VyStar Mortgage Review

VyStar is a credit union that has been based in Jacksonville, Florida since 1952. Today VyStar is the second-largest mortgage lender in Northern Florida, providing individuals throughout the Sunshine State with conventional, jumbo and cash-out refinance loans.

About VyStar Mortgage

In more than six decades since it was founded, the VyStar Credit Union has grown to become the second-largest mortgage lender in Northern Florida.

The regional financial institution services the region with over 60 locations and provides mortgage options to members throughout the state.

To receive a loan, applicants must become a credit union member. Doing so requires opening a savings account with at least 5 dollars.

The state’s second-largest credit union and the nation’s eighteenth, VyStar currently has over 600,000 members.

As a lender, VyStar eschews government-backed mortgages such as FHA, VS and USDA loans, providing instead conventional and jumbo loans, as well as cash-out refinancing.

Borrowers can choose from 3/1 adjustable-rate mortgages and 15-, 20-, and 30-year fixed-rate mortgages for both conventional and jumbo loans that cover up to $3 million.

Requiring a minimum credit score of just 620 and as little as 3 percent down for first-time homebuyers, and acceptance of gift funds and the SHIP down payment assistance program, VyStar is a solid option for Floridians looking for help making their initial entrance into the housing market.

VyStar Mortgage Rates

VyStar Mortgage Loan Options

VyStar does not provide government-backed mortgages such as FHA, VA, or USDA loans, but the credit union does offer an otherwise reasonably comprehensive list of lending options.

Fixed-Rate Loans

With a fixed-rate mortgage, a borrower’s interest rate remains the same over the entire period of the loan, rather than adjusting periodically. The length of the loan goes a long way toward determining the rate, as shorter loans will carry higher monthly payments yet lower rates.  

VyStar allows borrowers to choose between 15-, 20- and 30-year fixed-rate mortgages.

Homeowners who can afford to pay off a loan quickly should opt for the shorter-term loan, while those looking to stay in one place for a significant period may be more comfortable with a 30-year fixed-rate mortgage.

Adjustable-Rate Loans

An adjustable-rate mortgage (ARM) carries a lower interest rate, to begin with, but then eventually adjusts to financial market rates, which makes it a tempting option for those who feel they are likely to pay off their loan or move before the rate rises.

VyStar offers a 3/1 ARM, in which the interest rate is fixed for the first three years of the loan, and then adjusts annually after that, with a 1 percent annual rate cap and a 4 percent lifetime rate cap.

Jumbo Loans

VyStar offers jumbo mortgages for loans exceeding the conforming loan limits, which are currently $766,550 for most counties in the US and up to $1,149,825 in high-cost areas.

These mortgages are available for both primary residences and second homes, with loan amounts reaching up to $3,000,000. VyStar provides a variety of fixed-rate mortgage programs for jumbo loans, including 15-year, 20-year, and 30-year options.

Jumbo loans typically require larger down payments compared to conventional mortgages, and borrowers should have a strong credit history, stable income, and a manageable debt-to-income ratio (DTI).

VyStar’s jumbo mortgages offer the advantage of financing higher-priced homes beyond conventional loan limits with competitive interest rates and flexible mortgage programs.

Cash-Out Refinance Loans

A cash-out refinance is a way to refinance your mortgage for more money than you actually owe, which allows you to collect the difference in cash.

The main reason to pursue such a loan is to free up cash. Many people take out such loans to pay for a home remodel, which should improve the home’s overall value.

VyStar Mortgage Options: A Comprehensive Overview

VyStar Mortgage Options	Details
Fixed-Rate Loans	• Terms: 15, 20, 30 Years • Stable Interest Rates Throughout the Loan
Adjustable-Rate Loans (ARM)	• 3/1 ARM: Fixed for 3 Years, Adjusts Annually After • Lower Initial Rates, Adjusts to Market Rates
Jumbo Loans	• For High-Value Properties • Up to $3,000,000 With Varied Fixed-Rate Terms
Cash-Out Refinance	• Refinance for More Than Owed, Access Cash

VyStar Customer Service

VyStar is the largest credit union in Northeast Florida, with over 60 locations spread around the area. The lender’s website also lists phone and other contact information for multiple loan officers who will speak with you directly about your mortgage.

For those who prefer a more modern, less personable process, it is possible to fill out an online application for VyStar and receive an online rate quote, which does not require a social security number.

Additionally, the VyStar website has multiple helpful features, including online mortgage calculators, explanations of various loan options and their corresponding rates, as well as the ability to check on the status of your mortgage loan.

Due to its relatively small, regional nature, VyStar has not received many national ratings. For example, the lender does not appear on the list of lenders ranked in J.D. Power’s 2017 U.S. Primary Mortgage Origination Satisfaction Study.

VyStar did make the news in 2016 when analysis showed that the credit union had received the sixth most complaints of any bank in Florida.

VyStar Lender Grades

VyStar is a well-known lender in North Florida, having been headquartered in Jacksonville for more than half a century. The credit union’s Jacksonville headquarters has received an A+ rating from the Better Business Bureau.

However, VyStar is not a BBB-accredited business, and carries a customer rating of just one out of a possible five stars, based on an average of 7 customer reviews.

VyStar Mortgage Qualifications

Non-traditional credit history considered?	Debt-to-income requirements?	Down payment requirements?	Gift funds or down payment programs accepted?	Minimum credit score
Yes, but rarely	Typically requires DTI under 50%	3% for first-time home-buyers, 5% for others	Gift funds and SHIP program accepted	620

In the application process, VyStar does sometimes consider non-traditional credit history, though it is a relatively rare occurrence. The lender also is somewhat flexible on debt-to-income requirements, though typically requires that a borrower’s DTI be under 50 percent.

VyStar does not make all of its mortgage loan qualifications known, but some information is available to prospective borrowers.

The down payment requirement varies depending on the type of borrower. For first-time home buyers, VyStar requires as little as 3 percent down, while 5 percent is needed for a conventional loan for those who already own a home.

The minimum credit score required for a loan is 620.

The credit union does accept gift funds for down payments. Currently, there is only one down payment assistance program that VyStar can accept, which is the State Housing Initiatives Partnership program, or SHIP, which serves low and moderate-income families.

VyStar Phone Number & Additional Details

• Homepage URL: http://www.VyStarcu.org/

• Company Phone: 1-(904) 777-6000

• Headquarters Address: VyStar Credit Union, 4949 Blanding Blvd. Jacksonville, FL 32210 

The Bottom Line – VyStar Mortgage Review

VyStar Credit Union, established in Jacksonville, Florida in 1952, has evolved into Northern Florida’s second-largest mortgage lender.

With a focus on conventional, jumbo, and cash-out refinance loans, VyStar caters to the diverse needs of Florida’s homebuyers.

While it doesn’t offer government-backed loans, its flexibility shines through with low credit score requirements of 620 and minimal down payment options, making it an attractive choice for first-time buyers.

The credit union’s extensive network of over 60 locations and online resources enhances customer service. However, its limited geographical reach and lack of national ratings may be points to consider.

How We Review Mortgage Lenders

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment.

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