About Veterans United Home Loans
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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.
Overall Satisfaction Rating
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Pros
- Specializes in VA loan programs
- Available nationwide
- Highly informative website
Cons
- Not useful for other kinds of loans
Bottom Line
Veterans United provides a variety of VA loans. Because of this, its rates tend to be lower than national averages for other types of purchase loans. Veterans United doesn’t serve everyone, though, so your first step should be making sure you’re eligible for VA loan programs.
Top Veterans United Home Loans Reviews
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To be able to win a bid on a home, close, and move into it in less than 3 weeks is unbelievable. Veterans United helped with so much along the way, especially since I’m a first ti...
Read full reviewThird time buying a home with VU. Another great experience! My loan team worked with us to ensure we not only met our closing date but closed 9 days early! Communication was great...
Read full reviewRates
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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Before starting my application, I read a lot of reviews and I came to the conclusion that everyone's situation is different and I should just try. I am glad I did. I applied and the same day I received a call from my loan officer Brian. I explained my situation, told him I knew it would be tough but he stated they could get it done and get me into my home. My application to closing took 2 months and in between that time frame, Brian and Merideth of my home loan team were incredible. They made me feel like I was the only customer and my loan was their number 1 priority. They answered so many questions, responded quickly and always kept things on track.
During the process, I had other finance companies calling asking if I wanted to use there services but because Brian and Meredith were so awesome, I stuck with Veterans united. I never thought in my situation I would own a home but veterans united got it done. My family greatly appreciates the hard work of Brian and Meredith and the veterans united team. We will be forever grateful. I have absolutely no complaints. The online tools, uploading documents, signing, reviewing, everything was just easy. I also appreciated the gifts they sent during the process.
When I decided on Veterans United Home Loan and started the online paperwork, I was able to have a phone call with my loan officer and home buying concierge that same day, with pre-approval letter coming in just a few hours. Once we were under contract, my team took excellent care of us and kept us informed every step of the way. We received emails every time something was added to our To Do list with brief explanations on how to complete each step. The digital signatures were very easy to use and it was by far the best user experience I have had where the technology is concerned.
Our loan officer, Kollin **, was stellar. He seemed like he really cared and even put in after hours work with us to ensure we were able to close on time. He was very transparent and personable, which is not how I would have thought to describe a loan officer prior to working with him. Once we were clear to close, the team worked to send a mobile notary out to us in order to for us to sign as we were not in person at the time of closing. We also had a great experience with our concierge, Nate, who basically took on a huge chunk of our non-loan To Do list items like home security quotes, utility info, and moving quotes. Everyone I interacted with throughout the whole process was fantastic, if I ever need to refinance or purchase a new home again I will use them in the future.
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If I could give Shawnee 20/10 stars, it still wouldn't be enough. She was there for me from our first phone call (over 6 months ago) until closing day. I knew absolutely nothing about the home buying experience, or what to expect, and Shawnee broke everything down for me step by step. She was there when I was freaking out and there when I was excited - at times she also served as a therapist! She would be taking her daughter to ballet class after work, and would still take my calls. Her knowledge of the industry and experience made any and every question I had (and trust me there were A LOT) completely understandable - plus, she is truly just the nicest person - I think if I lived anywhere near Missouri we would be friends!
And Paige! Honestly when I started communicating with Paige I wasn't even really sure if she was a real person, because she is THAT lightning fast. Emails are answered before you can even hit the send button - and she set a to-do list for me that easily communicated each task I needed to complete. I thought she was robot, but then realized that she, like Shawnee are just impeccable at their jobs. I am truly going to miss talking to them. For anyone reading this, THESE are the women you want by your side during the home buying process. I couldn't have imagined anything better. Thank you both so SOOO much! I am externally grateful.
Marvin, my realtor, was amazing! He was so patient and only recommended houses to me that he thought would fit my personality. It was like he knew me! Steve ** just kept me calm in what I thought was a very wild ride! When I got frustrated, he would just hear me out and explain things so I would not lose my mind. He was great. The rest of the team helped me immensely. My utilities were already turned-on the day I closed on the house. So, I was able to start doing the things I needed to do right away and not have to wait. The movers were scheduled, everything was taken care of because they took care of me.
I will always remember their kindness and the dedication they showed me. I spoke with Justine **, and I mentioned that I had two Jug puppies. I sent her pictures and two weeks later I received a package in the mail with treats and toys for them! I was so touched. This team is amazing and would definitely work with them again. And I will ensure my family uses them also when they move to this area. Splendid work everyone! Thank you for EVERYTHING!
We had challenges in getting this loan to close. Mark kept his cool and remained professional even when I was getting emotional and questioning the process. He was so empathetic and has a natural gift for wanting to help veterans. He is so very knowledgeable!!! He did excellent in helping me to understand each line and calculation of the documents. He had to be the middle man between myself, the seller, who was a pain in the butt dragging her feet the whole time, and everyone else he needed to coordinate with. He was so easy to get ahold of. 99% of the time I called him he was immediately available to talk to me. He responded quickly to every email.
Mark has something special and I strongly feel he deserves a promotion, bonus, and recognition for the hard work he put into the success of my home buying process. He went above and beyond everything I ever imagined a lender could be. If I ever buy a home again I will 100% go through Veterans United. Mark and his team were absolutely amazing! I was in good hands. I HIGHLY RECCOMMEND VETERANS UNITED and specifically MARK ** as your go to for VA home loans!!!
Overall, best experience we could have gotten. Thank you so much for taking care of my husband and I. And thank you for supporting these veterans, it really means a lot. For a first time home buyer, this process could not have been made any easier for us.
The Veterans United team is outstanding in the effort they put in to provide to service members. They understand the complexity of our lives and do everything possible to help make our dreams into reality. They offer the utmost professionalism and efficiency one would expect in one of the leaders of VA loan companies and we appreciate all they have done for us!
Sam and his team of professionals went above and beyond my expectations. They made this process not only fast, but very easy. They were quick to answer the many questions I had. I will use this service again as well as highly recommend them to friends and family.
Absolutely wonderful to work with. Super patient and understanding with how the market is and what I was trying to find. They helped me out when a house failed the housing inspection. They were always on point when getting information for you.
I was constantly asking questions that Caleb and his team didn't lapse on giving me the answer or even finding it in short amount of time. Felt like they were in an effort office right around the corner from my house and like I knew them personally. 11/10 and will definitely be giving Caleb a call during my refinance and even future home purchases.
- Sources
- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- 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
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