Veterans United Review

Veterans United Home Loans – An In-Depth Review of the Largest VA Home Purchase Lender

Veterans United was founded in Columbia, Missouri, in 2002 with only four employees and began focusing on VA home loans shortly after. Within six years, it passed $1 billion in financing and became a nationwide lender. Now it has more than 2,200 employees in more than 20 states, and it is the nation’s number one VA home purchase lender.

The company is dedicated to serving military members and their families. For those who don’t qualify for a loan, a free credit building program is available,  which can help applicants get on the road to approval. Here, we will take a deeper look at Veterans United’s home loans to decide if the company is right for you.

Veterans United loan products

Veterans United specializes in VA home loans. How does the loan work? It is for veterans and their families and is backed by the U.S. Department of Veteran Affairs (VA). The main benefits are flexible qualification requirements, no down payment, no required mortgage insurance, and competitive interest rates.

Are you a veteran and thinking of buying a house? Click here to learn why VA loans are better than conventional mortgages.

Veterans United also offers mortgage refinancing options. The main two are the VA Streamline Refinance and the Cash-Out Refinance products. The VA Streamline Refinance allows veterans who already have a VA loan to refinance it and reduce their interest rate. It’s called the “Streamline” Refinance because it’s light on paperwork, has few out-of-pocket costs, and doesn’t always require an appraisal. The Cash-Out Refinance allows borrowers with a home loan to refinance and tap into their home’s equity.

Although Veterans United specializes in VA loans, it also offers FHA, USDA, and conventional loans.

VA loans, like any other loan, will have closing costs, which typically range from 3 to 5% of the loan amount. The loan-related costs generally include a 1% origination fee, an appraisal fee, title charges, discount points, fees to access your credit report, and inspection fees (well, septic, and termite). Additionally, there are costs that aren’t directly related to the loan, such as prepayment of your homeowner’s insurance and property tax, recording fees, real estate commissions, homeowners’ association fees, and home warranty fees.

How do you qualify for a VA loan?

To qualify for a VA loan, borrowers typically have to meet one of the following requirements:

 Veterans Affairs Loan Requirements
  • More than six years of service with the Reserves or National Guard.
  • 90 consecutive days of service during wartime.
  • 181 days of service during peacetime.
  • Be the spouse of a service member who died during their time on duty.
  • Spouse of a service member who died because of a service-related disability.
  • Have a spouse who was a service member and a service-connected disability at least 10 years before death.

Additionally, Veterans United has an additional set of criteria that potential borrowers must meet regarding income, debt, and credit.

What does your credit score have to be to get a VA loan? Most VA lenders require a minimum credit score of 620, though that doesn’t guarantee approval. Other factors will be taken into consideration, such as your income, debt-to-income ratio, and employment history.

How do I get my VA Certificate of Eligibility (COE)?

You can ask a Veterans United team member to get your COE on your behalf. Additionally, you can apply online through the VA eBenefits portal, or apply by mail by submitting VA Form 26-1880.

Read more on VA loan eligibility and requirements

Veterans United customer service

Veterans United has customer service representatives available 24/7 and they can be reached by calling 1-800-884-5560. You can also call or message the Veterans United Help Desk if you would like to speak with a member of the Client Advocate Team. If you prefer to self-serve, the company provides answers to many commonly asked questions on the website.

How happy are customers with Veterans United overall? Well, the company has earned an average of 4.7 out of a 5-star rating after 110,803 reviews. Further, 97.8% of customers say they would recommend the company to their friends and family.

Read Veterans United home loans reviews

Lighthouse Program

The Lighthouse Program is free and helps people improve their credit so they can get prequalified for a home loan. A personal consultant is assigned to each participant, and together they create a realistic plan for credit improvement. Online resources are also provided that help participants stay on track. After completing the tasks of the plan, a Veterans United specialist can help Lighthouse Program participants get pre-qualified for a loan.

Chris Cline, Media Specialist at Veterans United says, “Since 2007, the Lighthouse Program has helped more than 60,000 Veterans improve their credit and prequalify for a home loan.”

Learn habits that lead to excellent credit

Veterans United Foundation

“Veterans United Foundation is the philanthropic arm of Veterans United Home Loans. More than 90% of Veterans United employees contribute a percentage of their paychecks to the foundation, which serves Veterans, local charities, and fellow employees in times of need,” explains Cline.

He adds, “Through company and employee donations, the foundation has raised more than $40 million since its founding in 2011.”

WEIGH THE PROS AND CONS

Compare the pros and cons to make a better decision.

Pros
  • Experts in VA loans
  • Flexible standards for qualification
  • No down payment required
  • Low closing costs
  • No requirement for private mortgage insurance
  • No prepayment penalties
  • Competitive Veterans United home loan rates
  • Lighthouse Program helps people build their credit
  • The company gives back to military members and veterans in need
  • Good customer service
  • Client advocate team can relate to military members
  • Serves all 50 states and Washington, D.C.
Cons
  • Veterans United locations are only in about 20 states
  • No home equity credit line or loan products
  • May not have the lowest interest rates

Is Veterans United right for you?

If you are a current member of the military, a veteran, or a qualifying spouse who is looking for a home loan product, Veterans United should be on your radar.  VA loans provide many benefits over other types of loans for those who are eligible, and this lender specializes in them. Its customer service is oriented toward service members, and it’s also a great company overall, helping those applicants who don’t qualify yet and donating to veterans in need.

Click here to learn more about Veterans United and get a quote 

Veterans United’s unique benefit is its specialization in VA loans, so if you aren’t going to get one, you should shop around. Review and compare lenders to find the best overall value in terms of cost and service. Ready to get started? Check out SuperMoney’s Home Purchase Mortgages review page. 

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