Veterans United Home Loans Review 2022: Specializes in VA Loans and a Solid Consumer Complaint History

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Top Lender Among Military Families
Veterans United Home Loans Review 2022
Veterans United Home Loans Review 2022
Editor’s Score: (4.6/5)
Top Lender Among Military Families
Veterans United Home Loans Review 2022
Editor’s Score: (4.6/5)
  • Minimum Credit Score:
    620 for VA loans
  • Minimum Down Payment:
    0% for VA loans
  • Can Apply Online:
    Yes
  • Operates In:
    All 50 States

NextAdvisor’s Take

Pros
  • Mortgage loans available in all 50 states
  • Educational content available through the company’s website
  • Highly experienced in VA loans as a top three VA loan originator for five consecutive years
  • Low number of consumer complaints with the CFPB
  • Offers a number of loan programs including VA, jumbo, conventional, FHA, and USDA
  • Full online application process
Cons
  • Limited online rate information; must call to see lower rate options with discount points
  • Difficult to find information regarding non-VA loan options
  • Does not offer home equity loans or lines of credit
The Bottom Line

Veterans United offers a variety of loans, including VA, Jumbo, Conventional, FHA, and USDA. The lender is worth considering for eligible borrowers looking to obtain a VA loan. VA loans provide eligible borrowers benefits such as no down payment, easier loan qualification standards, and no mortgage insurance. The Department of Veterans Affairs ranks Veterans United in the top three VA lenders by volume for the last five years. The lender’s website provides tons of educational content on the mortgage process, and if you do have questions, their customer service representatives are available via phone 24/7.

Editorial Independence

As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships. For more information about our scoring methodology, click here.

Veterans United Home Loans Full Review 

Veterans United Home Loans, headquartered in Missouri, is a mortgage lender that specializes in VA home loans. While the company focuses heavily on VA loans, they also offer conventional, jumbo, FHA, and USDA loans. The lender was founded in 2002 and currently has 25 branch locations across 17 states in the U.S. Veterans United is incredibly active in the VA loan space. The U.S. Department of Veterans Affairs lists Veterans United in the top three among VA loan lenders by volume for five consecutive years. 

VA loans provide a number of benefits for those who qualify, such as requiring no down payment and offering easier loan qualification standards. To be eligible for a VA loan, you’ll typically need to have some form of qualifying military affiliation, but if you are eligible, it’s definitely worth considering applying with Veterans United. 

Veterans United Home Loans: Mortgage Loan Types and Products

Veterans United offers a variety of VA home loans for those looking to purchase, refinance an existing mortgage, as well as borrow money to conduct energy-efficient improvements on a home. They do also offer products for those who do not qualify for VA loans including conventional, jumbo, FHA, and USDA programs. 

Veterans United provides an eligibility chart to help determine if a VA loan is an option for you. Among the many benefits of VA loans is the ability of borrowers to make a 0% down payment. VA loans also do not require private mortgage insurance (PMI), can provide competitive interest rates without necessarily requiring a top-notch credit score, and are easier to qualify for a loan. By comparison, conventional loans generally require a down payment of at least 5%, may require an added cost of mortgage insurance with less than a 20% downpayment, and have more strict requirements when it comes to evaluating credit and income. 

Information on the company’s conventional, FHA, and USDA offerings was difficult to locate on the company’s website, but we called and spoke with a customer service representative who confirmed that they are available. 

Veterans United Home Loans: Mortgage Transparency

Veterans United provides a wealth of information on its website regarding the loan process. This information covers topics on the eligibility requirements and benefits of a VA loan, types of mortgage loans, as well as articles detailing what to expect through the loan process and closing costs. There are also articles that dive into topics such as how to prepare for homeownership and the basics of home loans, credit, and underwriting

Borrowers can choose to begin the loan process online, in-person at one of their branches, or apply over the phone. The lender provides online rate quotes without the need to check your credit, although you will have to provide your phone number and email address.

Veterans United seems to focus heavily on VA loans, and although the website was easy to navigate, it was difficult to find information on their other loan offerings for conventional, jumbo, FHA, or USDA products. 

Compared to other lenders we’ve reviewed, the company had one of the lowest complaint ratios logged with the Consumer Financial Protection Bureau (CFPB): The number of consumer complaints per 1,000 loans originated. The CFPB is the agency responsible for collecting, monitoring, and responding to U.S. consumer complaints about financial services and products.

Veterans United Home Loans: Mortgage Rates and Fees 

Interest rates are updated daily on the Veterans United website. Customers can also get a customized rate quote online by answering some basic questions about their loan scenario. However, the rate quote only provides a single rate and does not provide options to pay discount points for a lower interest rate. This would require you to call and speak with a loan representative.  

We called to ask about specific fees the lender charges and were told that closing costs can vary depending on the exact details of the loan. For VA loans, a VA loan funding fee can vary anywhere from 0% to around 3.5% depending on how often a borrower has utilized the program, the loan type, and whether you qualify for an exemption. We were told that first-time homebuyers can expect the VA funding fee to be approximately 2.3% of the purchase price, with subsequent uses to be around 3.5%. Those applying for a VA IRRRL loan can expect the fee to be 0.5%. 

Depending on whether you choose to go with a VA, Conventional, FHA, jumbo, or USDA loan, the following fees could also apply:

Veterans United typically looks for a credit score of at least 620. According to a loan representative we spoke with, borrowers can expect the process to take between 30-45 days from start to finish. 

Refinancing With Veterans United Home Loans

Borrowers looking to refinance have several options available:

  • VA Interest Rate Reduction Refinance Loan (IRRRL): Also known as a VA streamline refinance, this loan is a popular choice among Veteran homeowners looking to obtain a lower rate on an existing VA loan. In some cases, this may not even require verification of credit, income, or an appraisal inspection of the home. 
  • VA Cash-Out Refinance: If you’re eligible for a VA loan, you can consider a cash-out refinance to take advantage of your home’s equity. You do not need to have a current VA loan, and eligible homeowners can cash out up to 90% of the home’s value. 
  • VA Energy Efficient Mortgage: Veterans looking for a way to fund energy-efficient improvements to a home can benefit from this type of loan. This option is available for both purchase and refinance loans, and can finance up to $6,000 of qualified improvements such as solar heating, heat pumps, and thermal windows.  
  • Rate and Term Refinance: For non-VA borrowers, this option allows you to replace your existing mortgage loan with one that has a different loan term or interest rate. You can also change to a fixed-rate or adjustable-rate mortgage.  
  • Cash-out refinance: Also available for non-VA borrowers, this allows you to take advantage of the equity you have in your home to pay for things like home improvements, college education, or pay off other higher interest rate debt. 

Veterans United Home Loans Compared to Other Mortgage Lenders

Veterans United Home LoansNavy Federal Credit UnionFreedom Mortgage Review
Minimum credit score620 for VA; varies for non-VA programs Not provided620 for conventional; 600 for FHA; 580 to 620 for VA; 660 for USDA
Minimum down payment0% for VA loans, 3.5% for FHA 0%0% to 5%
Where does the lender operate?All 50 states and Washington, D.C.All 50 states and the District of ColumbiaAll 50 states and Washington, D.C. 
Major loan typesVA, jumbo, conventional, FHA, USDA, purchase, refinance, cash-out refinance, adjustable-rate, fixed-rateConventional, jumbo, VA, adjustable-rate, fixed-rate, refinance, cash-out refinance, second-home financing, investment property loansConventional, jumbo, VA, FHA, USDA, adjustable-rate, fixed-rate, refinance

How to Shop Around to Get the Best Mortgage Rate

To be sure you’re getting the best rate, it’s important to consider different types of lenders. Credit unions, full-service financial institutions, banks, and lenders that specialize only in mortgage loans are good places to start. Some lenders may also offer a lower interest rate in exchange for additional discount points or closing costs, so you’ll also want to ask for a written loan estimate that details both the interest rate and associated closing costs. 

Since rates and fees can vary based on the characteristics of the loan, it’s important to provide the exact same loan information to each lender to ensure you’re making a fair comparison. These items can vary based on things like loan program, length, credit score, property type, down payment, and loan amount. 

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Editorial Independence

As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships. For more information about our scoring methodology, click here.