USAA, a financial institution serving military members, veterans, and their families, provides mortgage loans alongside banking, insurance, retirement, and investment services. Membership is required to access these products, with eligibility limited to U.S. military members, veterans, pre-commissioned officers, and their spouses or children.
The lender offers various VA loan products, including purchase loans, jumbo loans, streamline refinances, and cash-out refinances. It also provides a low-down-payment loan for first-time home buyers and several conventional loan options. A home resource library is available to help understand the buying and financing process.
USAA does not offer USDA or FHA loan programs. Its physical locations are limited to Colorado, New York, Maryland, and Texas, though mortgages are offered nationwide with online applications. Conventional loans or refinancing are not available in Hawaii, and cash-out refinancing is not offered in Texas.
Home loan offerings include conventional loans, VA loans, purchase mortgages, refinance loans, cash-out refinance loans, fixed-rate mortgages, and jumbo loans. The lender does not offer FHA loans, USDA loans, adjustable-rate home loans, interest-only mortgages, lot loans, construction loans, guest house loans, second home loans, nonqualified mortgages, investment property loans, energy-efficient mortgages, renovation loans, 1%-down payment mortgages, buydown loans, bridge loans, manufactured home mortgages, piggyback loans, ITIN mortgages, medical professional loans, reverse mortgages, HELOCs, or home equity loans.
VA loans accounted for over 66% of USAA's purchase mortgage originations in 2024, according to Home Mortgage Disclosure Act data. The lender offers VA purchase loans, VA jumbo loans, VA streamline refinances (IRRRLS), VA jumbo streamline refinances, and VA cash-out refinances, with no down payment required on these loans.
USAA does not offer home equity loans or home equity lines of credit but provides cash-out refinancing options, including VA and conventional cash-out refinances. This involves taking out a new mortgage larger than the current one, paying off the old loan, and receiving the difference in cash.
Mortgage rates are displayed on USAA's website, with sample rates available for all loan programs on pages like "Home Loans," "Mortgage Rates," and individual loan pages. These rates show interest, annual percentage rate, and discount points. USAA notes that rates "are not available to every borrower" and does not provide sample rates without discount points; an online application is needed for accurate quotes.
Based on 2024 HMDA data, USAA received a score of 3 out of 5 stars for home loan rates and total loan costs. It offered a near-median mortgage rate of 6.5% and a near-median total loan cost of $5,623.25 to borrowers in 2024.
To apply for a mortgage, individuals must first become USAA members, a process that takes a few minutes and is 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. Applications can be started online, by phone with a loan officer, or at financial centers in Colorado Springs, Colorado; West Point, New York; Highland Falls, New York; Annapolis, Maryland; and San Antonio, Texas.
USAA offers a mortgage calculator to estimate monthly payments based on home price, interest rate, down payment, and loan term, with options to include taxes, insurance, and homeowners’ association dues. The lender has a home-buying resource library but limited online educational resources.
In comparisons, Navy Federal offers a wider array of home loan options, including home equity loans and HELOCs, more calculator tools, special offerings, and live chat help. Veterans United Home Loans focuses solely on VA loans, providing a 24/7 helpline, credit counseling, and Realtor services, while USAA also offers conventional loans and other financial services.
Credit score requirements vary by loan program: USAA prefers a minimum 640 score for VA loans and at least 620 for conventional loans. The lender does not pay closing costs for buyers. Mortgage interest rates are displayed on the website but may assume high credit scores and include discount points, so they may not reflect exact qualifications.