SuperMoney
  USAA Home Mortgage

USAA Home Mortgage

in Home Purchase Mortgages from USAA · NMLS ID #401058

Claimed

USAA Home Mortgage

Claimed

in Home Purchase Mortgages from USAA · NMLS ID #401058

Not enough votes for recommendation

Not enough votes for recommendation

Cast your vote

Would you recommend USAA Home Mortgage to your friends?

Thanks for your vote!

You voted: May or may not recommend

Highlights
Loan Amount $50,000 - $3,000,000
Loan Term (Years) 10 - 30 years
Credit Score Range 620 - 850

USAA Home Mortgage Review

USAA Home Mortgage is offered by USAA (NMLS #401058), a financial services company founded in 1922 and based in San Antonio, TX. USAA Home Mortgage is available in 50 states (and Washington, DC).

Key Takeaways
  • 3 different mortgage programs offered. USAA Home Mortgage offers FHA, VA, conforming, and conventional mortgages.
  • Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
  • Refinancing for large mortgages. You can refinance mortgages with balances of up to $3,000,000 with USAA Home Mortgage.
  • Standard interest rates types. USAA Home Mortgage offers and fixed-rate mortgages.
  • Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, USAA Home Mortgage does offer financing for primary and secondary homes (e.g. vacation properties).
  • Fast process. In some cases you can close on your home loan within 2 business days.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Origination fee of 1%. This is on the low end for lenders that charge an origination fee. However, some lenders don't charge an origination fee.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for USAA Home Mortgage.
USAA Home Mortgage Pros & Cons
Pros Cons
  • Considers applicants with fair credit.
  • Available in all 50 states.
  • Charges an origination fee of up to 1% of the loan amount.
  • Charges prepayment fees.
USAA mortgage FAQ

How much can you borrow via USAA?

USAA mortgage 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 is the maximum loan term you can get with USAA mortgage?

USAA mortgage offers mortgages with terms ranging from 10 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does USAA offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

USAA mortgage offers home loans with APRs starting at 3.590% and up to 5.731%.

What is the estimated funding time?

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

Does USAA mortgage charge an application fee?

Do they charge mortgage origination fees?

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

What mortgage programs are available?

Besides conventional mortgages, USAA mortgage offers the following mortgage types:

  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.

What property usage types does USAA mortgage allow?

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

  • Primary home

What is the customer service phone number?

The customer service number for this business card is (210) 531-8722.

What is the support contact email?

The support contact email for this business credit card is info@usaa.com.

USAA Home Mortgage 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...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From USAA

USAA membership offers exclusive benefits, products and discounts for U.S. military members and their eligible family members. Our level of service and commitment to you is superior to any other major financial service provider.

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • 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

Feature Breakdown

Origination Fee (%) 1%
Credit Score Range 620 - 850
Intended Use Primary Home
Minimum Age 18
Primary Residence
APR 3.590% - 5.731%
Loan Amount $50,000 - $3,000,000
Loan Term 10 - 30 years
Interest Rate Types Offered N/A
Mortgage Programs
  • FHA
  • VA
Terms 10, 15, 20, 30 years

Be the first to rate

 

Would you recommend USAA Home Mortgage to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
(will require moderator approval)

Other Home Purchase Mortgages