The USA serves more than 11 million members, offering exclusively financial products to military members and their families in all 50 states. Eligible members can obtain mortgage products including VA loans, traditional loans and mortgage refinancing. USA is known for its customer service and expertise in products for military members.
- Good customer service rating
- VA Loan Specialization
- VA interest rate reduction refinance loan, also known as IRRRL or streamline refinance loan
- USAA is available only to military members, veterans, and their families.
- The Federal Housing Administration, the US Department of Agriculture, and home equity loans are not available.
USA Offers Mortgage Products
With a military focus, USAA’s mortgage division specializes in VA home loans and refinances.
“VA loan is our specialty, and we have 5/1 VA ARM [adjustable-rate mortgage] Product that is particularly attractive to those on active duty, who are moving every few years, ”says Paul Brown III, USAA Director of Product Management.
FHA loans are not available with USA. However, the USA offers first-time homebuyers a 3% down payment mortgage that does not require borrower-paid mortgage insurance, Brown says.
- Conventional loan
- Va loan
- Jumbo loan
- 5/1 ARM
- Mortgage refinance
- Mortgage without any downpayment
- FHA loan
- USDA Loan
- Home equity loan
Qualification for a usa mortgage
USAA requires military affiliation to become a member and apply for mortgage products. You must be an active military member, ex-military with a respectable discharge or eligible family member.
Eligible consumers with a fair loan may qualify for a mortgage with USAA. The lender has a 620 minimum FICO credit score and accepts a loan-to-income ratio of up to 50%.
Loans are available from $ 50,000 to $ 3 million. A 3% down payment is available for homebuyers seeking traditional loans. Like all other VA lenders, USAA offers VA loans with no down payment.
There is no underwriting, documentation or application fee with USAA. VA loans have no basic fee, and traditional loans have a 1% basic fee. You will pay a 0.5% origination fee for high-balance conformance and non-jumping loans. Pass-through fees required by USAA include a $ 24 credit report and a $ 400 to $ 600 assessment fee.
USAA has an A-Better Business Bureau rating, but is not BBB accredited.
In 2020, the Consumer Financial Protection Bureau received 88 mortgage related complaints for USAA, with a timely response for all. The company closed 80 complaints with one explanation, five with monetary relief and three with non-economic relief.
USAA provides online promotions, document deposits, loan tracking and account management. However, the complete application must be completed on the phone. Closing is usually done in person, but closing with a mobile notary can be an option for refinancing.
The best for United States mortgages are:
- Those who can qualify for USAA membership
- People who want a VA loan with a fee
- People who value good customer service