Veterans United Home Loans

Veterans United Home Loans is the top VA lender in the nation. It aims to make homeownership more affordable for members of the armed forces and their spouses. Borrowers also get access to educational resources and support to make the process more seamless.

About Veterans United Home Loans

Veterans United Home Loans is a leading provider of VA purchase loans. Since its inception in 2002, the lender has closed and funded more than 500,000 VA loans. It’s also a top choice for military families and Veterans looking to refinance.

The lender is licensed to operate in all 50 states and offers 24/7 support by phone or email. You can also visit a physical branch to meet with a loan officer.

Who Are Veterans United Home Loans Best For?

Veterans United Home Loans are most suitable for active-duty service members, veterans and military families. Assistance is available anytime, which is vital if you are on deployment.

It’s also ideal if you’re currently working on your credit. The lender extends credit counseling services to pave the way to getting approved.

Veterans United Home Loans Key Offerings

Veterans United provides VA purchase and refinance solutions.

VA Purchase Loans

A VA purchase loan lets you buy a new or existing home with no money down. The loan origination costs are generally lower than traditional home loans, and you don’t need private mortgage insurance. Plus, the competitive rates give you a more affordable monthly payment.

VA Mortgage Refinance

You can use a VA mortgage refinance to lower your rate or pull cash from your home equity. Or you can convert your adjustable-rate mortgage to a fixed-rate loan to get a more predictable monthly loan payment.

VA Energy Efficient Mortgage

These home loans cover up to $6,000 in energy-efficient improvements. So, instead of paying out of pocket, you can finance this amount by rolling it into your mortgage.

VA Purchase Loans

Before deciding if a VA loan is right for you, it’s worth exploring how it stacks up to a conventional loan.

How VA Loans Compare to Conventional Mortgages

Here are some key differences between the two:

To qualify for a VA loan, you must meet the following guidelines:

• Interest rates: VA loans typically have lower rates than conventional loans. You’ll need excellent credit to get the best rate on a conventional loan.
• Loan origination fees: Conventional loans come with considerably higher origination fees.
• Down payment: You can get approved for a VA loan with no money down. Most conventional loans require a downpayment between 3 and 20 percent.
• PMI: VA loans have no PMI requirements, but you’ll need it if you get a conventional loan and put less than 20 percent down.

Eligibility and Requirements

Here’s what you’ll need to meet the lending guidelines for VA purchase loans:

• Minimum credit score of 600
• A consistent, reliable source of income to make loan payments
• Reasonable debt-to-income (DTI) ratio

There are also service requirements you must meet to qualify:

• 90 or more consecutive days of active service during wartime
• 181 or more days of active service during peacetime
• 90 days of service (30 or more which are consecutive) under Title 32 or 6 years of service in the Reserves or National Guard

You may also qualify if your spouse passed away in the line of duty or as a result of a service-related disability.

Note: The lender will use the Certificate of Eligibility (COE) to confirm you meet the service guidelines.

VA Loan Rates

VA loan rates are generally some of the lowest on the mortgage market. At the time of publication, the APR on a 30-year fixed VA Purchase Loan was 5.625 percent and 7.03 percent for a conventional loan with the same term.

VA Mortgage Refinance

Homeowners often refinance to lower their monthly mortgage payments or to get better rates. Or they leverage home equity to make costly home renovations, consolidate debt or meet other goals.

How VA Refinancing Works

There are two options to refinance into a VA-backed loan. The VA Interest Rate Reduction Refinance Loan (IRRRL) is best if you want to lower borrowing costs. However, a VA cash-out refinance is geared towards homeowners looking to tap into home equity.

Below is a closer look at each option.

VA IRRRL Refinance

It lets you refinance your mortgage to get a better rate or switch from an adjustable rate to a fixed-rate loan. The process is streamlined and doesn’t involve income verifications, credit underwriting or excessive paperwork.

VA Cash-out Refinance

With this loan product, you can tap into up to 90 percent of your home equity. It is also an option for a rate-and-term refinance if you’d prefer not to pull out cash.

Other Veterans United Home Loans Mortgage Options

Veterans United doesn’t limit its offerings to VA loans. Qualified borrowers can also access conforming, jumbo, FHA and USDA loans.

Conforming Loans

Conforming loans adhere to the loan limits and underwriting guidelines set by Fannie Mae and Freddie Mac. With Veterans United, your conforming loan can offer competitive interest rates and terms that work for you as a qualified borrower.

Jumbo Loans

Jumbo loans are available for home purchases exceeding conventional loan limits. However, expect tighter lending guidelines with these loans as they are more risky to the lender.

FHA Loans

An FHA loan could be ideal if you’re looking for a lower down payment or have a less-than-perfect credit score. With backing from the Federal Housing Administration, Veterans United offers FHA loans that may be more accessible than conventional mortgages.

USDA Loans

USDA loans, backed by the U.S. Department of Agriculture, are meant for rural homebuyers with low- to moderate incomes. These loans also come with attractive rates and no down payment options.

Pros of Veterans United Home Loans

• Relaxed credit guidelines
• Support for credit-challenged borrowers
• Lower closing costs
• 100% financing
• No private mortgage insurance
• Mortgage rates published online
• 24/7 phone support

Cons of Veterans United Home Loans

• Branches in 17 states
• No home equity loans, HELOCs or construction loans

Is Veterans United a Good Lender For Home Loans?

Veterans United is a reputable option to meet your home lending needs, particularly if you’re an active duty service member, veteran or eligible spouse. It’s held the top spot amongst VA purchase lenders since 2016, and reviews from past and current customers reflect a positive lending experience.

Plus, the lender offers unique solutions for credit-challenged borrowers and first-time homebuyers. And you’ll get personalized support throughout the lending process. It’s also accredited by the BBB with an A+ rating, which adds to its credibility.

How to Get Started with Veterans United Home Loans

Call 1-800-884-5560 or visit the website to request a free quote.

FAQs About Veterans United Home Loans