The other product is a home equity line of credit (HELOC). … USAA allows you to borrow against up to 70 percent of your home value on a HELOC (again, minus whatever you owe on your current mortgage). USAA does not charge closing fees, annual fees or early payment charges on HELOCs.
Similarly one may ask, are HELOCs still available?
Banks and lenders have pulled back their HELOC offerings. And the banks that are still offering home equity lending are more strict about their qualifications and terms.
Considering this, why does USAA not offer conventional loans?
USAA doesn’t offer any other loan types. You can’t apply for a conventional loan for a home purchase. Also, you can’t get an adjustable-rate mortgage from USAA right now. This is primarily because mortgage rates are low enough that ARMs don’t offer financial advantage over a traditional fixed-rate mortgage.