Working with a responsive and dependable mortgage lender can make the homebuying process more enjoyable and less stressful. When shopping for a mortgage, it’s always a good idea to compare loans from multiple lenders to explore your options. For qualified borrowers, Veterans United may be an option worth considering.
This guide explains what Veterans United home loans can offer to help you make an informed decision before borrowing.
Veteran's United is the third-largest VA loan provider in the U.S.
- Purchase and refinance loans for qualifying veterans
- As little as 0% down
- Trusted by over 300,000 veterans and counting
An overview of Veterans United
Based in Columbia, Missouri, Veterans United is currently the third-largest VA lender in the U.S. Since launching in 2002, the company has issued more than 24 million VA loans.
Veterans United aims to be the best provider of VA mortgages and a valuable resource for military members and qualifying family members. Besides issuing mortgages, Veterans United offers educational material that provides insight into how VA loans work and the process of applying.
Which loan products does Veterans United offer?
Veterans United specializes in VA loans for new purchases and refinances. Here’s an overview of each loan type:
- VA purchase loan: A government-backed loan that lets military servicemembers and their families purchase a home with as little as 0% down.
- VA jumbo loan: A type of VA loan that lets you borrow a high loan amount, with the possibility of no down payment, depending on your eligibility.
- Energy-Efficient Mortgage (EEM): A VA loan that lets you finance eligible energy-efficient home improvements into the home loan.
- VA Streamline Refinance (IRRRL): A mortgage refinance loan that aims to help you lower your interest rate and loan costs.
- VA Cash-Out Refinance: A refinance loan that could potentially lower your interest rate and take cash from your equity (if you opt for a cash-out refinance.)
If you’re not a veteran who qualifies for a VA loan above, a mortgage specialist at Veterans United may be able to recommend a partner lender that offers other mortgage products that could meet your needs.
Eligibility requirements for Veterans United loans
The VA has certain eligibility criteria that borrowers need to meet in order to qualify for a VA loan. In addition to standard lender requirements like having a certain credit score or income level, you also need to meet one of these service requirements:
- Have served 90 days active duty during wartime
- Have served 181 days active duty during peacetime
- Have served six years in the National Guard or Reserves
- Are the surviving spouse of a service member who died in the line of duty or because of a service-related disability
Home loans at Veterans United
Although Veterans United isn’t affiliated with the U.S. Department of Veterans Affairs (VA), it issues VA loans that are backed by the VA. Because of the government agency backing, Veterans United and other VA lenders are able to offer VA loans with a low down payment and flexible credit requirements.
Eligible veterans of the armed forces, active-duty service members, and spouses may qualify for an adjustable or fixed-rate VA loan with as little as 0% down. You don’t have to pay private mortgage insurance (PMI) on a VA loan, but there is a funding fee. This is a fee that goes to the VA to help fund the program that can be rolled into your loan. The low down payment and low upfront costs of a VA home loan could greatly reduce the amount you need to save for a house before buying.
Veterans United offers competitive interest rates, and its loans can be used on single-family homes, condos, manufactured homes, and multi-unit homes. If you need to borrow a large sum for a new home in a high-cost area, Veterans United offers VA jumbo loans, but these loans might have stricter qualifying criteria. For example, you may need to have several months’ worth of mortgage payments in cash reserves to qualify.
With the Energy Efficient Mortgage (EEM), you can borrow up to an additional $6,000 in addition to your total mortgage or refinance loan. This money can be used to cover the cost of qualifying eco-friendly home improvements like thermal windows.
Here’s an overview of what Veterans United offers for VA mortgage loans:
|Veterans United VA loans|
|Down payment||0% or more (depending on your eligibility)|
|Loan terms||15-year and 30-year|
30-year fixed mortgage: Starting at 6.150% (as of May 4, 2023)
|Credit needed||640 or above|
*Fee that goes to the Department of Veterans Affairs to help fund the program
Mortgage refinances at Veterans United
If you have a high interest loan rate, that could be a good reason to refinance your mortgage. Veterans United offers two types of mortgage refinances — the VA Streamline (IRRRL) Refinance and the Cash-Out Refinance.
The VA Streamline Refinance focuses on reducing your mortgage interest rate for monthly and long-term savings. To qualify for refinancing, Veterans United requires that you have no 30-day late payments within the past 12 months. There’s also a .50% funding fee for this refinance, but homeowners with service-connected disabilities and surviving spouses may be exempt.
The VA Cash-Out Refinance could offer you a lower interest rate as well, but the difference between it and the VA Streamline Refinance is you can cash out some of your home equity. Cash-out refinances have a funding fee of 2.3% to 3.6%.
|VA Streamline (IRRRL) Refinance||Cash-Out Refinance|
|Funding fee||.50%||2.3% to 3.6%|
|Loan terms||15-year and 30-year||15-year and 30-year|
What Veterans United customers are saying
Veterans United gets 4.81 out of 5 stars from reviewers on the Better Business Bureau website, and customers say that it offers fast and friendly service.
According to customer reviews, representatives are responsive, and they take time to walk you through the mortgage process. Veterans United actively addresses complaints on the Better Business Bureau website, and many customers follow up on their complaints saying they are satisfied with the resolution.
FAQs about Veterans United
Is Veteran's United a good company?
Veterans United is a legit mortgage company that’s been in business since 2002. It gets great reviews from customers on various review websites, and people praise the company for being responsive and for having an easy-to-follow online mortgage process. In 2021, the company also ranked 33rd on Fortune's list of 100 Best Companies to Work For, which suggests it's also good to its employees as well as its customers.
The Veterans United website also contains many articles on VA loan eligibility requirements and how to get a loan, which contributes to the positive user experience.
How do I apply for a Veteran's United loan?
The first step at Veterans United is getting preapproved for a mortgage. During the preapproval process, your finances and credit are reviewed to give you a conditional offer. Your preapproval letter outlines how much you may be able to borrow, which can help set your home budget.
During the application process, your Veterans United loan team may also help you get your Certificate of Eligibility (COE), which verifies that you qualify for the VA loan program. You could also get the certificate yourself beforehand by using instructions on the Veteran Affairs website.
If you put an offer in on a home, you’ll work with a loan officer and your loan application will go through underwriting for a final review. If all goes well, you can then proceed to loan closing.
How long does it take to get approved for a Veteran's United loan?
Once the seller has accepted your offer and you’re under contract on a home, Veterans United says it typically takes 30 to 45 days for your loan to process.
Whom is a Veteran's United loan a good fit for?
Veterans United is best for military families, including active-duty military service members, qualified veterans, and eligible surviving spouses, because it specializes in VA loans for new purchases and refinances.
If you don’t fall into any of those categories, Veterans United may be able to set you up with a lending partner to find the best mortgage lender for you. If you’re looking to put less than 20% down on a home, FHA loans and some conventional loans may offer a low down payment that could be an alternative to a VA loan.
The bottom line on Veterans United
If you’re a first-time homebuyer trying to navigate the path to homeownership and using a VA loan, Veterans United has many homebuyer guides that explain how it works, eligibility requirements, and much more. If this isn’t your first home and you’re looking for a streamlined mortgage process, people rave about the responsiveness and speed of working with Veterans United, so it could be worth considering for your next home.
Veterans United has a prequalification form on its website that you can fill out to get started. If you’re not eligible for a VA loan, filling out the prequalification form could help Veterans United match you with a lending partner with other loan options.