Is Veterans United Home Loans Legit

Refinancing With Veterans United Home Loans

Borrowers looking to refinance have several options available:

• VA Interest Rate Reduction Refinance Loan : Also known as a VA streamline refinance, this loan is a popular choice among Veteran homeowners looking to obtain a lower rate on an existing VA loan. In some cases, this may not even require verification of credit, income, or an appraisal inspection of the home.
• VA Cash-Out Refinance: If youre eligible for a VA loan, you can consider a cash-out refinance to take advantage of your homes equity. You do not need to have a current VA loan, and eligible homeowners can cash out up to 90% of the homes value.
• VA Energy Efficient Mortgage: Veterans looking for a way to fund energy-efficient improvements to a home can benefit from this type of loan. This option is available for both purchase and refinance loans, and can finance up to $6,000 of qualified improvements such as solar heating, heat pumps, and thermal windows.
• Rate and Term Refinance: For non-VA borrowers, this option allows you to replace your existing mortgage loan with one that has a different loan term or interest rate. You can also change to a fixed-rate or adjustable-rate mortgage.
• Cash-out refinance: Also available for non-VA borrowers, this allows you to take advantage of the equity you have in your home to pay for things like home improvements, college education, or pay off other higher interest rate debt.

The Team Was Awesome And Took Time To

The team was awesome and took time to explain every step along the way. I received phone calls, text messages and emails explaining everything I had to accomplish. I love the to do list which kept me on tract and I received phone calls above the list

Date of experience:October 25, 2022

Veterans United was awesome to work with. Very responsive and we never felt like we were getting a run around or getting BS-ed. very straightforward, honest, and always happy to answer a call.

Date of experience:October 28, 2022

We had no idea how easy the process would be, but our Veterans United Team made it so easy that I kept on thinking that I had surely missed something. 100 percent would recommend that all Veterans use Veterans United.

Date of experience:October 25, 2022

The team we had they made it so easy to make this happen we would recommend them to other vets

Date of experience:October 27, 2022

Everything and the team that helped !! Efficient, dedicated individuals helping me even though I know I am hard to work with . 🙂

Date of experience:October 27, 2022

What Veterans United Offers

Mortgage options

• VA Purchase Loan: Purchase new or existing homes with a $0 down payment. VA loans can be used to purchase single-family homes, condominiums, manufactured homes and multi-unit properties.

• VA IRRRL: The VA Interest Rate Reduction Refinance Loan, or Streamline Refinance, is a low-cost refinancing loan that doesnt usually require credit underwriting, income verification or an appraisal

• VA Cash-Out Refinance: Use the equity on the home in return for cash

• VA Energy Efficient Mortgage: Finance qualified energy-efficient upgrades

Loan terms

Veterans United offers 15- year and 30- year VA loans.

Maximum loan amount

VA loan limits arent limited to the amount veterans can borrow, but how much they can borrow without making a down payment.

The VA loan limits for 2022 are:

• $647,200 for most U.S. counties
• $970,800 for a single-family home in a high-cost county

Veterans with full VA loan entitlement no longer have to adhere to VA loan limits. The VA loan entitlement guarantees the lender will get paid if a mortgage defaults.

Also Check: How To Increase Va Disability From 70 To 100

How We Evaluated United Mortgage Lenders

We reviewed Veterans United home loans and their VA loan offerings based on the thorough information and VA loans guide available on their website. We considered this lenders VA loan offerings, access to online prequalification, third-party ratings and additional services.

In addition, we looked at customers reviews on the Veterans United website and the Better Business Bureau to better understand how this lender manages customer service and relations.

About Veterans United Home Loans

Founded in 2002, and based in Columbia, Missouri, Veterans United Home Loans has grown to become one of the largest VA mortgage lenders in the country.

In fact, the company specializes in VA mortgages, making it one of the very best companies for veterans to obtain home loan financing with.

This is important because VA loans are perhaps the best mortgage program available. They enable veterans to purchase homes with 100% financing, meaning there is no down payment required.

This is in contrast to conventional mortgages, that require a minimum down payment of between 3% and 5% of the purchase price, or FHA mortgages that require a minimum down payment of 3.5%.

VA Loans also come with no monthly private mortgage insurance requirement or PMI.

This is in contrast to conventional and FHA mortgages, both of which do require monthly mortgage insurance payments if your down payment is less than 20% of the homes purchase price.

The company has an A- rating with the Better Business Bureau . The company has been accredited with BBB since 2004, and has just 25 negative reviews to nearly 1,400 positive reviews.

And in late 2017, the JD Power Survey of 25 mortgage lenders gave Veterans United Home Loans an Overall Satisfaction Index rating of 889 based on a 1,000 point scale, the highest of all companies on the survey.

Don’t Miss: What Is Disability Social Security Based On

Average Mortgage Rates At Major Lenders

Average rate and fee data sourced from public rate and fee records required by theHome Mortgage Disclosure Act .

Of course, the rates and fees that youll get will depend on your personal finances. So be sure to get rate quotes from 3-5 lenders before committing.

Also, check your quotes for discount points. Discount points are essentially paying interest upfront to receive a lower rate over the life of the loan. And they can make your rates seem lower than they really are.

Veterans United Credit Consulting

Veterans United offers free credit consulting for service members who have low credit scores through its Lighthouse Program. This Lighthouse Program will guide borrowers through the best path in building good credit so they can get qualified for a home loan.

Service members who will avail of this free service will work one-on-one with a Veterans United credit counselor. Veterans United will help them identify and correct errors on their credit report, strengthen their overall financial profile, and take steps that will help improve their mortgage credit scores.

This service focuses on the borrowers mortgage credit score, which is different than the typical scores from credit monitoring services. Veterans United will help borrowers monitor their mortgage credit scores so they can get pre-qualified for a home loan.

Don’t Miss: Non-medical Requirements For Disability Benefits.

Youre Our First Priorityevery Time

We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

Compare To Other Lenders

Get more smart money moves straight to your inbox

Become a NerdWallet member, and well send you tailored articles we think youll love.

You May Like: National K9 Veterans Day 2022

Is Veterans United The Best Mortgage Lender For You

So what should you take away from this Veterans United mortgage lender review? Well, if you want to take full advantage of your VA loan benefit, then you should definitely explore your options with this company.

If you want another type of loan, it may still be able to help. But its talents are less obvious and less proven.

Either way, homeownership is a big decision and the loan program that you choose will have a significant impact on your finances for years to come. So make sure you compare personalized mortgage rate quotes from several loan lenders before committing. You can get started using the link below.

Veterans United Lighthouse Program For Poor Credit

Its worth expanding on Veterans Uniteds Lighthouse Program. This unique credit counseling service helps veterans with subpar credit build up their scores and become homeowners.

If your credit score is too low to qualify for a mortgage , you can work one-on-one with a credit consultant from Veterans United. They will suggest strategies such as how to prioritize debt repayment from installment loans and credit cards to get your finances back on track and rebuild your score quickly.

According to the lenders website, one family with a credit score in the 400s was approved for a mortgage only 10 months after first getting in touch with the Veterans United loan team.

Read Also: How Much Is Disability In Michigan

Veterans United Home Loans Mortgage Rates And Fees

Since Veterans United is closely tied to the federal government-backed Veterans Affairs program, their interest rates are lower when compared to traditional home loans, as are their closing costs.

That being said, mortgage rates still vary based on your credit score, the house youre buying, your loan duration, and the market conditions and regulations while youre buying the house. The current rates are only valid temporarily, so you should make your buying decision only after researching the market.

At present, mortgage rates for a 30-year fixed VA purchase loan are 5.321% APR while that of a 15-year purchase loan is 5.499% APR.

As it goes with any normal lending procedure, your final payable amount will include some fees commonly known as closing costs or settlement fees. Most VA closing costs range from 3% to 5% of the loan amount.

Veterans United Mortgage Loan Types

Veterans United is by far the largest lender for VA home purchase loans in the nation.

Mortgages backed by the U.S. Department of Veterans Affairs are among the most valuable benefits provided to active-duty service members, as well as veterans and their families.

“Veterans, service members and their families can face unique financial and credit challenges, given the nature of their service, says Chris Birk, director of education at Veterans United Home Loans. “It can also take military families years to save the typical 5% down payment for a conventional loan.” VA loans generally require no down payment.

Nationally, VA total loan volume has reached record highs in recent years and topped $375 billion in 2020. Riding that wave of popularity, Veterans United has originated more than $10 billion in loans annually since 2017, with more than $16 billion in home purchase loans in 2020 alone.

While Veterans United specializes in VA loans, FHA, USDA and conventional loans are available too. It offers refinance options for VA borrowers, including the VA IRRRL, as well. For borrowers needing a jumbo loan, Veterans United says it writes mortgages up to $2.5 million.

The lender also offers the VA’s energy-efficient mortgages, which allow veterans to roll the cost of efficiency-boosting improvements into their mortgage payment. Like most nonbank lenders, Veterans United does not offer home equity loans or HELOCs.

» MORE: VA home improvement loan options

Don’t Miss: Social Security Office Salisbury Md

Where Can You Get A Mortgage With Veterans United

NMLS ID: 1907

If you prefer to arrange your mortgage face to face, Veterans United currently has at least one branch in the following states, according to the lenders branch locator:

• AL, CA, CO, FL, GA, HI, ID, IL, KY, NC, NE, OK, SC, TN, TX, VA, and WA

Most of its other branches are located near military bases in the states where theyre available.

Those who dont live close to a branch can apply online from any U.S. state. And the website provides a more functional online loan process than most competitors do.

Indeed, you might be able to carry out almost the entire transaction digitally. And if you need help with a technology issue or a mortgage query, theres 24/7 telephone support.

How To Qualify For A Loan With Veterans United

Minimum credit score requirements

• The minimum credit score requirement for a VA loan is 620.

Debt-to-income ratio

VA loans combine residual income and debt-to-income ratio as guidelines for mortgage approval.

Residual income is the discretionary income left over each month after all debt and personal expenses are paid, including the mortgage payment. Residual income minimums vary by state and family size and include housing costs and other expenses like childcare, utilities and installment loans .

Borrowers with a loan amount of less than $80,000 are required to have a minimum residual income. Check VUs residual income charts and guideline on how to calculate it.

• Veterans United requires borrowers with a debt-to-income ratio above 41% to have residual income that exceeds their guideline by 40%.

Minimum down payment requirements:

Unlike conventional loans, a VA loan has no down payment requirements as long as the sales price isnt higher than the homes appraised value.

However, customers who choose to make a down payment will have to pay less for the VA funding fee.

Recommended Reading: Iowa Department Of Veterans Affairs

Average Days To Close Loan

Mortgages arent an overnight process. Everything on your loan application has to be verified by your lender. Lenders also typically request appraisals, which is when a 3rd party evaluates the value of your home. Depending on the results of the appraisal and home inspection, you may need to renegotiate with your seller or complete repairs.

Once your loan is approved and you and your seller are on the same page, set a date to close. At your closing meeting, you sign your final paperwork.

VA loans tend to take a bit longer than other loan types to close. For example, in May 2020, VA loans took 49 days to close, according to the Ellie Mae Origination Insight Report. FHA loans took 47 days to close and conventional loans took 45 days to close.

One reason for the slightly longer timeline is that VA loans require using a VA-approved appraiser. VA appraisals take an average of 10 days, but it might be longer in rural areas.

Navy Federal Credit Union

Had too much to loan? Navy Federal Credit Union lets you have a 30-year mortgage even after youve used up all of your VA Loan benefits. And with 200 branches all over the US, theyre one of the larger mortgage companies out there.

With Navy Federal Credit Union, you can be eligible for a VA Loan, even if youre not a family member of a Navy member on paper. You count as long as you live with someone who is. This is called the Military Choice program, and they open this for certain eligible US Navy members.

Another option could be the Homeowners Choice Loan, which is very similar to Military Choice. However, its made for people who are not eligible for VA Loans.

Navy Federal Credit Union also lets you refinance your:

Navy Federals website has an easy-to-understand interface with facilities for online preapproval applications.

Pros:

• Opt for a no-down-payment mortgage
• Option to apply with alternative credit data
• A smooth and simple online application process
• More competitive rates compared to other mortgage companies

Cons:

• Certain loans like the USDA, FHA, home equity, construction loans, home equity line of credit, and reverse mortgages are not available
• Membership can be quite hard to obtain
• Does not include a VA Home Loan calculator
• You wont be able to see the personalized rates before applying for the preapproval process

Recommended Reading: Veterans Day Vs Memorial Day

Veterans United Home Loan Review

Veterans United specializes in mortgage purchase and mortgage refinancing loans for military service members and veterans.

Edited byChris JenningsUpdated February 3, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

Credible makes getting a mortgage easyCompare rates from top mortgage lenders today.

Veterans United has financed home purchases and refinances for hundreds of thousands of active duty military and veterans.

Although you dont need a military connection to borrow from Veterans United, the companys focus is on VA loans.

In fact, you wont even find information about Veterans Uniteds non-VA products on its website but we reached out to them personally so that we could offer more info for you in this review.

Heres what else you should know about getting a Veterans United mortgage: