What Mortgage Programs Are Available
Besides conventional mortgages, Veterans United offers the following mortgage types:
- FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
Veterans United Mortgage Rates
Veterans United specializes in VA mortgage loans, which are almost exclusively available to current and former military members. But theyre a valuable loan option for those with a military service background.
VA mortgages typically have lower interest rates than the rest of the market. They also let active-duty service members and veterans buy a new home with zero down and no mortgage insurance.
Veterans United mortgage interest rates and underwriting fees are lower on average than some other loan lenders, but its closing costs are slightly higher.
Veterans Uniteds Va Loan Rates
VA loans are a type of government mortgage backed by the U.S. Department of Veterans Affairs . They are offered to veterans, service members, and eligible military spouses. Because the government guarantees a portion of the loan, interest rates are relatively lower compared to traditional loans.
Interest rates are determined by the lenders based on the borrowers financial circumstances. What looked at the published rates by Veterans United and compared to many other lenders who also published their rates online. We found Veterans Uniteds rates to be average and there were some lenders whose APR was up to a half point lower.
Like other lenders, Veterans Unites rates may vary depending on your unique financial conditions. Veterans United will consider a variety of factors in determining your loan rate, such as:
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Veterans United Home Loans Review
Mortgage loans are one of the most important and valuable benefits the Veterans Administration offers to active duty military personnel, veterans, and military families. Determining eligibility and going through the loan application process can be a complicated affair. Veterans United specializes in VA loans and is currently the largest VA loan originator in the U.S. Youll have access to expert loan officers that can help you through the process from start to finish. But, while youll find plenty of information on VA loans on the company website, there is very little information on the lenders other loan products.
Veterans United Home Loans Realty
Veterans United Home Loans has a referral network of over 5,000 veteran-friendly realtors across the country. Veterans United Home Loans can help veterans find a real estate agent who is very familiar with VA property requirements for more efficient use of time while shopping for a home. Veterans United Home Loans Realty also assists with information about loans outside of the VA program to determine if one of those mortgages may be a better option for the homebuyer.
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Other Va Loan Lenders We Considered
While there are many mortgage lenders with outstanding products and features, they dont necessarily have everything that could make them one of our top picks.
We reviewed the following lenders, and while they meet some of our criteria for top VA loan lenders , they ultimately didnt make the cut.
Thanks to its fully online mortgage process, Veterans First is a great choice for military members deployed overseas. Its focus on VA loans also means that the company is better prepared to attend to the specific needs of military members and veterans during the mortgage process.
On the other hand, Veterans Firsts specialization in VA loans means that it offers no other types of loans, which makes it less than ideal for anyone who doesnt qualify for these products. Its higher than average credit score requirement was also a deciding factor in keeping it out of our top list.
An Overview Of Veterans United
Based in Columbia, Missouri, Veterans United is currently the third-largest VA lender in the U.S. Since launching in 2002, the company has issued more than 24 million VA loans.
Veterans United aims to be the best provider of VA mortgages and a valuable resource for military members and qualifying family members. Besides issuing mortgages, Veterans United offers educational material that provides insight into how VA loans work and the process of applying.
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My Loan Specialist Eric Johnson Was
My loan specialist Eric Johnson was there every step of the way. The entire process felt overwhelming and I did not t know where to start. Eric took his time and explained everything in detail several times. He was there for us whenever we needed him. I recall contacting him on a Saturday evening, in a panic over some minor issue that seemed so important at the time and Eric took his time to resolve the issue. What an amazing experience we had,l with Eric & Brittany. We closed on our dream home and we could not have done it without such an excellent team.
How Do I Apply For A Veteran’s United Loan
The first step at Veterans United is getting preapproved for a mortgage. During the preapproval process, your finances and credit are reviewed to give you a conditional offer. Your preapproval letter outlines how much you may be able to borrow, which can help set your home budget.
During the application process, your Veterans United loan team may also help you get your Certificate of Eligibility , which verifies that you qualify for the VA loan program. You could also get the certificate yourself beforehand by using instructions on the Veteran Affairs website.
If you put an offer in on a home, youll work with a loan officer and your loan application will go through underwriting for a final review. If all goes well, you can then proceed to loan closing.
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What Is A Va Loan
VA home loans help active service members, veterans of the armed forces, and eligible family members, including surviving spouses, become homeowners. The VA does not offer mortgages directly but rather guarantees the loans are issued through private lenders. A VA loan can be a good alternative for those who qualify. Eligible borrowers should consider going this route, especially if their financial profile is less than stellar.
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.
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What Veterans United Customers Are Saying
Veterans United gets 4.81 out of 5 stars from reviewers on the Better Business Bureau website, and customers say that it offers fast and friendly service.
According to customer reviews, representatives are responsive and they take time to walk you through the mortgage process. Veterans United actively addresses complaints on the Better Business Bureau website, and many customers follow up on their complaints saying they are satisfied with the resolution.
Veterans United Mortgage Review For 2022
When asked to add their two cents to this Veterans United lender review, a VU loan officer had this to say:
“Veterans United Home Loans is the nations largest VA lender. Were a full-service lender, but we specialize in VA lending and providing an exceptional customer experience for those who serve our country. Our staff is specially trained to work with Veterans and service members to help overcome the unique circumstances and challenges they may face to make their homebuying journey as seamless as possible.”
And its true that its hard to find anyone with a bad word to say about Veterans United.
For example, its Trustpilot page had, at the time of writing, nearly 9,000 reviews. Of those, 96% ranked its service excellent and another 3% called it great . Less than 1% labeled it bad.
Veterans United does offer other types of government-backed home loans. But its focus is clearly on VA loan benefits and providing the best service possible to U.S. military personnel.
Home Loans At Veterans United
Although Veterans United isnt affiliated with the U.S. Department of Veterans Affairs , it issues VA loans that are backed by the VA. Because of the government agency backing, Veterans United and other VA lenders are able to offer VA loans with a low down payment and flexible credit requirements.
Eligible veterans of the armed forces, active-duty service members, and spouses may qualify for an adjustable or fixed-rate VA loan with as little as 0% down. You dont have to pay private mortgage insurance on a VA loan, but there is a funding fee. This is a fee that goes to the VA to help fund the program that can be rolled into your loan. The low down payment and low upfront costs of a VA home loan could greatly reduce the amount you need to save for a house before buying.
Veterans United offers competitive interest rates and its loans can be used on single-family homes, condos, manufactured homes, and multi-unit homes. If you need to borrow a large sum for a new home in a high-cost area, Veterans United offers VA jumbo loans, but these loans might have stricter qualifying criteria. For example, you may need to have several months worth of mortgage payments in cash reserves to qualify.
With the Energy Efficient Mortgage , you can borrow up to an additional $6,000 in addition to your total mortgage or refinance loan. This money can be used to cover the cost of qualifying eco-friendly home improvements like thermal windows.
|Veterans United VA loans|
Isnt This Just A Home Equity Loan
Many people confuse home equity loans and cash-out refinancing, because both deal with using your home equity to attain money from a lender.
With a home equity loan you are using the equity of your property, or part of it, as collateral for a loan. These loans are often referred to as a second mortgage, and entail the lender making a one-off payment to the borrower, whose equity shrinks in relation to the size of the loan. As the owner repays the loanand the relevant interest and feesthe equity begins to increase.
Because a home equity loan is secured by the property, they typically have lower interest rates than unsecured loans.
Unlike a HEL, a cash-out refinance entails securing a new mortgage to cover more than the preexisting mortgage so that you can get the difference as a loan. The HEL, on the other hand, is taken out in addition to your existing mortgage.
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Eligibility Requirements For Veterans United Loans
The VA has certain eligibility criteria that borrowers need to meet in order to qualify for a VA loan. In addition to standard lender requirements like having a certain credit score or income level, you also need to meet one of these service requirements:
- Have served 90 days active duty during wartime
- Have served 181 days active duty during peacetime
- Have served six years in the National Guard or Reserves
- Are the surviving spouse of a service member who died in the line of duty or because of a service-related disability
Veterans United Final Verdict
Veterans United Home Loans is a popular option for veterans, active service members, and eligible military spouses who are seeking to finance a primary home through a VA loan. They have higher credit score requirements than other VA lenders, but they do over their Lighthouse Program to help borrowers with bad or low credit to improve their mortgage scores so they can get pre-qualified.
The rates offered by Veterans United were average, not the best and there were many good reviews with some bad ones mixed in. What does this mean? To us, this means Veterans United is just like any other lender and consumers should shop around and include other lenders in their decision-making process. You should still include Veterans United when interviewing lenders and getting rate quotes.
If you would like a rate quote from another VA lender or if your credit scores are below 620 and maybe even as low as 500, then we can help to find a VA lender to suit your needs.
Veterans United is a legitimate lenders specializing in VA loans.
Is Veterans United a Bank?Veterans United is not a bank where you can open a savings or checking account. They are anon-bank lenderlike many others in the industry.
Does Veterans United Charge and Origination Fee?Some lenders may charge an origination fee depending upon that particular loan scenario. However, there are various fees associated with VA loans and asking about origination fees is something you should do whenever you interview any lender.
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Top Notch From Start To Finish :
My wife and I have purchased homes in the past, so we’ve had our share of “mortgage nightmares” during the process…but, from start to finish, our experience with Dustin and Veterans United Home Loans was problem and stress free! We always knew where we were at in the process, there were no last minute surprises, and Dustin always stayed in constant contact with us regarding our application status…we even walked away from the closing table with $1,300 in our pockets!!! By far, the best home buying experience we’ve ever had and I HIGHLY recommend Veterans United!!! 🙂
Reply from Veterans United Home Loans
Thanks for the kind feedback! It makes us very happy to hear that your loan team was able to provide you with a pleasant and stress free experience. Please let us know if we can do anything for you in the future. Congratulations to you and your wife on your new home!
Working With Veterans United
Based in Columbus, Missouri, Veterans United has a limited branch network, which may be an issue if you prefer an in-person home buying process. However, its online services are slick and backed up by 24/7 telephone support.
If you wish, you can upload your documents securely and complete your VA mortgage application online. You can also:
- Get VA home loan preapproval online
- Complete a partial loan application, save it, and return later to finish it off
- Use mobile devices as well as home and office computers
- Securely upload your documents
- Monitor your mortgage applications progress through to closing
Meanwhile, Veterans Uniteds call centers are open 24 hours a day, seven days a week. So theres always an expert available to help you through a mortgage or technical issue.
Things may be less straightforward if you dislike online technology. With only 26 branches nationwide, many people wont live close to a Veterans United location.
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Veterans United Vs Navy Federal Credit Union Mortgages
USAA normally provides conforming and jumbo mortgages, but at the time of writing this review, the lender has halted these products. It’s only originating VA mortgages right now, but it has plans to reintroduce conforming and jumbo mortgages in the future. So if you want any type of mortgage other than a VA loan, you’ll want to go with Veterans United.
Veterans United is probably the better choice if you have a low or no credit score. It accepts alternative credit data, like utility bills, whereas USAA does not.
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.
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What Is A Cash
With cash-out refinancing, you refinance your mortgage with a mortgage that is larger than the amount you still owe on the original mortgage and then you keep the difference. Cash-out refinancing differs from home equity loans in that you are actually taking out a new mortgage and not simply taking a loan off the equity youve built up on your property.
One thing to keep in mind with cash-out refinancing is that you will still need to collect all the documentation you would for a mortgage, including proof that you can keep up with the payments.
Bottom Line: Veterans United Home Loans Review
Veterans United Home Loans is a lender built for veterans, from its affordable lending options to the former enlisted military members hired on staff.
If youre in the market for a VA mortgage or refinance, Veterans United has everything you need to move forward on your next home loan.
Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When shes not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordans areas of expertise are mortgages, personal loans, credit cards, and investing.
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