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Veteran United In-Depth Review

In a nutshell: Veterans United Home Loans is a leading provider of VA loans, catering primarily to veterans, active-duty service members, and eligible reservists. The company offers services such as purchase loans and two refinance options for VA borrowers: the VA Interest Rate Reduction Refinance Loan (IRRRL) and a cash-out refinance.

Veteran United In-Depth Review

Overview

Are you a veteran or an active duty member? You could qualify for a low-rate mortgage with Veterans Home Loans. As the largest VA purchase lender for military members in the United States, Veterans United has provided over $160 billion in home loans. Available loan products in VA loans as well as FHA, USDA, conventional loans, and jumbo loans.

Ready to purchase a new home or looking to refinance your current property? Continue reading to find out if you’re eligible for a loan with Veterans United Home Loans.

Eligibility & Process

Veterans United Home Loans offers both mortgages and refinancing. Interested applicants can check if they qualify in minutes through the website. The loan process typically takes between 30 to 45 days to complete.

Applicants must meet at least one of the following requirements to qualify:

Have served 90 consecutive days of active service during wartime, or
Have served 181 days of active service during peacetime, or
Have had 6 years of service in the National Guard or Reserve, or
Are the spouse of a service member who has died in the line of duty or as a result of a service-related injury.

The easy online form will walk you through step by step, asking for information such as current military status, location of the home you’re interested in purchasing, price range, property type, when you plan on buying, and whether or not you currently own a home. You will also need to provide your credit score, employment status, marital status, household income, and email address.

Your lender may require certain documents such as your record of service in the military. Although you won’t need your Certificate of Eligibility (COE) in order to apply, eventually you will need this document to secure your loan. You can obtain the COE by:

Applying through a VA-approved lender, or
Applying online through the VA’s eBenefits portal, or
Applying by mail with VA Form 26-1880

Unlike other types of mortgages, VA Loans considers more than just the debt-to-income ratio when it comes to eligibility, and also looks at residual income. The underwriting standard will calculate the amount of income left over at the end of the month, after paying all other debt such as home insurance, taxes, and student loans, outside of living expenses. Minimum requirements vary depending on the location and cost of living of the applicant.

Although the VA does not set any credit score requirements, Veterans United lenders will accept applicants with a minimum credit score of 620. If you have any questions concerning eligibility requirements, a home loan specialist will be happy to help.

Customer Support

As the nation’s leading VA purchase lender, Veterans United has a proven track record of providing outstanding service to customers. The lender scores high marks for its customer service. On its website, there are more than 350,000 customer reviews. Over 98% of those customers say they’d recommend the lender to friends and family. The company has received mentions in USAToday, MilitaryTimes, ABC News, CNN Money, The New York Times, and Yahoo! Finance, which speaks to the quality of their service.

Pros

Specialized for veterans
0% minimum down payment

Cons

VA funding fee between 1.25%-3.30%
Up to 1% origination fee

Mortgage Loans FAQs

Looking to purchase a home or refinance an existing mortgage? Online mortgage loans allow you to receive multiple offers and find a loan that suits your needs. Before starting a mortgage or refinancing an existing loan, it's important you understand the mortgage loan process. To get you started, we've answered some of the most commonly asked questions about mortgage loans below.

How do mortgage loan services work?

Many of the top mortgage loan companies function as a middleman between the borrower and lender. As an applicant, you are asked to fill out basic information on the mortgage company's website, then the service will show you what options and rates are available to you. Lenders will make an offer as to how much money they can loan and the repayment conditions.

What kind of information do I need to provide to apply for a mortgage?

As a mortgage applicant, you can fill out basic information on the mortgage company's website. This includes the type of home you plan on purchasing, the location of the home, and details about your current financial situation and anticipated down payment. Some mortgage companies will ask for your Social Security number in order to accurately provide you with personalized rates. The mortgage service will then offer you several mortgage loan options or connect you with a representative over the phone.

Can I refinance an existing mortgage loan?

There are many reasons to refinance and replace an existing mortgage. Many people refinance their mortgages in order to reduce monthly payments, switch from an adjustable-rate to a fixed-rate, or to pay off their mortgage early. Others refinance in order to access cash to pay off other high-interest loans such as car loans and credit card loans. Virtually all online mortgage services offer mortgage refinance options, allowing you to view and compare refinance rates. Be sure to carefully consider your refinance options as it may mean using your home as collateral.

What is APR?

The APR (annual percentage rate) refers to the annualized interest rate charged on your mortgage. Typical APRs range from about 3% to 5% and are very dependent on the amount, length, and eligibility of your mortgage. The APR will also fluctuate depending on the type of mortgage you choose. Lenders may offer you fixed-rate mortgages, two-step mortgages, balloon mortgages, and more.

How much time do I have to repay the loan?

Your repayment agreement depends on the terms negotiated between you and the lender. Mortgage companies such as Quicken Loans, for example, offer 15 and 30-year fixed rates, while other lenders such as J.G. Wentworth offer other options such as 20-year mortgages. Representative Example: If you bought a home for $500,000 with a 25% down payment, at an APR of 3.5% and a 15-year fixed term, you would pay around $2,700 per month.

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