As the name implies, Veterans United Home Loans is dedicated to serving veterans and military families. That, paired with the company’s expertise in VA home mortgages and extensive training on VA eligibility, means your mortgage loan experience will be a breeze.
Mortgage Options & Rates
Veterans United offers the following home loan products:
- Conventional. This includes any mortgage that is not backed by the federal government. It typically requires a minimum down payment and may carry private mortgage insurance. Credit score requirements are generally higher when compared to government-backed mortgages.
- Federal Housing Authority (FHA). Mortgages insured by the FHA with relaxed eligibility requirements. Borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify with just 3% down.
- Department of Agriculture (USDA). A zero-down-payment mortgage loan with low rates, only for special areas – usually suburban and rural – of the United States.
- Department of Veterans Affairs (VA). A zero-down-payment mortgage or refinance loan for military members, veterans, and their spouses.
Current VA loan rates are published directly on the Veterans United website.
Funding Fees
There is a VA Funding Fee that goes to the VA towards keeping the program running for future homebuyers, instead of turning to taxpayers and veterans for funds. This fee varies but does not apply to veterans with service-related disabilities.
If you’re a first-time borrower with the VA Home Loan Program, the funding fee is usually 2.15% of the purchase price. Each subsequent VA loan will have a fee of about 3.3%. If you want, you can roll your funding fee into your overall loan amount.
Customer Satisfaction
Based on the volume of VA home purchase loans in 2017, Veterans United led the nation as the #1 VA home purchase lender.
The company collected 135,548 post-closing surveys from January 2013 to December 2018, and the results showed exceptional customer satisfaction. From these surveys, Veterans United earned an average score of 4.7 out of 5, with 97.8% surveyed who would recommend the company to their friends and family.
Availability
Veterans United is a direct lender based in Columbia, MO. Loans are available in all 50 states and Washington, DC, but has offices in only about half the states.
Eligibility
To be eligible for a VA loan, active-duty service members, veterans, National Guard members and reservists must meet the requirements set by the VA. Spouses of military members who passed away while on active duty, or as a result of a service-related disability, may also be eligible.
You must meet one or more of the conditions below:
- You have served 90 consecutive days of active service during wartime, or
- You have served 181 days of active service during peacetime, or
- You have more than 6 years of service in the National Guard or Reserves, or
- You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
Application Process
You can get started with Veterans United by requesting a call from a licensed Loan Specialist, or you can choose to get prequalified online instead.
The next step is a preapproval letter that lets your real estate agent and the seller know that you’re seriously thinking about buying a home and that your credit and income aren’t likely going to hinder the process. During preapproval, you’ll need to provide documents including pay stubs, W-2s, employment history, bank or investment statements, evidence of real estate assets, and a copy of your DD214 or Statement of Service.
You’ll need to find a home, make an offer, and then your loan will process and close. In competitive markets, you’ll have to act fast when you find your perfect home.
Veterans United has a quick and convenient online process that lets you review and sign important documents electronically, as well as instantly upload required paperwork directly to your secured account.
My Impressions
If you qualify for a VA loan, then you should seriously consider going with Veterans United Home Loans. Its loan specialists are industry-leading experts on VA home mortgages and have gone through extensive training on VA eligibility and the loan process. The care Veterans United provides its borrowers is reflected in the numbers and, according to the numbers, you’ll be well taken care of.
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