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In 2002, Veterans United was founded by two brothers seeking a career transition into the mortgage industry. After a year in business, a veteran called inquiring about a Department of Veterans Affairs VA home loan with the company, and that was the spark that led to the Veterans United we know today.
Veterans United is currently the #1 VA mortgage lender in the country and has closed on over a half a million VA purchase loans. They can provide VA mortgage loans to qualified service members, veterans, and military spouses in all 50 states.
In this Veterans United review, we will discuss the services and qualities that make the company stand out against the competition.
VA Loan Ultimate Guide
I built the VA Loan Ultimate Guide to explain the confusing VA loan process.
- What is a VA loan?
- How to determine if you are eligible for a VA loan?
- How to get a VA loan Certificate of Eligibility?
- What credit score do you need for a VA loan?
- What is the VA loan process, from start to finish?
- Who are the best VA loan lenders?
- What is a VA cash-out refinance loan?
Here's a podcast episode from my Military Money Manual Podcast all about using the VA loan:
VA Loan Products
Veterans United offers seven types of customizable loan products. Borrowers have the option of fixed or adjustable-rate, 15 or 30-year mortgages.
Here's a summary of the loan products offered:
VA Purchase Loan: The VA purchase loan allows qualified participants to purchase a primary residence with no down payment and no private mortgage insurance (PMI) premium. The loan can be used to purchase a first home, take over a loan held by a seller, and in certain instances be used more than once. VA purchase loans usually have better interest rates and lower closing costs than other loan products, but they do include a VA funding fee which is built into all VA mortgages.
VA Refinance Loan: With the VA cash-out refinance loan, a qualified participant can take advantage of lower rates and equity by refinancing their current loan into a brand new one. This loan allows borrowers to take advantage of their home's equity by extracting the cash value.
VA Streamline Refinance Loan (IRRRL): The VA interest rate reduction refinance loan (IRRRL) allows current VA loan participants to refinance their current VA loan product into another VA loan. This would be done to lower interest rates or switch from an adjustable to a fixed-rate mortgage. With this type of refinancing, the process is simple and there are usually little to no out-of-pocket expenses for the borrower. No appraisal is necessary and closing costs can be added to the mortgage.
VA Jumbo Loan: A VA jumbo loan is a VA loan that exceeds the participant's county’s loan limit. This could be due to purchasing a home in an area with a high cost of living. While the VA does not have maximum loan limits, the loan amount is dependent on how much risk a financial institution is willing to take with no down payment.
Conventional Loan: A conventional or traditional loan requires the borrower to make up to a 20% downpayment and pay private mortgage insurance (PMI) if more than 80% of the loan is financed. With conventional loans, the interest rate and ability to qualify for the loan are based on credit reports, unlike VA loans.
FHA Loan: An FHA loan is a government-backed home loan that will allow the purchase of a primary residence with a 3.5% downpayment and lower credit score requirements than traditional mortgages. These loans do have a Mortgage Insurance Premium (MIP) that is paid annually and added to the monthly mortgage payment. FHA borrowers can qualify for a loan with a credit score as low as 500, and the loan limit is based on the type of property and the location of the home purchased.
USDA Loan: A USDA loan is one backed by the government through the Rural Development Program, and like the VA loan, requires no money down. The loan does come with its own form of mortgage insurance that is added in annually and divided across monthly mortgage payments. To qualify for the USDA loan, it must be used to purchase a primary residence in a rural area and there is an income cap for the borrower. The government does not have a maximum loan amount, but the financial institution used will look into income, credit, debt, etc.
VA Energy Efficient Mortgage: A VA energy-efficient mortgage allows participants to borrow up to $6,000 to make eligible energy-efficient improvements to a home.
Veterans United has a full self-service online platform as well as 24/7 customer service phone lines available. Before speaking with anyone, you can visit the website and take advantage of the following tools:
- Check My Eligibility
- VA Loan Rates
- What can I afford?
- Get a quote
From the Veterans United website, you can fill out the applicable online form or loan application. Once in the system, a loan officer will be assigned and reach out to you immediately.
The VA loan officer will stay in contact with you throughout the entire home loan process. You are also assigned a customer care manager that periodically reaches out to make sure you are receiving excellent service and answer any questions you have. From the start, Veterans United gives you an entire team to ensure your success during the home buying process.
Because they understand how busy service members are, everything can be handled 100% online through the Veterans United portal, including the closing. A secure portal is created for you to upload any important and required documents, and all tasks assigned are shown on the portal as a “To Do” as they are requested by your mortgage officer.
An associated email is also sent out to notify you of outstanding items. This helps you and your loan officer keep track of every document submitted and know what is coming due or missing.
Veterans United is also one of the few lenders that will accept an electronic copy of a power of attorney for service members that can not attend the closing. This can come in handy for service members transitioning from tours overseas.
Because VU is an approved VA lender, they can look up your Certificate of Eligibility. It's also easy to look up yourself.
Additional Services Offered
Veterans United has a full team of realtors that specialize in assisting military members and families with VA loans. If you wish, they can assign you a realtor that is experienced, knowledgeable, and there to help you get through the VA loan process.
These realtors understand the Veterans United mortgage process and work with your loan officer to successfully collect and submit documents for underwriting.
Veterans United also has a network of insurance providers that will offer you special discounts on home and auto insurance just for getting a mortgage through the company.
Throughout the process of applying for a Veterans United mortgage, you are surrounded by a team of people that truly care about you and your time. This is reflected in their customer service and system efficiency.
The Veterans United employees and their trusted networks are committed to serving and sharing knowledge with their military customers. These are some of the added perks of choosing to work with the company.
Veterans United Reviews
Veterans United has an impressive track of being ranked at the top of independent review lists for years on end. They self-published over 200,000 customer reviews of which more than 150,000 were 5-star, and have an overall score of 4.8 out of 5 for customer satisfaction.
More than 98% of Veteran United customers say that they would recommend the company. They offer a 24/7 customer service line that you can call and ask real people any questions you have about the company, what they offer, and your loan process.
This commitment to customers comes from employees upholding the company's values of delivering results with integrity and enhancing lives every day.
Pros of Veterans United Home Loans
- Offers a variety of VA loan products
- In house network of realtors and insurance companies
- 24/7 availability for customer care
- Application & pre-qualification forms online
- Accepts power of attorney signing option
- Offers multiple educational resources
Cons of Veterans United VA Loan
- Long closing times
- High interest rates and fees
- Only offers VA loans
- Only 28 branches across the country
Veterans United seeks to educate the military community while providing all the resources needed to qualify for a VA loan. They have a website full of helpful tools and tips to help you navigate through the home buying process as well as a VA Homebuying Course.
For service members with less than perfect credit, they even offer a free Credit Counseling service that will help you build your credit to qualify for a VA loan. If you are curious about things such as how much loan you can afford or your loan limit, they have calculators to help estimate payments.
Veteran United continues to show its dedication to customers by providing resources and assistance above and beyond what is required of them. They don't just want service members to get a VA loan, but to come out more knowledgeable and in a better financial position as well. This sets them apart from the competition.
Veterans United Mortgage Review
Veterans United is a top contender for the best VA loan lender, currently holding the spot for #1 VA lender for 6 years in a row. They specialize in VA home loans for service members, veterans, and their families.
Veterans United home loans offer a full suite of loan products with the option for fixed or adjustable-rate mortgages, giving service members many options to choose from. They rank high in customer satisfaction surveys and offer a wide range of educational resources regarding VA mortgages.
On the other hand, their minimum credit score is quite average, around 620, and they tend to have higher interest rates and fees. Veterans United only has 15 and 30-year terms on loans, and home equity loans or lines of credit are not part of their offerings. Their closing times also tend to be longer than competitors, but they do a good job at gathering everything they need to close on time.
Overall Veterans United's customer care, availability and accessibility of their loan products, and educational materials help push them to the top of the VA lenders list. Veterans United is committed to helping military families grow financially and purchase their dream homes.
We recommend Veterans United to anyone who is currently or has previously served in the United States Armed Forces. Regardless if it’s your first home or your fifth, Veterans United is there to serve you.