Everything You Need to Know About Veterans United Home Loans
Table of Contents
- Our Review of Veterans United Home Loans
- Veterans United’s Mortgage Process
- Veterans United’s Pros & Cons
- What States Does Veterans United Offer Mortgage Services?
- Veterans United’s Available Mortgage Types & Programs
- Veterans United’s Mortgage Fees & Rates
- Veterans United’s Customer Service
- Veterans United’s Borrower Qualifications & Requirements
- Veterans United’s Online Reputation
Veterans United is one of the top mortgage providers that is primarily committed to providing VA loans to US Military veterans. In fact, the company provides more VA loans than any other lender in the United States. Veterans United also offers a wide array of other traditional and government-backed mortgages.
The company first began offering loans in 2002 and is located in Columbia, Missouri.
Our Review of Veterans United Home Loans
As the largest lender of VA loans in the country, Veterans United is considered a worthy partner for many US Military veterans. In addition to other lending products, the company offers 24/7 customer support and free credit counseling. Additionally, clients of Veterans United benefit from transparent rates and a strong consumer reputation.
So, if you think Veterans United might be the right partner for your next home loan, it’s time to check them out in greater detail. We’ll explore all the key components of this unique lender.
Veterans United’s Mortgage Process
If you want to apply for a mortgage via Veterans United, you can start by heading to the company’s website. In fact, you can obtain a pre-approval entirely online by using the company’s online application portal. This firm is one of the few lenders that offer this feature without any hidden surprises.
Alternatively, you can call Veterans United to speak with a loan officer and begin the application process. Veterans United also offers in-store consultations at 28 locations throughout the country. With three different ways to apply for a loan (online, phone, or in-store), this is one of the most versatile lenders in the country.
Veterans United’s Pros & Cons
Weighing up strengths and weaknesses is one of the best ways to see if a particular lender is the best fit for your situation. Here are the pros and cons of Veterans United:
What States Does Veterans United Offer Mortgage Services?
If you’re going to research a mortgage lender, you need to start by making sure they offer financing in your region. Due to different regulations in various parts of the country, lenders must apply for licenses in each of the 50 states.
Fortunately, Veterans United is one of the few lenders that offers its services in all 50 states. That being said, if you want to contact a Veterans United branch, you’ll find that the company has locations in less than half of the states.
Veterans United’s Available Mortgage Types & Programs
It goes without saying that VA loans are the primary focus of Veterans United. As a company that is committed to helping veterans, it’s no wonder that they specialize in government-backed financing. Nonetheless, Veterans United still offers a range of other lending products.
You can also access traditional (conventional) mortgages directly through Veterans United. Additionally, Veterans United offers jumbo loans to customers who are seeking up to $1.5m in financing. And if you want other government-backed loans, you’ll find that they also issue FHA and USDA loans to its client base. Moreover, you can refinance VA loans and other mortgage products via Veterans United.
The website also offers an online loan calculator that can help paint a clearer picture of your financing options.Have a house to sell before moving? Read our guide here. (May 16, 2022)
Veterans United’s Mortgage Fees & Rates
Again, the rates that you are offered will depend on the type of loan that you’re trying to acquire. At present, if you’re applying for a VA loan via Veterans United, you can obtain a 30-year fixed interest rate between 3.375% and 3.634%. The company keeps a regularly updated list of its rates on its website.
But the interest rate isn’t the only fee that you will pay. Additionally, you will need to pay an origination fee. While this is typically lower than 1%, Veterans United guarantees that you will never pay over the 1% threshold for an origination fee.
Unfortunately, there is also a funding fee that you will need to pay to obtain a Veterans United loan. The rate you pay will depend on your down payment and the type of service that you provided to the US Military. This rate can be between 3.3% and 1.25%.
Veterans United’s Customer Service
Veterans United is one of the few mortgage lenders that offer 24/7 customer support to its client base at 1-800-884-5560. Given that many lenders offer limited customer service hours, this is a massive benefit if you’re looking to work with a lending partner that is always a phone call away.
Additionally, the company’s Lighthouse Program offers credit counseling services to people who want to build their credit and work towards homeownership. This counseling is an entirely free service.
Veterans United’s Borrower Qualifications & Requirements
While Veterans United is primarily focused on providing VA loans, it still has strict eligibility requirements that you must meet if you want to apply for a loan via its platform. In most cases, you will need a minimum credit score of 620 to apply for a loan. If you have yet to build a credit history, you might be able to show bills that you’ve paid on time as evidence of your trustworthiness as a borrower.
For VA loans, you will also need to have relevant qualifications from the US military. This eligibility will vary depending on your department and the type of service that you carried out. While down payments can vary significantly depending on your loan type, there are some instances where Veterans United offers 0% down payments.
Instead of pure debt-to-income eligibility requirements, Veterans United is also willing to look at ‘residual income’ to determine if you’re eligible for one of the company’s loans. This different eligibility measurement tool is a great benefit to some individuals who might not have the best debt-to-income ratio at the time of applying.
Veterans United’s Online Reputation
If you’re going to enter into a long-term mortgage contract with a lender, you need to be sure they have a strong reputation with clients. Some simple due diligence can save you from major headaches in the future. Fortunately, Veterans United is well regarded by many of the nation’s top consumer watchdog groups.
We took a closer look at their Better Business Bureau (BBB) page to see how they were rated amongst consumers. The BBB has issued Veterans United with an ‘A’ rating, which is the second-highest rating the watchdog group assigns. The company also has some of the most positive consumer feedback that we’ve seen with any mortgage lender.
More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!
About the Author: Kris Lippi is the owner of ISoldMyHouse.com, the broker of Get LISTED Realty and an official member of the Forbes Real Estate Council. He actively writes about real estate related topics such as buying and selling homes, how-to guides for around the house and home product recommendations. He has been featured in Inman, Readers Digest, Fox News, American Express, Fit Small Business, Policy Genius, Lending Tree, GoDaddy, Manta as well as other major websites. Read more about us here.