Veterans United Home Loans Reviews
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About Veterans United Home Loans
Veterans United Home Loans (NMLS #1907) is a mortgage lender headquartered in Columbia, Missouri, that specializes in VA purchase loans and refinancing. It has closed more VA home purchase loans by volume than any other lender for six years running (as of October 2021), according to federal lending statistics.
- Specializes in VA loan programs
- Available nationwide
- Highly informative website
- Not useful for other kinds of loans
Featured Reviews
Rates
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 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 rate vs. national average
Year | Difference from national average |
---|---|
2021 | -0.15% |
2020 | -0.15% |
2019 | -0.08% |
Application process
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
Features | Availability |
---|---|
Online application | |
Mobile document upload | Undisclosed |
Physical branches | 26 |
Publishes minimum rate on website | |
Rate lock | Undisclosed |
Pre-qualification (no hard credit pull) | X |
Certified approval letter |
Loan types
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 the company 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.
Loan applications for home purchases only by year
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase applications | 114,936 | 98,470 | 76,632 |
Home purchase loans closed | 77,371 | 66,954 | 52,371 |
Home purchase applications denied | 8,076 | 7,405 | 6,119 |
Home purchase preapprovals denied | 42 | 57 | 72 |
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.
Home purchase vs. refinance loans by year
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase loans | 71.82% | 71.13% | 78.79% |
Refinance loans | 19.7% | 23.88% | 13.12% |
Cash-out refinance | 8.48% | 5% | 8.08% |
Requirements
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
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.
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 the company’s 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. Veterans United doesn’t specifically state its own lending criteria, but it does provide general guidelines for meeting other VA lenders’ requirements. Notably, it recommends borrowers to have a credit score of at least 620, which is higher than industry norms.
If you’re also considering other types of loans, check out our guides on mortgage lenders, FHA lenders and USDA lenders to learn more about their requirements.
Cost and fees
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. The average veteran pays a 2.3% funding fee the first time they use a VA home loan.
FAQ
Is there a minimum credit score requirement?
Yes. A credit score of 620 is typically required.
Does Veterans United have an office in my area?
Veterans United has offices in 21 states, but the company services loans in all 50 states. Veterans United offers online services for people living in areas without a local office.
You can find Veterans United branches in the following states: Alabama, Alaska, Arizona, California, Florida, Georgia, Hawaii, Idaho, Illinois, Kentucky, Kansas, Missouri, Nebraska, Nevada, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and Washington.
What is the maximum loan I can get with Veterans United?
Veterans United offers VA loans and VA jumbo loans. Borrowers can secure loans up to $1.5 million through Veterans United.
Can I get a home equity loan with Veterans United?
Veterans United does not offer home equity loans or HELOCs, but you can refinance your loan with Veterans United.
Veterans United Home Loans Reviews
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- 4,568,019 reviews on ConsumerAffairs are verified.
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- 4,568,019 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Sources
- Federal Financial Institutions Examination Council (FFIEC), “ HMDA Dataset Filtering .” Accessed September 15, 2022.
- U.S. Department of Veterans Affairs, “ Lender Statistics .” Accessed August 30, 2022.
- U.S. Department of Veterans Affairs, “ Eligibility requirements for VA home loan programs .” Accessed August 30, 2022.
Veterans United Home Loans Company Information
- Company Name:
- Veterans United
- Website:
- www.veteransunited.com