The Bank of New York Mellon (BNY Mellon) is a global investment management and investment services company that offers a variety of home loans, including VA loans. VA loans are a government-backed mortgage program that offers eligible veterans and active-duty service members a number of benefits, including no down payment requirement and a lower interest rate. Home Loans VA Bank of New York Mellon Reviews 2023.

FeatureBNY Mellon VA Home Loans
EligibilityVeterans and active-duty service members who have served on active duty for at least 90 days and have a discharge other than dishonorable
BenefitsNo down payment requirement, lower interest rates than conventional mortgages, VA funding fee can be rolled into the loan, no private mortgage insurance (PMI), flexible credit score requirements
ProsNo down payment requirement, lower interest rates than conventional mortgages, VA funding fee can be rolled into the loan, no private mortgage insurance (PMI), flexible credit score requirements
ConsThe VA funding fee can be expensive, the application process can be lengthy, customer service can be slow
Other lenders to considerThe VA funding fee can be expensive, the application process can be lengthy, and customer service can be slow

BNY Mellon’s VA home loans are available to veterans and active-duty service members who meet certain eligibility requirements. These requirements include having served on active duty for at least 90 days, having a discharge other than dishonorable, and being able to provide proof of service.

BNY Mellon’s VA home loans offer a number of benefits, including:

  • No down payment requirement
  • Lower interest rates than conventional mortgages
  • VA funding fee (which is typically 2.3% of the loan amount) can be rolled into the loan
  • No private mortgage insurance (PMI)
  • Flexible credit score requirements

BNY Mellon’s VA home loans have been reviewed favorably by consumers. On the website SuperMoney, BNY Mellon has a rating of 4.5 out of 5 stars, based on over 1,000 reviews.

Here are some of the pros and cons of BNY Mellon’s VA home loans:

Pros:

  • No down payment requirement
  • Lower interest rates than conventional mortgages
  • VA funding fee can be rolled into the loan
  • No private mortgage insurance (PMI)
  • Flexible credit score requirements

Cons:

  • The VA funding fee can be expensive
  • The application process can be lengthy
  • Customer service can be slow

Overall, BNY Mellon’s VA home loans are a good option for eligible veterans and active-duty service members who are looking for a mortgage with no down payment requirement and a lower interest rate. However, the VA funding fee can be expensive and the application process can be lengthy. Home Loans VA Bank of New York Mellon Reviews 2023.

If you are considering a VA home loan from BNY Mellon, be sure to compare rates and fees from other lenders before you make a decision. You can also read reviews of BNY Mellon’s VA home loans online to get an idea of what other borrowers have experienced.

Here are some other VA home loan lenders to consider:

  • Veterans United Home Loans
  • USAA
  • Navy Federal Credit Union
  • PenFed Credit Union
  • Wells Fargo
  • Guaranteed Rate
  • Rocket Mortgage
  • SoFi
  • Flagstar Bank

By Shakeel