Veterans United Home Loans Review [2024]

Veterans United is one of the leading VA mortgage lenders in the country due to its excellent customer service, free credit coaching, ease of application, and other perks.

In this Veterans United home loans review, we’ll examine the lender's mortgage loan offerings, rates and terms, eligibility requirements, and pros and cons of using its services.

Pros and Cons of Veterans United Home Loans

Veterans United is known for its VA loans, but it also has other home loan offerings. However, before you decide to work with this lender, it’s important to compare the pros and cons to make an informed decision.

Pros

• Largest VA loan provider by volume in the U.S.
• Offers other home loan options
• Convenient online application process
• 24/7 customer support
• Free credit coaching

Cons

• Branches are only in 15 states
• Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
• The website doesn’t have much information about all their available mortgage options

How Do Home Loans Work at Veterans United

If you’re planning to apply for a VA loan at Veterans United, it’s important to understand the mortgage rates and terms, eligibility requirements, and other details about the loans it offers.

Rates and Terms

You can fill in your information on the lender’s website to get a VA loan preapproval for personalized rate offers.

Veterans United Home Loans also offers information about their current VA loan rates on its website. Assuming your credit score is 720 or better, these are the current interest rates and annual percentage rates (APRs) as of August 19, 2024.

Keep in mind that there are other fees you may have to pay, such as VA funding fees, home appraisal fees, and origination fees.

The VA funding fee is a one-time fee that ranges from 1.25% to 2.15% of your loan amount for first-time homebuyers, depending on the down payment amount.

Eligibility Criteria

While VA loans are only available to military members, there are other loans you can borrow from Veterans United Home Loans even if you’re not in the military. Here are the general eligibility requirements you’ll need to meet for most of its mortgage loans:

• You’ll need a credit score of at least 620 for conventional, USDA, FHA, and VA loans.
• Down payment requirements depend on the loan you’re applying for. VA loans don’t require a down payment at all. The down payments for FHA loans can be as low as 3.5%, while you’ll need 3% to 20% for conventional loans.
• For conventional loans, you’ll typically need a debt-to-income (DTI) ratio of 43% or lower. For VA loans, your maximum DTI should be no higher than 41%.

Benefits of working with Veterans United for Home Loans

There are a number of benefits of working with Veterans United for home loans. Here are a few reasons to consider:

• The lender has a large number of educational resources on the website.
• You can use the handy VA loan calculator to estimate your monthly mortgage payments.
• You can check the current rates on the website.
• Veterans United Home Loans offers free quotes online.
• You can get free credit coaching to help you improve your credit score and qualify for home loans.

Types of Home Loans Available at Veterans United

Veterans United doesn’t clearly list all the mortgage loan options it offers on its website. However, we were able to find that it offers these options:

VA Loans

Veterans United’s main focus is VA home loans. It is also the lender with the largest volume of VA loans in the country. This makes it a very good choice for borrowers who want to work with an experienced lender. VA loans are backed by the Department of Veterans Affairs and are a good mortgage program for American service members and military families due to its easy eligibility requirements.

FHA Loans

FHA loans are insured by the federal government and issued by private lenders. This is a good option for borrowers who don’t qualify for conventional mortgages due to their credit score or lack of a large down payment. With an FHA loan, you can get a home mortgage with a down payment as low as 3.5% if you have a credit score of at least 580. If your credit score is 500 to 579, you’ll need a down payment of at least 10%.

USDA Loans

USDA loans are zero-down-payment home loans for those buying in eligible rural areas and towns. These mortgages are guaranteed by the USDA Rural Development Guaranteed Housing Loan Program and issued by private partner lenders.

Conventional Loans

Veterans United also offers conventional mortgage loans. However, you can only get a fixed-rate loan from the lender, not an adjustable-rate mortgage. It also doesn’t offer cash-out refinance, home equity loans, or home equity lines of credit (HELOCs).

How To Apply for a Home Loan at Veterans United

Applying for a home loan at Veterans United is an easy and streamlined process. Here are the steps you’ll usually need to follow:

1. Start by prequalifying online by filling out an initial questionnaire.
2. Review your credit score and check the current VA loan rates on the lender’s website based on your credit score range.
3. Review the types of mortgages you qualify for.
4. Once you’re ready to apply, you can visit a local branch or speak to a loan officer on the phone.
5. If you want to apply online, you can create an account to fill out your information, upload documents, and track the progress of your application.
6. You’ll need to provide documents, such as a government-issued photo ID, pay stubs, tax returns, bank statements, W-2s, and your Certificate of Eligibility (COE).
7. The approval, underwriting, and closing process will usually take 40 to 50 days for VA loans and 30 days for other types of mortgages.

Veterans United Home Loans Reviews

Veterans United Home Loans has 4.8/5 stars from 395,655 reviews on the lender’s website as of August 2024. An overwhelming majority of 98.1% of Veterans United customers would recommend the lender to friends and family.

The positive reviews are from borrowers who were happy with the helpful and professional staff members and the streamlined application process. Here’s an example:

“It was a real pleasure working with Jerry and Matt. They were always quick to respond to all my questions and clearly explained each step of the process and helped it move forward very smoothly. As a first-time user of Veterans United, I would highly recommend them and look forward to using them again in the future. Thank you all for your hard work and continued support.”

We also evaluated the one-star reviews on the website and found that many borrowers were unhappy about their experience due to communication issues with some team members and the process taking too long. Here’s one such review we found:

“I’ll be honest, working with VU was really difficult. Jaimie was great, gave me a lot of options up front and helped facilitate a lot. She feels like a friend. But once I had to start dealing with the rest of the team, it was rough. Whoever the underwriters are, they are just awful. I cried every day in those first 3 weeks because of how uncertain I always felt about the loan going through. I was anxious waking up every day just waiting to hear what else was going to be wrong. I just closed on the house this week and I was actually super embarrassed when the Title lady at the title company said how terrible it was to work with Jackson (the closing agent at VU) because of how rude he was. I had to apologize for the lender I chose and the way she was treated. So embarrassing. Anyways, I could go into more detail but I will just end it by saying I’m so glad it’s finally over.”

Veterans United Home Loans is BBB-accredited and has an A+ rating on the Better Business Bureau’s website. It also has earned an average of 4.81/5 stars from 1,926 customer reviews.

On Trustpilot, Veterans United has earned an average of 4.9/5 stars from 11,260 customer reviews. Over 96% of these reviews have a 5-star rating, while less than 1% have a 1-star rating.

Is Veterans United the Right Choice?

Veterans United Home Loans specializes in VA loans, but it also offers a few other types of mortgages. It is licensed in all 50 states and is a good choice for military borrowers.

Even if you’re a civilian borrower, you can apply for conventional loans, USDA loans, and FHA loans at Veterans United. The lender also offers specialized programs and credit coaching to help you qualify for the various types of mortgages they offer, among more.

If you’re in the market for a VA loan, Veterans United Home Loans is a very good choice. However, we recommend comparing all your loan options to ensure you’re getting the best possible interest rate for your credit situation and home-buying goals.