Last Updated: 04/18/2025
USAA Home Mortgage
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Last Updated: 04/18/2025
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USAA Home Mortgage Review
Key Takeaways
- Only two mortgage programs offered. USAA Home Mortgage provides 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.
- Only primary residences considered. USAA Home Mortgage does not offer financing for vacation homes or investment 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
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USAA mortgage FAQ
How much can you borrow via USAA Federal Savings Bank?
What is the maximum loan term you can get with USAA mortgage?
What mortgage rates does USAA Federal Savings Bank offer?
What is the estimated funding time?
Do they charge mortgage origination fees?
What mortgage programs are available?
- 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?
- Primary home
What is the customer service phone number?
What is the support contact email?
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.
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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.