Veterans First Mortgage Review 2024
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
500 to 640
0% to 3.5%
Conventional, FHA, VA, USDA
- Loan options geared toward military members
- Government-backed mortgage loans available
- Detailed education content for VA loans
- No rates or fee information online
- No online quote tool available
- Unclear specifics of conventional loan options
Veterans First mortgage overview
Founded in 1985 and initially named Freedom Mortgage, Veterans First focused on helping homeowners with two types of government loans — those backed by the U.S. Department of Veterans Affairs and the Federal Housing Association. Veterans First has since extended beyond VA and FHA loans and the lender is currently part of Wintrust Mortgage, which is a division of Barrington Bank & Trust Company, based in Chicago.
- Areas of service: All 50 states and District of Columbia
- Digital service: Online and brick-and-mortar lender
- Headquarters: 124 N. Charles Lindbergh Dr, Salt Lake City, UT 84116
- Website: VeteransFirst.com
Veterans First rates, terms and fees
Rates
Veterans First doesn’t publish its rates online, but compared to other national lenders, it offers competitive rates. Across all loan types, the Veteran First’s rates averaged 0.36 percentage points above the average prime offer rate (APOR) in 2023, according to data from the Home Mortgage Disclosure Act (HMDA). The APOR is a benchmark rate capturing the lowest rate a bank typically offers in the current real estate market.
For Veterans First, this difference known as the rate spread, decreased from 0.50% in 2022.
Fees
The average cost to take out a mortgage with Veteran First was $7,442 in 2023, according to data from the Federal Financial Institutions Examination Council (FFIEC). This average includes closing costs such as origination and appraisal fees.
Veterans First doesn’t list out specifics when it comes to fees on some of its loan offerings, though you can see a breakdown of closing costs for its VA loans. There is only basic information available for other loans Veterans First offers.
What discounts does Veterans First offer?
Veterans First doesn’t list any discounts for its home loan offerings online. You’ll need to contact the lender to see if you qualify for any available discounts.
What types of mortgage loans does Veterans First offer?
Veterans First offers a variety of home loans including:
Conventional loans
Veterans First doesn’t explicitly state information about its conventional loans on its website. You may be able to qualify for fixed- or variable-rate loans with different repayment terms, but you’ll need to contact the lender to see what’s available.
Conventional loan qualification requirements
- Meet minimum credit score criteria
- 3% minimum down payment
FHA loans
Veterans First offers loans backed by the Federal Housing Administration (FHA), including the option to refinance your mortgage.
FHA loan qualification requirements
- 500 minimum credit score
- 3.5% minimum down payment
VA loans
Veterans First offers VA loans backed by the U.S. Department of Veterans Affairs (VA). The lender also offers refinancing, including interest rate reduction refinance loans (IRRRL) and VA cash-out refinancing.
VA loan qualification requirements
- Mid-600s minimum credit score
- No down payment if requirements meet VA entitlement
- 41% maximum debt-to-income (DTI ratio)
- Two years of documented steady income
USDA loans
Loans backed by the U.S. Department of Agriculture (USDA) are available at Veterans First. Borrowers will need to purchase a home in a qualifying rural area to be eligible for this type of mortgage.
USDA loan qualification requirements
- 640 minimum credit score
- No down payment requirement
- Home for purchase must be in a USDA-approved area
Veterans First mortgage qualifications
| Credit score minimum | 500 to 640 |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: 45%FHA: 43%VA: 41%USDA: 41% |
| Down payment minimum | Conventional: 3%FHA: 3.5%VA: 0%USDA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
Unfortunately, you won’t be able to find the exact requirements from Veterans First that it uses to approve your application. However, we analyzed 2023 nationwide data and found that Veterans First approved 89.3% of its applicants across all loan types. Among approved applicants, less than half had a debt-to-income (DTI) ratio below 40% and an average loan-to-value ratio (LTV) of 81.2%. Compared to other national lenders, Veterans First had a lower share of rejected applications.
How to apply for a Veterans First mortgage
1. Choose your loan type
Go to VeteransFirst.com and click on the tan “Start a loan” button. You will need to select whether you’re shopping for a purchase or a refinance and provide some initial details, including your name, ZIP code, phone number and email address.
2. Get prequalified
The lender will contact you about what type of mortgage you’re looking for, and if possible, to get prequalified. Veterans First will do a “soft” pull of your credit score, and if it meets minimum requirements, you may prequalify for a loan.
3. Submit a loan application
If you want to move forward with a loan through Veterans First, you will need to submit a full loan application. Details you may need to provide include your government-issued ID, Social Security number, and financial statements. You may be able to get preapproved and lock in your mortgage rate.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get prequalified with Veterans First?
It’s safe to get prequalified with Veterans First. The lender may conduct a hard credit pull, which can affect your credit score. Getting preapproved can be an important step in your home-buying journey, as it signals to sellers that you have the means to purchase a home and that you’re a highly motivated buyer.
Veterans First’s customer service experience
You can contact Veterans First by live chat through the lender’s website or by phone.
- Phone: 800-217-1596
Existing customers can also log into your account to contact Veterans First. Other mortgage lenders offer more ways for customers to reach out to a representative.
How does Veterans First compare to other lenders?
|  |  |
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|---|---|---|---|
| LendingTree’s rating | Back to our Veterans First summary |  Read our Veterans First vs. PenFed comparison | |
| Minimum credit score | 500 to 640 | 620 to 650 | 620 to 640 |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 3% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | 0.36% | 0.53% | -0.22% |
| Loan products and programs |
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| Better for: | Borrowers who want to work with a lender that has experience in VA loans. | Borrowers looking to get access to home equity loans. | Borrowers who want to work with a traditional bank and seek assistance programs. |
Veterans First vs. PenFed Credit Union
Both PenFed and Veterans First offer similar loan products with similar credit requirements, though PenFed does offer home equity lines of credit (HELOCs) but not USDA loans. Which lender you want to go with will largely depend on the type of home loan you need. Neither of the lenders are transparent about rates on their websites, and there is no clear application process available online.
You will need to become a PenFed member to take out a loan — though anyone is eligible to become one — so if that’s not of interest, Veterans First may be the better choice.
→ Read more in our full PenFed mortgage review.
Veterans First vs. Wells Fargo
As a large financial institution, Wells Fargo offers a variety of home loan types, but not USDA loans like Veterans First. The bank doesn’t claim to specialize in VA loans, but you do have the option to get prequalified to see what options are available to you — rates are also posted on the Wells Fargo website. Plus, if you’re looking for more affordable options, you may be able to qualify for Wells Fargo’s down payment assistance programs.
→ Read more in our full Wells Fargo mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree rated Veterans First Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Veterans First’s scorecard:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
Some online features of Veterans First Mortgage include a form where you can request to work with one of the lender’s representatives and loan education content.
Yes, Veterans First is a legitimate lender. The company has been in business since 1985 and is available nationwide.
You can view more info about Veterans First’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
When you submit an application, the lender will conduct a hard credit pull which will most likely affect your credit score temporarily. According to LendingTree’s credit score study, your score could drop by an average of 20 points, but it can rebound within a year.
Veterans First is accredited by the Better Business Bureau (BBB) with an A+ rating. This is the highest rating available and is typically based on factors such as a company’s responsiveness to its customers, transparent business practices and how long it’s been in business.
The mortgage lender also has a rating of 4.9 out of 5 stars from TrustPilot, based on more than 2,200 reviews. Of the positive reviews, applicants mentioned personalized service and receiving timely updates from loan officers throughout the closing process. Some negative reviews mentioned frustration with timing and unclear instructions from loan officers.