Veterans United Home Loans Reviews

Most VA loans are backed by the U.S. Department of Veterans Affairs, which allows lenders to offer lower rates than they otherwise would. Since 2019, Veterans United’s average home purchase interest rates have been consistently lower than the national average (0.15% lower in 2021). Just remember that rates vary, and your financial situation will affect what rates you qualify for.

Veterans United average home purchase interest rate vs. national average

You can apply for a mortgage from Veterans United online, in person or by phone, but the first step in getting a VA loan is making sure that you meet the eligibility criteria from the Department of Veterans Affairs.

From there, you can get preapproved for a loan through Veterans United. Your process from here on out will vary depending on whether you’re buying a home or refinancing, but your loan officer should be able to guide you to closing.

Multiple reviews on our site say the process is extremely easy and the team is very helpful. David, a ConsumerAffairs reviewer from Ozark, Alabama, had this to say about their experience:

“Their website was absolutely filled with all the information you will need to understand the process of obtaining a loan for your new home. Our loan specialist would respond to any text, call or email anytime to answer any question or concerns we had. He worked hard to get us the lowest rate possible.”

Veterans United application features

Veterans United provides VA purchase loans, VA streamline refinancing (interest rate reduction refinance loans or “IRRRLs”) and VA cash-out refinancing.

The Veterans United website also says it offers other financing options for homebuyers, like USDA loans, FHA loans and traditional mortgages. However, it’s not transparent about the details of these loans — they might be handled by the lender’s partners rather than Veterans United itself.

Veterans United has published the statistics tabled below regarding its loans:

Refinancing

Veterans United mostly focuses on VA purchase loans. However, in 2020, more of its loans were for refinancing than the previous year, likely due to the historically low interest rates during the pandemic. When interest rates are low, refinancing becomes a more attractive option since it can save many borrowers thousands of dollars over the course of their loans.

Veterans United’s VA IRRRLs generally require less paperwork to complete and are faster than conventional refinances. They also come with fewer out-of-pocket costs. On the other hand, a VA cash-out refi lets borrowers access their homes’ equity to pay for other expenses.

Veterans United purchase vs. refinancing loans by year***

Not everyone is eligible for VA loans. To get a VA loan from Veterans United, you need to:

• Meet eligibility requirements from the Department of Veterans Affairs
• Have a valid Certificate of Eligibility (COE)
• Satisfy the lender’s own requirements for borrowers
• Certain types of discharges or active duty for training don't qualify.

According to Veterans United, you may be eligible for a VA loan if you meet one or more of the following criteria:

• You served 90 consecutive days of active service during wartime.
• You served 181 days of active service during peacetime.
• You have six years of service in the National Guard or Reserves.
• You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
• Some post-1980 veterans must serve 24 continuous months.

If you don’t meet these minimum service requirements, you may still be eligible, though. (The VA’s criteria are more nuanced than the above guidelines provided by Veterans United.) One of its home loan specialists can help you navigate your options.

You also have to meet Veterans United’s mortgage loan requirements, which affect how much mortgage you can afford. While it doesn’t publicly list all its criteria, it recommends a minimum credit score of 620, which is slightly higher than some competitors. Loan approval also depends on your income, debt-to-income ratio, and other financial factors.

Need alternatives? Check out our guides on mortgage lenders, FHA lenders and USDA lenders to learn more about their requirements.

VA loans tend to be more affordable than traditional mortgages because they generally don’t require down payments.

VA loans also don’t require private mortgage insurance (PMI), which can lower your total closing costs and monthly payments. (Conventional mortgages generally require this insurance until the homeowner has built up 20% equity.) However, Veterans United does charge other traditional mortgage fees, like application and origination fees.

With Veterans United, you’ll also have to pay a one-time VA funding fee unless you’re exempt. This fee ranges from 0.5% to 3.6% of your home’s purchase price, depending on the type of loan you need and if you've used a VA loan before. First-time VA loan users with no down payment typically pay a 2.3% funding fee.