Veterans United is a national lender specializing in helping military families purchase homes using VA loans. Though the company offers several types of loans, its resources are primarily devoted to VA loans, making 💖it a great option for borrowers seeking them. The company💖’s accessible and responsible customer service is a major selling point.

Veterans United 🔯may not be the right fit for everyone. As you’ll learn, its lack of available information on its other loan types may be frustrating and turn some no🍃n-VA loan borrowers away.

Pros Explained

• Top VA loan lender: Veterans United specializes in VA loans and, according to the latest data from the Department of Veterans Affairs, is the nation’s top VA lender.
• 24/7 customer service: Veterans United offers round-the-clock customer service, which allows it to better serve customers who are stationed overseas.
• Highly rated for customer satisfaction: Veterans United has top-rated customer satisfaction for mortgage origination, according to J.D. Power.

Cons Explained

• Limited number of branches: Veterans United only has two dozen branches serving 17 states. Most customers won’t be able to visit a physical branch.
• Limited information about non-VA loans: Though Veterans United offers non-VA loan types, its website provides limited information about them and doesn’t disclose rates for non-VA loans.
• No home equity loans or HELOCs: Veterans United doesn’t offer home equity loans or home equity lines of credit (HE🌄LOCs).

Types of Mortgage L🎀oans Offered by Veterans United

🧸 Veterans United specializes in VA loans, but it also offers conventional loans, FHA loans, and USDA loans. Let’s examine the types of loans that Veterans United 🥃offers in more detail.

• VA loans: Veterans United specializes in VA loans, which are backed by the Department of Veterans Affairs. These loans are available to eligible service members and veterans. They don’t require a down payment or private mortgage insurance. Veterans United generally requires a credit score of at least 620, which is typical for VA lenders.
• FHA loans: 澳洲幸运5官方开奖结果体彩网:FHA loans are offered by the Federal Housing Administration. The key benefit of FHA loans is the low credit score requirement—you can qualify with a credit score of 500 if your down payment is 10% and a score of 580 if your down payment is 3.5%. FHA loans require an upfront mortgage insurance premium and annual mortgage insurance. Unlike VA loans, FHA loans have fewer eligibility requirements, since anyone who meets the credit and income requirements can apply.
• USDA loans: 澳洲幸运5官方开奖结果体彩网:USDA loans, backed by the Department of Agriculture, are offered to borrowers in eligible rural areas. These loans are designed for low- and moderate-income borrowers, meaning they have income limits. Like VA loans, USDA loans don’t require a down payment, nor do they require mortgage insurance. While the USDA doesn’t have a minimum credit score for its loans, most lenders require a score of at least 640.
• Conventional loans: A 澳洲幸运5官方开奖结果体彩网:conventional loan is any loan that isn’t part of a government program, such as VA loans, FHA loans, and USDA loans. Most conventional loans are 澳洲幸运5官方开奖结果体彩网:conforming loans, which means they are eligible to be purchased by Fannie Mae or Freddie Mac. These loans require credit scores of at least 620 and down payments of at least 3%. However, with a down payment of less than 20%, these loans require private mortgage insurance (PMI).

Veterans United Mortgage Loan Features

If you’re considering getting a mortgage through Veterans United, be sure to explore the lender's other features and resources.

• Resource library: Veterans United has a large library of educational resources to help borrowers learn more about the homebuying process. These resources discuss all of the loan types the lender offers but primarily focus on VA loans. Additionally, the library includes other articles that may be of interest to military service members and veterans, such as roundups of the best cities for veterans to live in.
• Homebuying course: If you want to learn more about the homebuying process before applying for a loan, you can take Veterans United’s free VA homebuying course. It has 10 video lessons that cover the process of buying a home and even reusing your VA loan benefit in the future.
• Free credit counseling: Veterans United offers free credit counseling for veterans whose credit score isn’t sufficient to buy a house. This program is specifically designed for veteran and military homebuyers and helps you review your credit report and put together a plan to boost your credit score to buy a home.
• Mortgage calculators: Veterans United offers various loan calculators to help you plan your home purchase. These include a VA mortgage payment calculator, a VA affordability calculator, a VA refinance calculator, a VA loan limit calculator, and more.
• Mobile app: Veterans United offers a mobile app that allows you to apply for your loan and get updates on its progress, upload and sign loan documents from your phone, and manage your loan after the closing.

How to Apply for a Veterans United Mortgage

If you’re considering applying for a mortgage from Veterans United, the first step is pre-approval. 

1. Get pre-approved: You’ll answer a few key questions about your homebuying goals and your military experience. You don’t have to be a current or former military service member to get a loan through Veterans United, but your answer to this question will help it filter which loans you’re eligible for.
2. Create an account: Once you’ve answered the preliminary questions, Veterans United will prompt you to set up an account and complete your pre-approval application. You’ll share information about your employment and income and ultimately be asked to consent to a credit check to complete the process. Keep in mind that the credit check may impact your credit score.
3. Go home shopping: Once you’ve been pre-approved for your loan, you can start shopping for a home. Once you’re under contract on a home, you’ll complete your loan application. The official loan approval process is a bit more in-depth than the pre-approval process. 
4. Get underwritten: A loan officer will 澳洲幸运5官方开奖结果体彩网:underwrite your loan, and you’ll need an appraisal of the home you’re buying. Throughout the underwriting process, Veterans United makes it easy to manage your loan application online or through its mobile app. The company’s underwriting process typically takes 45 days.
5. Close: Once you’ve completed the underwriting process, the final step is to 澳洲幸运5官方开奖结果体彩网:close on your home. Veterans United has a hybrid closing process. You’ll have to appear in person, but you can sign your closing documents digitally.

Veterans United Rates and Fees

Veterans United shares its current 澳洲幸运5官方开奖结果体彩网:VA loan interest rates on its website. According to the latest data, Veterans United’s rates are slightly under💖 or on par with the national average for both 30-year and 15-year fixed-rate VA loans.

Unfortunately, Veterans United doesn’t disclose its rates for non-VA loans, so it's difficult to tell how they stack up to the competition. That being said, a lender’s average rates aren’t necessarily reflective of the rate you’ll be offered. To get a customized rate quote for any type of loan from Veterans United, including a VA loan, you’ll have to go through the pre-approval process and consent to a 澳洲幸运5官方开奖结果体彩网:hard credit inquiry.

In addition to your loan interest rate, you’ll also pay some loan fees. Veterans United charges a flat 1% origination fee on its loans, which is on the high end of normal for most lenders. If you’re taking o🌠ut a VA loan, you’ll also have to pay a VA funding fee, but that’s charged by the VA rather than Veterans United and will apply no matter what lender you borrow from.

Online Experience

Veterans United’s website is r🧸elatively easy to navigate. The pre-approval process is simple and self-explanatory. You can easily find resources like educational articles, mortgage calculators, the homebuying course, credit consulting information, VA loan rates, and more.

Where you may struggle with Veterans United’s website is if you’re applying for a loan other than a VA loan. While Veterans United offers conventional loans, FHA loans, and USDA loans, it doesn’t make information about those loans freely available on its website, nor does it disclose interest rates on t🌊hose loans.

Finally, Veterans United offe🍨rs a user-friendly mobile app where you can manage your loan before and after closing.

Customer Service

One of the areas where Veterans United really stands out⭕ is in its customer service. It has 24/7 customer service to accommodate its overseas borrowers—this is especially important given its focus on VA loans. You can contact the company via phone, email, mail, or one of its various social media p𒁃ages.

Customer Satisfaction

Veterans United has truly outstanding customer satisfaction scores. First, the lender has the highest ranking of any lender in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. It also has an average rating of 4.9 out of 5 stars on Trustpilot. It has more than 11,000 reviews and 96% of them are 5-star reviews.

Many reviews praise the company’s excelle♓nt customer service and the ease of the homebuying process. Howev💝er, it’s worth noting that most of these reviews specifically reference VA loans—it’s hard to find reviews from customers who have gotten other loan types from Veterans United.

Account Management

Once you close on a mortgage, lenders may sell the loan to another loan servicer. Veterans United doesn’t disc🌠lose whether it transfers or sells its loans to another servicer. 

If Veterans United maintains your home loan, you can manage 💃it from your online account or mobile app. There, you’ll be able to track and manage your payments, including setting up auto-pay.

Other Banking Services and Loa✨ns Offered by Veterans United

Veterans United isn’t a full-service financial institution, meaning it doesn’t offer banking and other similar financial services. ๊However, the company does offer a couple of other relevant services.

First, Veterans United Realty is an af🍰filiate partner of the lender. It offers a nationwide network of real estate agents throughout the U.S. that specialize in helpin⛄g veterans buy homes. Borrowers who use both Veterans United Realty and Veterans United Home Loans may be eligible for certain savings on their closing costs or interest rate.

It also offers an insurance agency, Veterans United Insurance. The company offers home, auto, and life insurance policies to military veterans. Rather than underwriting its own policies, it works with partner companies, including Nationwide, Progressive, and Travelers🅷.

Compare Veterans United With Other Mortga🍰ge Loan Lenders

The Bottom Line

Veterans United is a nationwide lender that offers various types of mortgages but specializes in serving military families and offering VA loans. Given its robust lineup of resources, including 24/7 customer service, a VA loan homebuying course, and credit counseling, it's no surprise that Veterans United is the nation's top VA lender. For these reasons and more, we think this lender is a great option for anyone seeking a VA loan.

𝓰 While Veterans United is a top contender for VA loans, it may not be the right choice for anyone looking for a conventional loan or a different type of government-backed loan. Given the company’s lack of focus on th⛄ese loans, you may have an easier time working with a company specializing in the type of loan you’re looking for.

Frequently Asked Questions (FAQs)

Who Owns Veterans United Home Loans?

Veterans United Home🌼 Loans isn’t owned by another company. It was founded in 2002 by two br🦩others, Brant and Brock Burkowsky. Today, it’s affiliated with several other companies, including Veterans United Homefront, Veterans United Realty, and Mortgage Research Center.

What Credit Score Do You Need for a VA Loan?

The Department of Veterans Affairs doesn’t require a minimum credit score for VA loans. However, each lender can set its own requirements and most lenders, including Veterans 🌳United, requꩵire a score of at least 620.

Who is the #1 VA Lender in the U.S.?

Veterans United is the top VA lender in the country, according to data from the Department of Veterans Affairs. Other top lenders include United Wholesale Mortgage, 澳洲幸运5官方开奖结果体彩网:Rocket Mortgage, and Freedom Mortgage.

How Many Times Can You Get a VA Loan?

There’s no limit to the number of times you can 澳洲幸运5官方开奖结果体彩网:apply for a VA loan. You can use this type of loan aܫs often as you want as long as you have sufficient benefit to cover it. In most cases, your full benefit is restored when you pay off your previous VA loan and sell the property.

How We Review Mortgage Lenders

In March 2024, we conducted a consumer survey, collecting 500 responses from current or prospe♏ctive homebuyers and mortgage borrowers to understand what is most important when selecting a lender. We asked them 41 questions about the home-buying and mortgage-shopping experience, and we learne🎉d what features and services were most important to them. Our team of researchers analyzed the results, and this information fueled our list of 38 mortgage lenders and 55 criteria for our rubric.

We then collected over 2,000 data points, surveying mortgage lenders and collecting data via media contacts, websites, and customer service between May 31 and June 28, 2024. To develop our list of the best mortgage lenders, we weighted 36 of the 55 individual criteria, giving higher weight to those criteria that mean t🐓he most to borrowers. The score for each company’s overall star rating is a weighted average o𒀰f those criteria in the following categories:

• Customer Experience: 48%
• Operational Features: 16% 
• Reputation: 14%
• Loan Types: 11%
• Loan Costs and Requirements: 11%

Read more about our process in our full 澳洲幸运5官方开奖结果体彩网:mortgage lender methodology.