, which comprise the bulk of its lending business. Origination fees typically cost between 0.50% and 1% of the total loan amount.
What are USAA mortgage interest rates?
USAA’s mortgage interest rates change often, but the company displays them prominently on its website and loan pages. Keep in mind that advertised rates often assume a high credit score and include discount points, so they may not accurately reflect the exact rate you’ll qualify for.
Methodology:
Yahoo Finance reviews and scores mortgage lenders with quintile scoring in five primary categories: 1) Interest rates. Using 2023 Home Mortgage Disclosure Act data comprised of 10 million home loan applications, we score mortgage lenders on issued mortgage rates below or above the annual median of reporting lenders. 2) Affordability. A measure of loan product availability and the willingness of a lender to offer government-backed loans, low down payments, down payment assistance, and consideration of nontraditional credit. 3) Loan costs. HMDA data is again analyzed, and lenders are rated based on total loan costs compared to the annual median. 4) Rate transparency. The ability of a website user to obtain a mortgage interest rate estimate. We score lenders based on whether rates are enhanced with discount points or high credit score requirements, disclaimers revealing rate assumptions, sample advertised rates, and whether adjustable or no discount point rate estimates are available. 5) Online features. An analysis of the educational material, calculators, and additional resources available to users.
Review of Nationwide Multistate Licensing System (NMLS) data on regulatory actions can trigger a penalty to the score of any lender with a consumer mortgage-related administrative or enforcement action within the past five years.
Advertisers or sponsorships do not influence ratings.
Editorial disclosure for mortgages:
The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.
This article was edited by Laura Grace Tarpley.
