USAA mortgage review: rates, costs & calculator
A bank serving the military community, best known for VA loans exclusively for members and their families.
USAA mortgage rates: what borrowers actually paid
USAA prices each borrower individually, but federal loan-level records show what its borrowers actually got. On 6,023 VA 30-year fixed purchase loans closed in 2025, the median rate was 6.25% and the median APR was 0.08 percentage points above the typical lender's, with $6,687 in loan costs.
| 2025 home purchases | Loans | Median rate | APR vs benchmark | Loan costs | With points |
|---|---|---|---|---|---|
| Conventional · USAA | 1,416 | 6.625% | 0.00 | $5,011 | 72% |
| Conventional · all lenders | 700,082 | 6.50% | +0.02 | $5,476 | 53% |
| VA · USAA | 6,023 | 6.25% | −0.28 | $6,687 | 70% |
| VA · all lenders | 291,383 | 6.125% | −0.36 | $6,554 | 59% |
What the numbers say
- On VA loans, USAA's median APR ran 0.08 percentage points above the typical lender's (−0.28 vs −0.36 percentage points against the benchmark) — roughly $20 a month on a $365,000 loan at today's 7.18% average rate.
- Other loan types: Conventional in line with the market (1,416 loans).
- Borrowers paid a median $6,687 in loan costs, close to the $6,554 typical across all lenders (VA totals include the funding fee where it applies).
- 70% of its loans carried discount points, versus 59% overall — ask for quotes with and without points.
How USAA compares on VA loans
| Lender | Loans | Median rate | APR vs benchmark | Loan costs | Lender credits |
|---|---|---|---|---|---|
| USAA | 6,023 | 6.25% | −0.28 | $6,687 | 33% |
| NBKC Bank | 1,027 | 5.99% | −0.62 | $6,884 | 23% |
| Chase | 978 | 6.125% | −0.52 | $3,841 | 30% |
| U.S. Bank | 892 | 6.25% | −0.35 | $6,571 | 83% |
| Wells Fargo | 602 | 6.125% | −0.39 | $6,269 | 57% |
| All lenders | 291,383 | 6.125% | −0.36 | $6,554 | 40% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), 30-year fixed home purchases compared like for like. APR vs benchmark = median APR minus the average prime offer rate the week the rate was set; loan costs are borrower-paid. How we compare lenders.
USAA mortgage calculator
Estimate a USAA payment: enter the rate from your Loan Estimate, or start from today's 7.18% average 30-year fixed rate. For reference, USAA's 2025 VA purchase loans closed at a median 6.25%.
Prefer a full-page version? Open the va loan calculator.
USAA by the numbers
| Home loans originated (2025) | 11,693 |
|---|---|
| Total lending (2025) | $4.1B |
| Average loan size | $349,420 |
| Approval rate* | 62.4% |
| Volume rank (our roster) | #49 of 60 |
| Largest market | Texas |
Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See our lending-data study.
What USAA actually lends
65.4% of USAA's 2025 loans were VA loans, versus 8.2% nationally.
| Share of 2025 loans | USAA | U.S. |
|---|---|---|
| Conventional | 34.6% | 78% |
| FHA | 0% | 13.2% |
| VA | 65.4% | 8.2% |
| USDA | 0% | 0.6% |
| Home purchase | 83.4% | 52.5% |
| Rate-and-term refinance | 5.6% | 15.3% |
| Cash-out refinance | 9.1% | 14% |
Shares of originated loans by loan type and purpose, federal HMDA data (2025). They describe the lender's business mix, not the terms you would be offered.
USAA at a glance
USAA Federal Savings Bank is the mortgage arm of USAA, the San Antonio-based financial group founded in 1922 to serve military families.
Membership is a gatekeeper: to borrow here you must qualify for USAA membership, which is limited to active-duty service members, veterans, precommissioned officers, and their eligible spouses and children. That focus shapes everything about the lender.
Rather than chasing the broad retail market, it builds its home-loan menu around the VA benefit, and it operates almost entirely by phone and online rather than through a branch network.
The product line reflects that mission. USAA concentrates on VA purchase loans, VA jumbo loans, and VA refinances, alongside conventional and conventional-jumbo options; it does not offer FHA or USDA loans, and it no longer offers home-equity loans or HELOCs.
Where USAA's approval rate sits
USAA's 2025 approval rate of 62.4% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.
In 2025 the bank originated 11,693 mortgages for about $4.09 billion, an average loan of roughly $349,420. Its reported approval rate was 62.4%, a figure better read alongside its membership-only, VA-heavy borrower pool than as a measure of selectivity.
Its geographic footprint tracks where the military lives. USAA's busiest states in 2025 were Texas (2,774 loans), Florida (2,016), North Carolina (1,465), Georgia (1,279), and Virginia (1,168) - all states with large active-duty and veteran populations.
The bank has also drawn regulatory scrutiny in recent years, which prospective borrowers may want to weigh.
Who USAA is best for
USAA is a natural first stop for eligible military members, veterans, and their families who want to use the VA loan benefit and value dealing with a single institution that already knows the military world.
It suits borrowers comfortable with a phone-and-online process and those who don't need FHA, USDA, or a home-equity line, since USAA doesn't offer those.
Loan programs at USAA
Its most notable programs and specialties:
- VA purchase loans with $0 down and no monthly mortgage insurance
- VA jumbo loans, including options for zero down on higher balances
- VA Interest Rate Reduction Refinance Loans (IRRRL / streamline) and VA cash-out refinances
- Conventional fixed-rate and adjustable-rate loans
- Conventional 97 loans allowing as little as 3% down
- Conventional jumbo loans for higher-priced homes
Typical industry minimum down payment by core loan type — USAA's own minimums or credit overlays may run higher:
| Loan program | Typical min. down |
|---|---|
| VA | 0% |
| Conventional | 3% |
| Jumbo | 10–20% |
| Refi | n/a |
Strengths
- Deep specialization in VA loans and genuine familiarity with military life and PCS moves
- No origination fee on VA loans and no monthly mortgage insurance on VA financing
- One-stop banking, insurance, and lending for members already inside the USAA ecosystem
- Strong VA jumbo options, including low- and zero-down structures on larger balances
Considerations
- USAA membership is limited to active-duty, Guard and Reserve members, honorably served veterans, cadets, midshipmen and officer candidates, and spouses and children of members.
- USAA's mortgage menu centers on conventional and VA loans; it made no FHA or USDA loans in 2025 HMDA data and does not list home equity loans or HELOCs.
- USAA Federal Savings Bank has only four full-service branches on FDIC record, in Texas, Colorado, Maryland and New York, so in-person help is limited.
- Faced regulatory penalties, including a 2019 CFPB order over deposit-account and electronic-payment practices and a 2022 FinCEN/OCC action totaling $140 million over anti-money-laundering program failures
Where USAA lends most
By federal HMDA records, USAA's largest 2025 markets were Texas, Florida, North Carolina, Georgia and Virginia. Explore local rates, home prices and down-payment assistance for each:
The verdict
For eligible military borrowers leaning on the VA benefit, USAA is a credible, mission-aligned choice with no VA origination fee and real fluency in service-member needs.
Its narrow eligibility, absence of FHA, USDA, and home-equity products, and a history of regulatory penalties are worth weighing. As with any VA loan, compare its rate and total costs against other lenders before committing.
How to compare USAA
Shopping a few lenders is the single most reliable way to save. Before you commit to USAA:
- Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
- Compare the APR, not just the headline rate — it folds in the fees.
- Weigh service and loan-type fit, not price alone.
- Verify licensing: search USAA on NMLS Consumer Access and match the NMLS ID to the one on your Loan Estimate. (Its LEI in federal HMDA data, C5654JQHZUHN0772B561, is not a license number.)
Benchmark whatever you're quoted against today's average mortgage rates.
USAA FAQ
Is USAA a good mortgage lender?
USAA is a licensed U.S. mortgage lender and one of the largest, roughly #49 of 60 in our roster by 2025 volume, best for military & VA loans.
On price, its 2025 VA borrowers' median APR was 0.08 percentage points above the typical lender's, with $6,687 in loan costs against $6,554 market-wide.
Whether it's right for you comes down to the rate and fees it quotes — compare its Loan Estimate with two or three others.
What are USAA's mortgage rates today?
USAA sets rates daily by loan type, credit score, down payment and points, so the rate that counts is the one on your Loan Estimate.
For context, the average 30-year fixed rate was 7.18% in Freddie Mac's survey for the week of November 5, 2026; in 2025, USAA's VA purchase loans closed at a median 6.25%, against 6.125% for all lenders.
How many mortgages does USAA originate?
In 2025, USAA originated about 11,693 home loans, roughly $4.1 billion in lending, per federal HMDA data — an average loan of about $349,420.
What loan types does USAA offer?
USAA offers VA, Conventional, Jumbo, Refi. Notable programs include VA purchase loans with $0 down and no monthly mortgage insurance; VA jumbo loans, including options for zero down on higher balances; VA Interest Rate Reduction Refinance Loans (IRRRL / streamline) and VA cash-out refinances.
How do I verify USAA is licensed?
Search the company's name on NMLS Consumer Access (nmlsconsumeraccess.org), the official registry of licensed mortgage companies and loan officers; the NMLS ID it shows is also printed on every Loan Estimate the lender issues. (The ID C5654JQHZUHN0772B561 used on this page is the company's LEI, which identifies it in federal HMDA data — not a license number.)
This review is editorial and independent — USAA did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.
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