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USAA

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in Home Purchase Mortgages

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Overview

Where does USAA do business?

USAA is based in San Antonio, TX. The company was founded in 1922 and offers mortgages to borrowers in 50 states (and Washington, DC).

How much can you borrow via USAA?

USAA allows borrowers to apply for loan amounts of up to $3,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What range of rates does USAA offer?

USAA offers home loans with APRs starting at 5.072% and up to 5.731%.

What is the estimated funding time for a home loan via USAA?

USAA will typically fund mortgages within 2 and 3 days of approval.

Does USAA charge a mortgage origination fee?

Yes, USAA may charge a loan origination fee of 1% of the loan amount.

What mortgage programs does USAA offer?

USAA offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
  • VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.

What property usage types does USAA allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. USAA allows the following property usage types: 

  • Primary home
USAA Disclosure: Obtaining a mortgage from USAA Federal Savings Bank is optional and not required to use USAA's Real Estate Rewards Network. The mortgage may be acquired from other lenders. Loans subject to credit and property approval. Rates subject to change without notice. The rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment and our internal credit criteria. For example, a typical 30-year conventional $225,000 loan with a fixed rate of 4.00% (4.259% APR) would have 360 monthly principal and interest payments of $1,074.18. A 1% origination fee applies. Property insurance is, and flood insurance may be, required. Private Mortgage Insurance (PMI) may be required for loans with less than a 20% down payment. Other rates and terms available. Additional restrictions apply to Texas home equity loans. VA loans require a VA funding fee collected at closing. The fee varies with the amount of the down payment and is higher with no or low down payments. Maximum loan limits vary by county. The VA funding fee is nonrefundable. Membership eligibility and product restrictions apply and are subject to change.
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee 1%
Minimum Age 18
Credit Score Range 620 - 850
850 300 620
Intended Use
  • Primary Home
Primary Residence  
Loan Amount $50K - $3M
APR 5.072% - 5.731%

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