Veterans United Home Loans Review 2023
Veterans United at a glance
Minimum credit score: 620
Minimum down payment: 0% to 3%
Available loan products and programs: Conventional, VA, FHA, Jumbo
You’ll have access to a lender that specializes in several types of VA loans
You can find out if you’re eligible for a VA loan before you apply
You can reach a loan officer after hours and on weekends
You won’t find any adjustable-rate loans
You won’t have access to home equity products
You can’t get financing for a manufactured home
Veterans United Home Loans specializes in loans backed by the U.S. Department of Veterans Affairs (VA) and is frequently the No. 1 issuer of VA loans (by volume), according to the VA’s own data. About 9 in 10 (92%) of Veterans United borrowers take out VA loans. The company was founded in 2002 and is headquartered in Columbia, Mo.
Veterans United’s mortgage products
- Purchase loans are available in 15-, 20-, 25- and 30-year term lengths. Veterans United doesn’t offer any adjustable-rate mortgages (ARMs).
- Refinances are also available for homeowners who wish to replace an existing home loan with a Veterans United mortgage that better meets their financial goals.
- Purchase loans backed by the Federal Housing Administration (FHA) are available for borrowers who may need more flexible credit and down payment requirements compared to conventional loans.
- FHA streamline refinances are available for borrowers with an existing FHA loan.
- FHA cash-out refinances are also available and can be a good option for borrowers with lower credit scores who want to tap their home equity.
- VA purchase loans are available for military borrowers with sufficient VA entitlement, since they have no minimum credit score requirements, usually don’t require a down payment and won’t force you to pay for private mortgage insurance (PMI).
- Interest rate reduction refinance loans (IRRRLs), also known as VA streamline refinances, allow military borrowers with existing VA loans to quickly refinance without going through all of the documentation and appraisal hassles they might normally face. Both 15- and 30-year streamline refinances are available.
- VA cash-out refinances are available in 15- and 30-year loan terms for military borrowers who have an existing mortgage that is at least 210 days old.
- Conventional high-balance loans are available for borrowers who can meet the minimum 5% down payment requirement and whose needs don’t exceed super-conforming loan limits.
- VA jumbo loans are available with 0% down, up to the lender’s cap (not disclosed).
- Non-conforming jumbo loans are also an option for borrowers with unique needs.
Veterans United’s mortgage rates and fees
Veterans United provides abundant mortgage rate information on its website, covering both purchase and refinance loans, and allows you to customize the rates you’re seeing by credit score. Most of the rate quotes include discount points. The VA funding fee is included in the rates as well, since it’s common for VA borrowers to roll this fee into their loan. Veterans United rate quotes additionally assume the borrower has sufficient VA entitlement and is buying or refinancing a primary residence.
The fees Veterans United will charge to originate a loan aren’t itemized on the company’s website; however, this is likely because they specialize in VA loans. The VA sets a cap on lender fees, so you won’t pay more than 1% of the loan amount.
|Mortgage rates published online?|
|Rate information updated daily?|
|Lender fees disclosed?|
Veterans United’s application experience
Once you’ve decided to apply, it’s easy to get started with Veterans United. They offer an online preapproval and online application fully equipped with digital document uploading. As you move forward with the loan process, you’re always able to track your loan’s progress online. When you reach closing, Veterans United has a hybrid closing option that combines elements of an eClosing and traditional, in-person closing.
Veterans United’s customer service experience
Customer service is available 24/7 via phone at 800-884-5560, making time-zone frustrations a thing of the past for military borrowers stationed overseas. If you have questions about your loan, you can call 855-217-0772. You can also make your mortgage payments online or by phone.
How does Veterans United compare to other lenders?
|Veterans United||Mr. Cooper||Alliant|
|Minimum credit score||620||Not published||Not published|
|Minimum down payment||0% to 3%||0% to 3.5%||0% to 5%|
|Loan products and programs|| |
How we rated Veterans United
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 United scorecard: 5/5
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application