|Loan Amount||$50,000 - $3,000,000|
|Loan Term (Years)||10 - 30 years|
|Credit Score Range||620 - 850|
|No Origination Fee||N/A|
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).
- 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.
- 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
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.
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 USAA Home Mortgage is (210) 531-8722.
What is the support contact email?
The support contact email for this business credit card is firstname.lastname@example.org.
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