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Veterans United has been the go-to mortgage lender for retired and active-duty servicemembers looking to get a VA loan.
If you’re a current service member, a veteran or a surviving spouse, there’s a good chance Veterans United is right for your home loan needs. While it has a limited number of branches, it’s a great option for those comfortable working online or in-person because it has knowledgeable and dedicated representatives.
Our Veterans United review takes a closer look at this VA loan-specific lender, the other loan products it offers and more. We’ll also hear from a real estate investor to get their take on the company.
Veterans United Loan Options
While the VA insures VA loans, they’re offered through private lenders like Veterans United. The company specializes in VA purchase and refinance loans. Let’s dig into the specifics.
VA Purchase Loans
If you meet the service requirements, you can use a VA loan to buy a home with no money down in most cases. These loans also don’t require private mortgage insurance (PMI), which can significantly add to the cost of a home loan. You do have to pay a funding fee, which goes to the VA to keep the program going for future service members.
In most cases, there is no loan limit for VA loans. The only time your loan amount is limited is if you don’t have your full VA loan entitlement, either because you already have a VA loan or you’ve had a foreclosure on a previous VA loan.
VA Refinance Loans
Homeowners typically refinance to either access cash or improve their loan terms. There are two VA refinance programs to help meet those goals.
- VA Cash-Out Refinance: This loan replaces your current loan and allows you to receive cash at closing. Let’s say you have a mortgage balance of $125,000 and you want to do $20,000 in home improvements. You would apply for a cash-out refinance of $145,000. If approved, Veterans United pays off your current mortgage balance and you now have a $145,000 mortgage and $20,000 in cash. You can typically borrow up to the value of your home.
- VA Streamline Refinance: This loan is also known as an Interest Rate Reduction Refinance Loan (IRRRL). With this loan, you swap out your current VA loan for a loan with better terms. Better terms could mean a lower interest rate, a longer or shorter loan repayment period or switching from an adjustable-rate mortgage to one with a fixed interest rate.
VA Loan Eligibility
VA loan eligibility is based on your service record and your reason for discharge. The exact requirements vary depending on when you served, but in general, you qualify if you have:
- 90 consecutive days of service during wartime
- 182 or more days of service during peacetime
- 6 years or more of service in the National Guard or Reserves
- Are a spouse of a service member who died in the line of duty, died from a service-related disability or who had a service-related disability at least 10 years before death.
If you’re not sure of your eligibility, you can contact Veterans United to help you determine whether you’re eligible for a VA loan. If not, they’ll help you find a different loan to meet your needs.
Customer Service
Veterans United stands out when it comes to customer service. Its representatives are available around the clock for service members stationed overseas and those working irregular hours. You can call (800) 884-5560 or email customer_service@vu.com.
Once you submit your application, you’ll work with a loan officer. You can also stay up to date on the progress of your loan on the Veterans United website or on the MyVeteransUnited app.
Rates and Fees
All VA loans are subject to the VA Funding Fee mandated by Congress, which can be 0.5%-3.3% of the total loan amount.
Veterans United’s interest rates on VA loan products change almost daily, but are updated frequently on their website along with the points (or additional fees) you can expect to pay.
Credit Score Requirements
At Veterans United, you need a minimum credit score of 620. If you’re concerned you don’t have the minimum credit score needed, you can work with the Veterans United Lighthouse Program. The program is free and you work one-on-one with a specialist to correct any errors on your credit report and develop a strategy to improve your score.
Who is Veterans United Best for?
Veterans United is specifically for veterans or active-duty servicemembers who qualify for VA loans.
How to Apply for a Mortgage From Veterans United
To apply for a mortgage from Veterans United, you’ll first need to prove your eligibility. This can be done by visiting the company’s website or by calling 1-800-884-5560 (representatives available 24/7).
Once you’ve proved your eligibility, you’ll then begin the house hunting process, put an offer in on a house and then go through the underwriting and closing process. Veterans United offers help through the entire process.
Veterans United vs Navy Federal
While Veterans United and Navy Federal Credit Union both offer VA loans to retired and active-duty servicemembers, there are some key differences between the companies.
Veterans United is solely dedicated to VA loans and refinancing, whereas Navy Federal Credit Union is an all-in-one financial institution that also offers banking services. The latter is also available to Department of Defense employees, which isn’t the case with Veterans United.
The Bottom Line
Veterans United has been the top VA purchase lender for four years running due to its outstanding service. It specializes in VA loans and understands the unique needs of current service members and veterans.
Why You Should Trust Us
Benzinga has offered investment and mortgage advice to more than one million people. Our experts include financial professionals and homeowners, such as Anthony O’Reilly, the writer of this piece. Anthony is a former journalist who’s won awards for his coverage of the New York City economy. He’s navigated tricky real estate markets in New York, Northern Virginia and North Carolina.
For this story, we worked with real estate investor Sergio Aguinaga, founder and owner of Michigan Houses for Cash.
FAQ
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Getting a loan through Veterans United is easy as long as you meet all VA loan eligibility criteria and have a decent credit score.
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Veterans United has been the #1 VA lender in America for the past decade.
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Veterans United requires a minimum credit score of 620, though there are options for people with slightly lower scores.
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