Its primary focus is originating VA loans for veterans, service members, and their families. It also has in-house underwriting, closing, and concierge teams to assist with the entire home buying process. Additionally, it offers guides to home buying, glossaries with helpful real estate terms, loan calculators, and an interactive home buyer’s course on its website.
Veterans United prides itself on uplifting its community, offering friendly and knowledgeable service, and promoting inclusivity and diversity. It has positive overall reviews on TrustPilot with a rating of 4.9 out of 5 stars which is considered an excellent rating. Reviewers are impressed with the knowledge of the staff members and how friendly and helpful they are throughout the entire home buying process. Veterans United is also BBB accredited and has been since 2004. The company has a rating of A+ with the BBB (Better Business Bureau).
Veterans United aims to:
Help veterans become homeowners
Educate veterans about the importance of homeownership and guide them through the process
Offer competitive VA loan rates and terms
Key Figures
Below, you will find some pertinent information about Veterans United offerings:
Services Offered: Home buying tools for veterans including loan products, realty services, credit building tools and services, educational courses, and concierge services including moving services
Loan Products: VA loans, VA jumbo loans, and VA loan refinancing
APRs Range: 5.75 - 6.56% +
Minimum Credit Score: None but credit is considered
Repayment Terms: 15 or 30 years
State Availability: All 50 states
Time in Business: 20+ years
Available Loan Products
Veterans United offers both VA loans and VA jumbo loans:
Purchase Products
VA Loans:
These are loans for current qualifying service members, veterans, and their family members. To qualify, you must meet minimum service qualifications, have a valid Certificate of Eligibility (COE) and meet minimum lender credit and income requirements. However, there generally isn’t a minimum credit score. Instead, lenders consider the borrower’s overall credit and financial profiles. For specific eligibility criteria, visit Veterans United. You can answer a few questions about your military service on their website and speak to a specialist about eligibility requirements. 2022 Standard loan limits are $647,200 in most counties and $970,800 for high-cost counties. These loan limits are for single-family homes and apply to veterans with reduced VA loan entitlement benefits. Veterans with full entitlement benefits can get a larger loan with lender approval. Keep in mind that all veterans can apply for larger loans, but if they go over the VA loan limits, a down payment will be required. If they fall under the limits, a down payment is not required.
VA Jumbo Loans:
VA jumbo loans have the same service eligibility requirements as traditional VA loans. These jumbo loans are just VA loans with higher loan limits. Loans are typically considered jumbo loans if they exceed the loan limits for VA loans in a specific county. So, for most counties, any VA loan over $647,200 would be considered a jumbo VA loan. And any VA loan over $970,800 in high-cost counties would be considered a jumbo VA loan. Qualifications for VA jumbo loans vary by lender, but a minimum credit score of 620 is usually required. Lenders have more stringent income requirements too because the house is more expensive; thus making the mortgage payments more expensive. $0 down payment programs are still available if the lender deems you able to afford the home.
Refinance Products
In addition to VA loans and VA jumbo loans, Veterans United offers two types of refinance products. Rates, terms, and qualifications of the products vary by lender. The two refinance options are:
VA IRRRL Refinance Product:This interest rate reduction refinance loan is the most popular of the two refinance options. It’s a streamlined, simple, low-cost refinance option. In fact, sometimes, appraisals, income verification, and credit checks aren’t required. This loan product is only for veterans who currently have a VA loan and need a lower rate.
VA Cash-Out Refinance Product: Qualified borrowers can refinance their current loan and take some of the equity out of their home in a lump sum called a cash-out. You don’t need a current VA loan to qualify, but you must meet the veteran service qualifications. If you qualify, you can take out up to 90% of your home’s value.
Special Features
Some unique features offered by Veterans United include:
The most beneficial feature offered by Veterans United and VA loans in general is a no down payment loan! This makes home ownership more affordable and more realistic for so many more veterans and their families.
VA energy efficient mortgage product which allows veterans to borrow up to an additional $6,000 to go towards energy efficient improvements. This can be used on VA loans, VA jumbo loans, and refinance products. The funds can go towards storm or thermal windows, heat pumps and solar heating and cooling systems. However, it can’t be used towards non-permanent additions such as energy efficient appliances.
Veterans with full entitlement benefits can borrow as much money for a mortgage as the lender will extend.
VA loans are not one and done products. You can use multiple VA loans over your lifetime.
Application Process
The Veterans United Home Loans application process is as follows:
Get a VA loan pre-approval. This is necessary to show sellers and their agents that you’re a serious and qualified buyer. It also tells you how much house you can afford so you can shop within your budget. In order to get pre-approved, the loan specialist will ask about your military service, your income, and employment history.
Prepare documents. Have things ready like your statement of service or a copy of your DD-214, your identification, recent pay stubs, W2s for the past two years, and bank statements.
A loan specialist will run your credit with your permission. This is considered a hard credit pull and will show up on your credit report. There’s no minimum credit score requirement because each lender sets their own qualifications, but you generally need a 620 Fico score or higher to qualify.
Underwriting begins once you find a home you want to buy, make an offer, and get it accepted. You will sign documents, provide more information if necessary, and underwriters will assess your entire financial picture. An appraisal is ordered during this time as well. You will be responsible for the cost of the appraisal up front.
Closing time! You will receive a Closing Disclosure before your settlement day so you can review the final numbers. Lenders may check your credit score and employment information one last time. You will do a final walk through of the property, goto closing, sign the loan documents, and enjoy your new house!
Rates & Terms
Rates and terms vary by lender and they can also vary based on the borrower’s credit score, the price of the house, and the borrower’s overall financial profile. However, overall, VA loans offer competitive rates, favorable terms, and 0 or low down payment options to encourage homeownership among veterans and their families.
Typically rates and terms on VA loans are as follows:
15 year fixed VA purchase loan: 5.990%+ with 1.875 points
30 year fixed VA purchase loan: 6.125% with 1.875 points
30 year IRRRL: 6.990% with 0.8750 points
30 year VA cash-out: 6.990% with 0.7500 points
Help & Support
Veterans United has an easy-to-navigate website with helpful information on the loan process. You can contact them through their website, via phone at 1-800-884-5560 or you can email them at customer_service@vu.com. You can also find various ways to reach out to different departments on the website such as if you need assistance with media relations, mortgage servicing, or disclosures.
Summary
Veterans United is a highly rated, reputable lender that really seems to care about its community. It offers competitive rates, multiple types of loan products, and has an informative easily navigable website with educational resources on homeownership and VA loans. Veterans United can help you with a VA loan, a jumbo VA loan or two types of refinance products.
