Veterans United Home Loans Review

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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.

No Hassle Fast Easy Service

I was a little hesitant about using online services to obtain a home loan but Veteran’s United made the process seem simple and easy. I quickly lost my reservation of doing business via email and phone conversation and let the process flow. I enjoyed professional curtesy every time I called to ask what I thought was a stupid question. Everyone was very helpful and buying a home never seemed so simple. Thanks for all your assistance. I am now enjoying my new home. I would highly recommend this company to anyone.

Date of experience:March 25, 2014

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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.

How Does It Work

The VA Loan Program works to provide homeownership opportunities to people who otherwise wouldn’t qualify for conventional financing.

This program may give veterans the chance to purchase a home with no down payment, lower monthly payments, and with relaxed standards for first time buyers.

Those who believe they qualify can use their tools and resources to determine whether or not they may be eligible, what is involved with the VA loan home buying process, and what is required of first time buyers.

When you decide that you are ready to take formal steps forward in securing a potential loan, you can fill out their basic questionnaire and have one of their representatives contact you to discuss your options.

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Veterans United Vs Quicken Loans

As noted above, Quicken Loans is famous for its Rocket Mortgage program. And like Rocket Mortgage, Quicken is an online-only lender licensed in all 50 states.

Borrowers can choose to apply online, over the phone, or by snail mail, and enjoy digital rate locks, e-closing, and other online perks.

Unfortunately, Quicken Loans typically lends at higher-than-average interest rates. Moreover, their website uses more discount points than average by a substantial margin, showing potential borrowers rates that theyre unlikely to qualify for.

> > More: Quicken Loans Mortgage Review

Usaa United Services Automobile Association

USAA, one of the largest military, financial services companies, offers a broad array of financial products and services at competitive rates to military members and their families. Aside from benefits, insurance, insurance advice, and banking services, they offer specialized financial resources, insurance, and discounts to members.

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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.

Other Mortgage Loans At Veterans United

If youre not eligible for a VA purchase loan or have needs they cant satisfy, Veterans United offers other products:

• USDA loans: The only other mortgage that requires no down payment, but youll have to pay mortgage insurance throughout the time you have the loan. There are also income caps on who can qualify, and youll need to buy a home located in an eligible rural area
• FHA loans: Veterans United FHA loans allow a down payment as low as 3.5%, and require a credit score of 580 or above. They also come with a monthly mortgage insurance premium
• Conventional loans: Down payments start at 3%, but you have to put at least 20% down to avoid paying private mortgage insurance . Conventional loans from Veterans United have a credit threshold of 620
• VA Jumbo loans: If you dont have full entitlement on your Certificate of Eligibility , you may need a VA jumbo loan to borrow above local loan limits
• Fixed-rate mortgages : Most borrowers opt for a 30-year mortgage with a fixed rate, though fixed-rate loan terms are available. These types of loans offer predictable monthly payments
• Adjustable-rate mortgages : Offers a lower rate, which is fixed for an initial period and a floating rate for the rest of the loan term. Borrowers have choose between a hybrid 5/1 and VA adjustable-rate loan

Because it originates so few non-VA loans, its difficult to say how competitive Veterans United is for these loan types. Youll want to get a custom rate quote to find out for yourself.

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Made One Of The Biggest Decisions In My Life Easy

Veterans United was so easy to work with that it made purchasing a home easy with very little stress. My represenative was so helpful and was there to answer any questions I had within minutes of contacting him. Step by step instructions and helpful hints made the whole process run smoothly. There was no hidden fees or “surprises” I have already recommended VU and my rep a few times and will continue to do so. I couldn’t of asked for a better company to work with. Thank-you VU!

Date of experience:March 22, 2014

Reply from Veterans United Home Loans

Thank you Jenn! We’re really glad to hear about your experience with Veterans United. Congratulations on your new home!

Applying For Your Veterans United Home Loan

For all Veterans United loans, the minimum credit score is 640. If your score falls short, you can consider signing up for the lenders Lighthouse credit counseling program to get your finances in order. Theres no obligation you can participate even if youre not in the market for a home loan.

Youll need a Certificate of Eligibility before you apply for a VA loan. A Veterans United loan officer can supply one for you in minutes once youve provided the necessary documentation of your service or your qualified spouses service. Your loan officer can also help you with a mortgage pre-approval.

You have two options for working with a loan offer. As long as youre purchasing a home near a branch office, you can work directly with a local loan officer. Veterans United has branch locations in the following states:

Outside of these locations, you can work via phone and online with a loan officer licensed in your state.

Once your loan application is underway, youll create an account on MyVeteransUnited.com this portal makes it easy to upload and sign documents and track the progress of your loan.

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Veterans United Mortgage Purchase Review

Best if:

• Youre a first-time homebuyer
• You need to finance 100% of your home purchase

Veterans United offers a full selection of VA loan products for qualified veterans and service members, plus fixed-rate loans for those with no military connection. Not all loan products are available in all states, however.

Veterans United VA loan options include 15- and 30-year fixed-rate purchase loans. You can also apply for a 30-year fixed-rate jumbo loan if youre purchasing a home with no down payment and need financing that exceeds the limit for conforming loans.

Rates for their VA loans are highly competitive compared to conventional loan rates, and the 30-year fixed-rate and jumbo loans are especially so.

If you dont qualify for a VA loan, or you find that a VA loan isnt your best option, Veterans United also offers conventional, FHA, and USDA loans.

Heres a detailed look at the types of mortgage purchase loans Veterans United offers:

Find Out: How to Get the Best Mortgage Rates

New Home In About A Month

The process of buying a home can be stressful and aggravating but the VA is definitely there if you’re willing to put the work in. Obviously there’s going to be a ton of paperwork, lots of questions and a million emails but that’s to be expected when going into any huge endeavor. They are helpful, eager to answer a million questions and want you in your dream home with as little friction as possible. Be ready for a process but in the meantime set yourself up for success by saving a little bit of money and boost those credit scores!

Date of experience:April 01, 2014

Loan specialist were nice and prompt at getting the papers processed. Wish the communicated to me more often or had ideas on how to go about things better. Overall it was great and got the job done.

Date of experience:March 31, 2014

Reply from Veterans United Home Loans

Thank you for leaving the feedback Jesse, we really value hearing how we can improve. I’m really happy you had a great experience and want to say thank you again for your business!

Veterans United was really helpful throughout the whole process! Our loan officer Jerry Landrey was great to work with! I would definately recommend this company to anyone..especially to my fellow military.

Date of experience:March 31, 2014

Date of experience:March 29, 2014

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Veterans United Home Equity Loans Review

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To that end, you should know that many advertisers pay us a fee if you purchase products after clicking links or calling phone numbers on our website.

The following companies are our partners in Home Equity Loans: Discover, Quicken Loans, New American Funding, Bethpage Federal Credit Union, and AmeriSave Mortgage Corporation.

We sometimes offer premium or additional placements on our website and in our marketing materials to our advertising partners. Partners may influence their position on our website, including the order in which they appear on a Top 10 list.

For example, when company ranking is subjective our advertising partners may be ranked higher. If you have any specific questions while considering which product or service you may buy, feel free to reach out to us anytime.

If you choose to click on the links on our site, we may receive compensation. If you don’t click the links on our site or use the phone numbers listed on our site we will not be compensated. Ultimately the choice is yours.

The analyses and opinions on our site are our own and our editors and staff writers are instructed to maintain editorial integrity. Our brand, ConsumersAdvocate.org, stands for accuracy and helpful information. We know we can only be successful if we take your trust in us seriously!

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Navy Federal Credit Union

The Navy Federal Credit Union offers a wide variety of mortgage products tailored to the needs of its members, including no-down-payment loans. The credit union was founded in 1933, and the credit union has served the military community for over 70 years. Veterans, active-duty military, and their families are eligible for its membership.

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Veterans United Mortgage Rates And Fees

The lenders fees vary “based on the loan product, the borrowers credit profile and the market area were serving,” Birk says.

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

• Veterans United earns 3 of 5 stars for average origination fee.

• Veterans United earns 4 out of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Borrowers should consider the balance between lender fees and mortgage rates. While it’s not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points a fee paid with your closing costs to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

» MORE:‘Should I buy points?’ calculator

I Recommend Veterans United

I’ll just paste from the email I sent to everyone on Closing Day. I think it says it all. “Today was the Big Day! Thank you all for everything you’ve done to make this day possible. I don’t think I could’ve handled everything you did myself. Stacey and I would be in a rubber room for sure. A special thanks to Renae Warren from EXP Realty, our wonderful realtor who was great to work with, is very understanding, helpful, and sure knows her business. And thank you to the great ladies at Meridian Title Company. They treated us quite nicely. Most of all I thank God for blessing me with this opportunity. Mark and Stacey H.

Date of experience:October 19, 2022

The process was so easy as a 19 year old first time home owner! Will Spann was so helpful throughout the entire process!

Date of experience:October 28, 2022

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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.